![]() He told IBTimes "Rewriting the software from scratch began in April of this year to accommodate all the dark market issues that we came up with over the last year. Hoffman said the last year has been spent building a new version of the software. They were joined by angel investor William Mougayar, who also sits on the board of OB1. Back in June, it received a $1m funding round from Andreessen Horowitz and Union Square Ventures. OpenBazaar also has investors – some pretty heavyweight ones. But this notion became distorted when lots of investors piled in, the company went public and so on. The aim is to create a general working and earning ecosystem for all participants, upon which other businesses can be built.īrian Hoffman, CEO of OpenBazaar's operating company OB1 and the protocol's lead developer, has pointed out that originally eBay was this vision of a perfect marketplace where people would balance prices between one another. Instead of paying someone 10% fees to monitor and arbitrate, this task is done by reputable actors who moderate when called upon and can earn tips in bitcoin from doing so. It also allows traders to deal directly with customers, rather than being kept separate by an intermediary like eBay. It means people can own their own data as well as pay in bitcoin instead of risking credit card fraud. By virtue of the fact that it's decentralised, OpenBazaar is not limited in any way. OpenBazaar is an open source protocol which anybody can use. This December decentralised market place OpenBazaar is set to go live. ![]()
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