ELI5 What is OpenBazaar?

ELI5 What is OpenBazaar?

OpenBazaar is a P2P application that allows people to sell their artworks, creations and anything else via a 100% decentralized marketplace.

There is no middleman and no fees to pay anyone. Simply join the network and publish your own offerings.

One of OpenBazaar’s most attractive features is to be able to accept multiple cryptocurrencies.

Currently, goods can be bought and sold using Litecoin, Bitcoin Cash, Bitcoin and ZCash.

Getting Started with OpenBazaar

First you need to download the OpenBazaar app. Don’t worry, it’s free and open source. No costs, no security risks (the code is audited by the community).

Then, follow the instructions on this video to get through the simple installation and setup processes:

If everything goes well, you’ll be ready to start buying and selling in a completely P2P way within minutes!

How does OpenBazaar work?

OpenBazaar is a P2P (peer to peer) application.

Everyone who downloads the app can play the client or server roles. The software comes with both modes enabled by default.

When users become servers, they are provide marketplace product information to clients who need this info.

Once a client receives this product or offer from a server, they too can pass it on to others, becoming servers themselves. This is how the P2P system works, with all users playing the roles of clients and servers.

No central control exists. OpenBazaar is not a company or a middleman, it’s just an open source software application.

Short History

OpenBazaar was introduced as a “Dark Market” in the year 2014.

Generally speaking, dark markets (not the “Dark Market” trademark) initially gave cryptocurrencies some questionable fame, because due to their anonymous and secure nature they ended up enabling the trade of controversial and/or illegal products, including narcotics. (The Silk Road was one such dark market, which landed its founder in jail for life.)

OpenBazaar on the other hand intended on being a white hat market with legal products. This fact guaranteed OB’s longevity and funding from investors. Today, artists, authors and creative pros of all arts sell their producting via OpenBazaar globally with no middlemen.

You can read the detailed history here.




Wikipedia Entry

Top 5 Things People Are Buying on OpenBazaar

OpenBazaar Developers Launch a Crypto Marketplace for Mobile

The curious case of OpenBazaar

Crunchbase Entry