3 - 5 minute read
OpenBazaar, a decentralized marketplace offering an alternative to eBay, is set for a comeback, according to recent social media and GitHub updates. The marketplace, which initially launched in 2014 and allowed users to make transactions using Bitcoin, was shut down in 2020 due to financial issues and poor user growth. However, a new version of OpenBazaar developed in the programming language Rust is currently being worked on, with the project lead tweeting of its progress and stating that “it’s getting more interesting by the day.”
The GitHub repository for OpenBazaar shows a recent update as of April 12, indicating the rebuilding of the marketplace is in progress. Former project lead at OpenBazaar and CEO of software developer OB1, Brian Hoffman, has also tweeted of the ongoing work, stating that the new version is looking promising. The official OpenBazaar Twitter account tweeted that it is now time to “grow again from the ashes” and has asked for individuals to contribute ideas and thoughts, suggesting a relaunch is imminent.
The marketplace formerly known as DarkMarket changed its name to OpenBazaar in an attempt to improve its public image. It was hailed as a decentralized eBay alternative, allowing users to interact with each other directly to make transactions using Bitcoin. Hoffman has previously tweeted that a future iteration of OpenBazaar would require more independence from OB1, though no details of how this might work have been provided.
Hoffman’s tweets seem to suggest that the new version of OpenBazaar will have a greater level of freedom and exploration in its development, potentially meaning that there will be fewer external influences on the marketplace. He added that he is “letting it go where it goes” and there will be no “investor input or outside influences” on the newly developed version. It remains to be seen if the changes will be enough to improve user growth and financial stability for the platform.
The potential relaunch of OpenBazaar presents opportunities for traders to invest in Bitcoin and other cryptocurrencies in anticipation of the marketplace’s return. The decentralized nature of the marketplace also presents the opportunity for peer-to-peer transactions and greater user control over their own finances. However, traders should be wary that the relaunch may not necessarily improve the platform’s financial stability and user growth.
The GitHub repository for OpenBazaar shows continuous progress in developing a new version of the platform, with tweets from project lead and software developer CEO Brian Hoffman indicating that the new version is looking promising.
The relaunch of OpenBazaar presents opportunities for traders to invest in cryptocurrencies in anticipation of the platform’s return, but risks remain as the market may not necessarily improve its financial stability or user growth.
The Bottom Line
OpenBazaar, the decentralized marketplace, appears to be making a comeback after being shut down in 2020 due to financial issues and poor user growth. Recent updates on GitHub and social media suggest that a new version of the platform is in development, with former project lead and CEO of OB1, Brian Hoffman, tweeting about the progress made. The marketplace, which allows users to make transactions using Bitcoin, has the potential to provide opportunities for traders to invest in cryptocurrencies, but risks remain as the platform’s financial stability and user growth may not necessarily improve.
