Litecoin (LTC) Cryptocurrency Gets OpenBazaar Decentralized Marketplace Support
OpenBazaar, The Decentralized Marketplace, Has Extended Support for Litecoin
Back in February 2018, OpenBazaar announced it would implement Litecoin in its network. This would be done with the support of Charlie Lee, the Litecoin creator, and the Litecoin Foundation. Not much else has been said since that time until recently when some development images were posted on twitter by OpenBazaar.
The decentralized marketplace was launched in 2014. It is believed to be the first online marketplace that is not under the control of one person. This marketplace is essentially the BitTorrent of online trade. It will let anyone sell anything directly to anyone.
OpenBazaar is a P2P app that does not need a middleman. The data is distributed throughout the network, instead of being stored in one central point. The open source software on which it runs on is not under the control of any entity. Each user is responsible for the security of their data.
The Technologies in OpenBazaar
OpenBazaar would not have been possible without these existing technologies:
- Ricardian contracts– these are a method of recording a document as a contract at law; it is then securely linked to other systems
- Escrow – Used for purchases; they are completed using multi-rigs, a digital signature scheme that makes it possible for a group to sign one document
- Cryptocurrency – The OpenBazaar marketplace supports over 50 crypto coins.
It is worth noting that OpenBazaar does still use the DarkWeb. However, the marketplace is not on the DarkWeb. OpeNBazaar is integrated with TOR to make it possible to make anonymous purchases on its marketplace
OpenBazaar allows the use of third-party search engines in its client to help with content discovery. Previously, users needed to use one browser to search and connect to the OpenBazaar marketplace.
Benefits of OpenBazaar
Some users of the DarkWeb market see OpenBazaar as a mitigation of the traditional DarkWeb markets; there is no central server law enforcement can seize. This app makes it possible to prevent an exit scam. This is when an administrator at a marketplace gains ownership of the crypto stored in the wallets.
Recent and Future Updates to OpenBazaar
Since 2016, this marketplace was only accessible on the desktop. To change this, the developers sought the community for advice. This led to the conceptualization of a mobile app, which will be released soon.
Since it runs on IFS, running it on a browser can be difficult. However, developers are working to create a web-based version. This will remove the need to download the site before making purchases.
OpenBazaar lets buyers leave reviews from each vendor. The platform plans to add handles to combat the issue of identity problems. The handle will be tied to the OpenBazaar ID.
OpenBazaar and Litecoin
While it is possible to spend over 50 types of crypto on the marketplace, it was not possible for merchants to get paid in them. They could only be paid in BTC, BCH, and Zcash. However, that will change with the addition of LTC. Thus far, an official date for the LTC integration has not been released.