The idea of an entirely cryptocurrency based eCommerce environment seemed a long way off even two years ago, but with the successful launch of OpenBazaar, the first steps to achieving just that have already been taken. Stable, functional and effective, the launch showed the concept was viable, and now OpenBazaar plan on rapid expansion, adding various other components to create an all in one, cryptocurrency driven eCommerce environment for all. With privacy and security at the forefront, can it make headway with an increasingly security conscious general public?
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As a visible sign of the maturing of the concept of digital currency itself and the steady growth of Bitcoin, the successful launch of OpenBazaar, the Bitcoin powered, distributed marketplace worked very well. The aim of the project is to provide a censorship free environment for vendors to sell their services and wares using Bitcoin as the currency. A wide variety of vendors have become involved at launch, offering everything from chili peppers and caramel waffles to Etsy style craft products. The thinking behind the service is that the distributed nature ensures that it cannot be shut down, and can more effectively overcome censorship and restrictions from local authorities regarding trade.
With the launch showing the viability of the idea and the enthusiasm from vendors and buyers signifying a stable user base, they are now looking to grow rapidly in the coming months. OpenBazaar have announced plans to incorporate a wider range of services to the platform, including integration into the Interplanetary File System (allowing digital download sales) and Tor Network to enhance privacy, and increasingly common worry for internet users all over the world, as well as job postings and a built-in social network.
This would create a highly developed commerce system that maintained user privacy and highly secure payments, and as we see more and more security breaches and data leaks from even the largest companies in ecommerce the attraction of this new environment can be clearly seen.
The project is a great example of the way cryptocurrency can highlight its benefits over the traditional fiat system. With companies as large as Sony PlayStation and Walmart suffering from data losses that can compromise their customers, this highly secure dedicated environment offers a tangible benefit to users. This is the leverage that can bring Bitcoin and the digital currency industry to a much larger audience over time.
One of the big questions about Bitcoin has always been ‘why would I use it?’, a more secure ecommerce environment, that keeps both your identity and payments safer than even the largest multinational, is one of the very best answers to that question once OpenBazaar reaches that point in their expansion.