OpenBazaar Right Now
The Bitcoin-powered OpenBazaar is having a rethink about its future and looking at ways to include other Cryptocurrencies into their online market.
One of the co-founders has recently let off steam on social media to share his frustrations with focusing solely on Bitcoin over the last four years. Both the co-founder and users alike are keen to open up OpenBazaar and utilize other Cryptocurrencies with dapps. Even though there have been irritations, the developers behind the online market have not been sitting still and there has been extensive work on building a lighting network to assist with supporting the demanding an increasing number of users.
Although Bitcoin is a firm favorite with customers with over 11,000 items being purchased with this particular Cryptocurrency, a select few of other Cryptocurrency coins are also being used such as Bitcoin cash and Zcash. However, it looks as if the online market management team are now looking at expanding the options available even further. The company has its eyes set on being one of the easiest markets to use allowing customers to buy and sell online – no matter what the item is – using Cryptocurrencies. The founders are also keen to promote OpenBazaar as the quickest choice for business start-ups there is. With this in mind, it is absolutely vital that the online market develops from more than just one Cryptocurrency.
And The Future
OpenBazaar has already revealed that it is looking to release OpenBazaar Token with plans also afoot for a web and mobile app. The latter two of these three would mean that customers are able to buy and sell Cryptocurrencies from and to each other. These announcements have come following OpenBazaar securing $5 million from Bitmain, the China-based company.
Later this month will see the first of these steps taking place when a new section of the online market is unveiled. This will allow customers to swap a variety of Cryptocurrencies online. Although at the moment not all Cryptocurrencies will be available in this first release, this additional functionality will soon follow. Litecoin and cash will be catered for straight away with others not far behind, later on, this year. The long-term plan is for the online market to support all Cryptocurrencies as long as they meet certain criteria. Obviously, OpenBazaar will be supporting their own OpenBazaar Token as soon as it is released onto the market.
Plans are already in place for the next release in 2019 when Ethereum and ether tokens will be able to be used. Digital pets will also be supported.
However, in the first place, the main hurdle is to make sure that OpenBazaar is available to all of the community. So a major revamp of the website and the release of more mobile apps is the initial stage. Testing will begin in the summer.
Plans are certainly for the long term and the company is looking forward to rolling out The OpenBazaar Foundation, which is a non-profit project. The main objective will be to allow the community to be involved in the future developments of OpenBazaar. A very positive step.