One of the long-standing decentralized markets, OpenBazaar, has disclosed that it is on the verge of shutting down its operation. There has been a poor activity and a less number of users buying and selling on the platform. As a result, they began running short on operational funds.
To save the decentralized marketplace from shutting down its services, however, the people behind the project are seeking donations/funding to lengthen its days.
OpenBazaar Runs Short of Funds
As a decentralized market, basically, OpenBazaar operates as a trustless network, wherein people can purchase as well as sell several items online, without any centralized governing party. Unlike Amazon, the decentralized market allows transactions in digital currency, but it is simply not controlled by a single entity, as many people are allowed to run their peer-to-peer (P2P) networks.
However, OpenBazaar admitted on Friday that the rate of adoption and number of buyers and sellers on its marketplace has dropped. Consequently, it has “no choice” than to close down operations — seed nodes, API wallet, exchange rate API.
Additionally, the decentralized marketplace intends to shut down Haven, its messaging and wallet app, October 1, that is, if it does not receive aid. The users will be provided information on how they can release their funds. Nevertheless, both platforms can be saved from closing if the community intervenes, it said:
“There is only one possibility for OpenBazaar and Haven to continue, and cancel the shutdown: community support.”
The Decentralized Marketplace Can Live For Additional One Year with $100K
The decentralized marketplace said it has no specific target on the fund needed to sustain the platform. However, a representative opined that it could be able to live for an additional one year if they manage to secure at least $100,000 funding from the community.
“We don’t have a solid target at the moment but a soft one for us is 100k to keep it up for the next year.”
Meanwhile, more than $10,000 has been sent to the platform during the time of writing. Precisely, the marketplace received $11,672.44 donations in Bitcoin (BTC); $979.78 in Ethereum (ETH); $13.47 in Litecoin (LTC); $110.76 in Bitcoin Cash (BCH); and about $10 Zcash (ZEC).