OpenBazaar has released version 2.2.2 of its platform, which allows users to trade 1500+ currencies. V2.2.2 also has new features and bug fixes that make this a much more efficient version as compared with the preceding one. This is an important piece of news for the community given that OpenBazaar is a peer to peer trading network where no KYC processes are necessary.
What is OpenBazaar you may ask?
The slogan for OpenBazaar is that it is a free online marketplace, no platform fees, no restrictions and you can trade using cryptocurrencies. Essentially OpenBazaar is a peer to peer application that allows you to trade directly without the involvement of third parties thus eradicating fees and other restrictions that come with trading across borders and dealing with financial institutions. It is imperative to bear in mind that OpenBazaar is not a company or an organization that is housed inside a brick and mortar office. OpenBazaar is an open source software program and was design to facilitate the buying and selling of goods and services for every potential seller or purchaser the world over.
The launch of Version 2.2.2 is hugely significant for blockchain platforms
The developers of the latest version of OpenBazaar have explained that there are two significant protocol improvements of this peer to peer trading platform. On their blog post OpenBazaar explained one of its flagship improvements clearly, “The first is the ability for users offering to trade coins to mark up or discount their price — Instead of only being able to offer a trade at market price, they can choose to add a markup, which will automatically increase the price to the buyer based on the percentage they choose,”
The platform has a built-in updating system that continually updates cryptocurrency prices. This triggers an automatic mark-up or discount mechanism. The second feature which seems to be the one that most people are excited about is the fact that OpenBazaar allows for the trade of over 1500 coins. The previous version only allowed for trade in 60 coins, so this is a significant improvement by OpenBazaar.
Why everyone is so excited?
Besides the fact that there are a massive number of coins to choose to trade with, there are no additional fees attached to any transactions. Furthermore, there are no accounts to sign up for, and people are excited about being able to trade without the laborious KYC/AML processes that are linked to almost all current transactions.
OpenBazaar is in the process of translating the platform into other languages to widen it’s audience. Certainly, anyone who believes in the core principles that Bitcoin and other altcoins espouse will find that this is the kind of platform that the space needs regardless of the language they speak. No one owns this forward-thinking platform. Each user contributes equally and takes ownership of their own store and private information.
OpenBazaar freeing the markets
OpenBazaar is a marketplace never seen before that gives buyers and sellers an opportunity to meet on a platform that allows for free and fair trade with each other using Bitcoin, Ethereum, Litecoin, Zcash and many many others. The linking of the global market on a platform that allows the trader to have full ownership, cost no fees and a completely flexible exchangeability of various coins is a game changer in the world of commerce.