Decentralized Market OpenBazaar Launched on Testnet

02.03.2016

Administration of decentralized market OpenBazaar has announced it launched the platform on a testnet.

The announcement on the project’s official blog reads:

“OpenBazaar is now fully functional on the testnet. We welcome rigorous testing from the community to ensure everything is functioning properly. […] After we’re confident of the stability and functionality of the product, we’ll transition to the main net and OpenBazaar will be open for business.”

The test version of the platform is available for downloading at the official website.

OpenBazaar has been under development since spring 2014 as a solution for problems darknet markets face in regard of trustless transactions, deal protection and decentralization. However, as the project progressed, it has shifted its focus towards small merchants.

OpenBazaar in its current form bears some resemblance with eBay-like platforms. However, it may pose a threat to them, as it empowers users to trade with their peers without any intermediaries involved.

Possible fraud challenges are covered by means of using a multisig address controlled by the seller, the buyer, and a trusted third party. The third party may interfere in case any dispute arises.

Summer 2015, OpenBazaar has raised $1 million of investment. Investors of the project included Andreesen Horowitz and Union Square Ventures.

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Tags: blockchain, Openbazaar