OpenBazaar, a well-known decentralized marketplace, recently announced that it is getting ready to add support for Ethereum (ETH) payments. After that, the plan is to move on to enabling Dai payments as well.
The confirmation of the plans came by one of OpenBazaar core developers, Washingon Sanchez. Sanches is also the co-founder of OpenBazaar’s maintainer firm, OB1. In his recent Reddit interactions, Sanchez confirmed that Ethereum support addition would come shortly, as it is currently in the final stages of preparations. Further, he announced that Dai support would follow right after that.
He also mentioned that the smart contract to facilitate ETH and ERC-20 token payments were already audited by Open Zeppelin. Enabling this required a tremendous amount of work, but the project has been successful, and the support is soon to arrive at the ecosystem.
OpenBazaar finally expands beyond Bitcoin-like architecture
OpenBazaar originally started with support for Bitcoin payments only, although later on, the marketplace added support for additional coins, including Bitcoin Cash, Litecoin, as well as Zcash. These projects were added prior to ETH as only the coins architecturally similar to BTC could get support.
With Ethereum being significantly different, it took some time before the marketplace was organized in a way that would allow support for ETH and ERC-20 tokens. The expansion does not only include support for additional coins, but the literal expansion of the marketplace’s capabilities, vision, and structure.
Not only that, but it is presumably possible for the OpenBazaar maintainers to add support for even more account-based coins, such as Stellar (XLM). This is something that the community has been expecting ever since OpenBazaar was launched, back in 2016. The project itself was envisioned long before that, at some point in 2014, when multiple Bitcoin Hackatron developers came up with a proof-of-concept decentralized marketplace, which was then known as DarkMarket.
After the hackathon had ended, the idea lived on, and an entirely different team of developers took it over, eventually creating OpenBazaar as it is today. For the moment, the marketplace offers various items, from handmade collectibles to electronics. All that the seller needs to do in order to start selling items is open a ‘store’ in the OpenBazaar desktop app. The marketplace also plans to launch a mobile version, and even a web version at some point in the future.
The Ethereum dilemma: Is ETH money?
One of the biggest questions regarding Ethereum is whether or not is Ether actually money? The ETH community has been debating the issue for a long time, more so than ever in the last several weeks. The debate went far beyond the boundaries of finances and economy, even reaching the philosophical and sociological form.
As always, some believe that it is, while others claim that it is not. One notable individual who took part in the conversations is Ethereum Foundation researched, Vlad Zamfir. Zamfir pointed out several reasons why Ether is not money, but his arguments only sparked an even hotter debate within the community. The entire situation became the Ethereum community’s internal meme, but the new ETH payments support on OpenBazaar might tip the scales in favor of those who claim that Ether should be considered real money.
Another confirmation of this came from a rather unlikely source — the US SEC. In the SEC’s recent lawsuit against Kik’s kin token ICO, the regulator argues that ETH was used as money during the offering. The definition of money appears to be subjected to change and evolution, just like the money itself. Even if ETH is not real money now, that might not mean that it won’t become money at some point in the future. Indeed, many speculate that there will come a time when employees will be paid in Bitcoin, Ethereum, or some other cryptocurrency. However, it is likely that the crypto space still has a long way to go before reaching that stage.