OpenBazaar co-founder vents at excessive BTC fees

OpenBazaar co-founder vents at excessive BTC fees

Washington Sanchez, co-founder of open-source decentralised marketplace OpenBazaar, has expressed frustration over the high fees involved in BTC transactions.

Sanchez lashed out at the high transaction fees on Twitter, as well as expressing regret at his earlier BTC “maximalism,” to the exclusion of other, often more suitable cryptocurrency alternatives.

Since the launch of the project back in 2014, OpenBazaar has mainly processed payments in BTC. However, with fees and transaction times on the increase, and serious concerns about scalability with current technology, Sanchez appeared to suggest there was an appetite for embracing alternative cryptocurrencies.

In his frank tweet, Sanchez bemoaned the civil war in Bitcoin community, and suggested that the issue to embrace alternative cryptocurrencies had now been forced by the fundamental problems with BTC for payments.

He added, “The core lesson was to not let personal ideology interfere with designing what is best for open competition and experimentation within the marketplace…Openbazaar is supposed to be a free and open protocol for trade using cryptocurrency, a way for currencies and tokens to gain meaningful economic utility to acquire goods and services, and an entry point for people to earn/onboard. This vision cannot be limited to a single coin.”

The comments come with the suggestion that OpenBazaar is ready to introduce support for a raft of new cryptocurrencies to solve the issues of lengthy transaction times and ever-increasing transaction fees.

In particular, OpenBazaar is looking at increasingly incorporating Bitcoin Cash (BCH), for more efficient, cost-effective transactions. Without the legacy issues that affect BTC, Sanchez said OpenBazaar would be implementing support for BCH, along with several other cryptocurrencies by the end of the year.

“With any luck, by the end of the year, [Openbazaar] will look radically different,” Sanchez tweeted.

In addition to BCH, Openbazaar also suggested several other cryptocurrencies may be supported in future, including LTC, ETH and ZEC.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
OpenBazaar picks up $5 million in Series A funding

OpenBazaar picks up $5 million in Series A funding

Why choose between an Initial Coin Offering (ICO) and venture capital when it’s possible to have both? That’s the move taken by OB1, the company behind OpenBazaar. OB1 picked up $5 million in venture capital from a couple of firms, but will still launch its ICO at some point this year.

The capital was raised during the Series A fund round that saw both Chinese and Canadian venture capital (VC) firms getting onboard the new platform. Bitmain, a mining company out of China, and Canada’s OMERS Ventures have put their money behind the new decentralized online marketplace.  The pair is joined by investors Andreessen Horowitz and William Mougayar, who are already committed to the project.

OpenBazaar is the equivalent of a decentralized eBay platform for cryptocurrency users. The peer-to-peer marketplace allows for commerce of goods and services without a middleman. OpenBazaar doesn’t charge any fees for using the service.  At the helm of OB1 is Brian Hoffman, who described OpenBazaar as not a business, but a protocol behind the marketplace with the users determining how the marketplace is utilized.

“We don’t have servers in some data center collecting all this data and controlling our users. It’s just a protocol. It’s just a bunch of computers talking to each other, so what happens on that network is up to the whim of the users,” Hoffman said. OB1 initially launched OpenBazaar in 2014 in an effort to ease congestion on the legacy Bitcoin (BTC) network, and has been gathering steam—and backers—ever since.

OB1 still plans on offering its ICO this year, but no specific date has been set. The ICO announcement came during Token Summit II held in San Francisco in December of 2017, when Hoffman revealed that the rise in the platform’s popularity gave way to the need to offer an alternative to BTC.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Decentralized marketplace OpenBazaar integrates with Bitcoin Cash

Decentralized marketplace OpenBazaar integrates with Bitcoin Cash

With the release of its new version 2.1.0, OpenBazaar now has Bitcoin Cash payment integration. An open-source software, the online marketplace allows users to create new nodes to process with their preferred payment options from their host devices.

OpenBazaar is primarily a protocol for e-commerce transactions in a fully decentralized marketplace. The name of the project takes inspiration from a seminal work in computer programming literature authored by Eric S. Raymond, an American software developer and writer. Since its initial release in April 2016, the platform has attracted a significant number of cryptocurrency users because of its inspiration from the hackathon project called DarkMarket.

Written by Amir Taaki, the creator of the bitcoin standardization procedure (BIPs), the DarkMarket project is a proof-of-concept built in response to state seizure of the darknet market Silk Road in October 2013, during cryptocurrency’s initial phases. After its success as a proof-of-concept, developer Brian Hoffman forked the project and created OpenBazaar.

Recently, Taaki has received harsh criticism from legacy Bitcoin, otherwise known as SegWit1x (BTC), users for his pronouncements against the cryptocurrency. Tweeting at the peak of BTC’s bullish drive in December 2017, Taaki spoke on the social media platform: “Bitcoin (Segwit1x BTC) is turning into a failed project. The seeds of its destruction among the debris of a community blinded by numerical price increases, and imminent divine reclamation. One day you will all understand my words but it will be too late, the ship would have sailed.”

Despite being involved in the initial phases of development for the cryptocurrency, Taaki has been discredited by BTC advocates because of his vocal opposition to Blockstream’s corporate takeover of the Segwit chain. Taaki was responsible for creating the first full reimplementation of the bitcoin protocol named libbitcoin. He was also part of the team behind Electrum, the then-popular crypto wallet which has now been superseded by Electron Cash, an SPV wallet designed specifically for Bitcoin Cash.

With OpenBazaar version 2.1.0, the platform has now paved the way for more support and adoption for Bitcoin Cash, particularly in the e-commerce industry. A decentralized marketplace like OpenBazaar directly benefits from the features of Bitcoin Cash: fast, reliable, and low-cost transactions over a secure and stable network that’s supported by a passionate community of users and developers.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.