OpenBazaar is a project of great interest to many cryptocurrency users all over the world. This decentralized peer-to-peer marketplace solution opens up a lot of opportunities. OpenBazaar’s developers are always looking to make their product more appealing. Introducing native tokens and smart contracts are two ways of doing exactly that.
No one can deny that OpenBazaar is the marketplace of the future. Although it may only be used by a select few users right now, there are some interesting aspects of this platform which will make it even more appealing to the masses in the coming years. For now, OpenBazaar only supports Bitcoin, but this situation will change in the near future, as altcoin support is coming to this platform.
That is not all OpenBazaar users have to look forward to. There will also be an official OpenBazaar token, known as OBT. This will be the native currency for smart contracts, which are also coming to this peer-to-peer protocol. As most people know by now, all of these smart contracts will run on top of the Ethereum ecosystem. The OBT tokens, however, will be used to embed data pointers for content hosted on the OpenBazaar network.
As a result, OBT tokens can be used to monetize channels, which serve as curated lists of content. These tokens can be used to pay for premium ad space on these channels. Anyone who runs a store on the OpenBazaar network will want to pay attention to this new feature, as it is very similar to a premium listing on auction sites such as eBay. It will be interesting to see how the community responds to this option, as it is something to look forward to.
According to the OpenBazaar team, the OBT token will add value to this peer-to-peer protocol, and is not a gatekeeper of the protocol nor a threat to its stability whatsoever. OBT can also be used to create decentralized channels suited for arranging content. Additionally, the Ethereum smart contracts are independent of OBT, which gives the entire system a lot more flexibility than one would expect.
It is the first time we have seen a peer-to-peer protocol embrace the concept of decentralized ad space. It is evident a protocol such as OpenBazaar can genuinely benefit from this idea moving forward. Anyone who sells goods or services on OpenBazaar wants to attract as many customers as possible, and using advertising to reach a bigger audience is a smart decision. Having such a powerful option at one’s disposal can only be considered a good thing.
Although OpenBazaar has a lot of potential, it is evident there is still some sort of a discovery problem. With so many people trying to sell their goods and services on this platform, it is hard to give everyone the attention they rightfully deserve. Third-party services will be required to make these stores and listings more apparent over time. User-driven curation is also an option worth exploring in this regard, as it will drive both attention and sales. The OBT token is designed to make this more of an incentive over time.