Business 31 January 2018

Vince Dioquino

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 He was also part of the team behind Electrum, the then-popular crypto wallet which has now been superseded by Electron Cash, an SPV wallet designed specifically for Bitcoin Cash.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 on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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