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OpenBazaar Preparing for Major Overhaul

OpenBazaar Preparing for Major Overhaul
Breaking News / Crypto.IQ
2014 saw the launch of OB1, or more commonly, OpenBazaar. This was done to start off an online market which leveraged the power of Bitcoin, the world’s largest cryptocurrency. Since the very beginning of OpenBazaar, the founding members have almost entirely been centered towards Bitcoin but the longstanding scaling issue in Bitcoin isn’t making anything better. The OpenBazaar cofounder Washington Sanchez has started to become more and more frustrated with the scaling issues on the Bitcoin blockchain network and has voiced his opinions on Twitter. In the tweet, Washington Sanchez said that he has wasted so much time on the scaling issues on the Bitcoin blockchain network that instead, he would have had more success if he invested that time into designing and using decentralized applications. He feels that OpenBazaar should be open to more cryptocurrencies than just Bitcoin because the high transaction fees and scaling issues are not really helping business.

OpenBazaar Open to Altcoins

Another cofounder of OpenBazaar commented on the prospect of accepting Altcoins by saying that OpenBazaar is intended to be an easy way to start a business which will accept cryptocurrency and make it the perfect marketplace to buy and sell whatever the people need to using cryptocurrencies as a mode of transaction. Washington Sanchez also expressed his opinion on the matter by saying that the OpenBazaar platform is supposed to provide a means for trade using cryptocurrencies so that the digital currencies can actually see proper use as an economic entity. It should facilitate the use of cryptocurrencies in a way that it becomes a viable means of trade and exchange for people. Adding to that, he felt that the vision for OpenBazaar can subsequently not find itself limited to just a single cryptocurrency. December saw OpenBazaar’s cofounder, Hoffman announce plans to launch an OpenBazaar token. Adding further to that, Hoffman laid out plans to make services based on applications which will allow the users to trade cryptocurrency assets with each other.

Long Term Plan

Hoffman says that OpenBazaar is being aimed to be made more of a network in the longer scheme of events. That aspect of OpenBazaar will begin with the new section later on in this month which will facilitate the swapping of different cryptocurrencies. The platform will ultimately see usage with any cryptocurrency that has compatibility with multi-sig wallets and can be used for making transactions. That being said, OpenBazaar will not be seeing the adoption of all cryptocurrencies immediately. It will start off by facilitating the top most cryptocurrencies in the world in a manner which does not involve a lot of transaction fees, which is the biggest problem with Bitcoin due to scaling issues.

Bottom Line

The biggest issues when it comes to being more widely accepted by people, OpenBazaar is facing one issue: The users of OpenBazaar, as of current circumstances, have to use the desktop apps. That’s why OpenBazaar is aiming for a major overhaul which will see the desktop site being redesigned and the development of mobile friendly applications for both Android and iOS users. The OpenBazaar platform has been focused on stability in its initial years and with this overhaul it plans to become a force to be reckoned with in the future. Charlie Shrem is a Bitcoin pioneer, a social economist and digital currency trader. His work in this field is legendary. In 2011, at the dawn of the crypto era, he founded BitInstant, the first and largest Bitcoin company. In 2013, he founded the Bitcoin Foundation and serve as its vice chairman. Since then, Charlie has advised more than a dozen digital currency companies, launched and managed numerous partnerships between crypto and non-crypto companies, and is the go-to guy for some of the world’s wealthiest entrepreneurs. In short, he is the ultimate insider at the epicenter of the crypto universe.   Crypto.IQ is a premier advisory firm providing expert research, education and advice in the world of cryptoassets. The company is unique in that it combines the unparalleled expertise of crypto pioneer Charlie Shrem with the unparalleled market knowledge of three Wall Street experts with more than a century of combined financial industry experience. Together, they have managed and traded more than $1 billion in assets. In a world of "instant experts," who have little knowledge or trading experience, the Crypto.IQ team offers the proven depth, insight and knowledge to help their clients achieve success.   Raise your Crypto.IQ…and profit! Crypto.IQ gives you the insider knowledge you need to succeed as a cryptocurrency investor.  

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