A service contract in OpenBazaar replaces a physical good to be sold with the terms and conditions of a service to be performed by one party. The distinction between a good and service within a Ricardian contract is minimal, as will be described in this article. Morever, the combination of pseudonym (nym) reputation management (proof of burn nyms, web of trust) and surety bonds can ensure a robust service industry within OpenBazaar.
The advent of multisignature transactions within Bitcoin is a monumental achievement for the development of trustless (and near-trustless) systems. Building on top of the multisignature revolution is the possibility to create voting pools. A voting pool further distributes the role of an arbiter in a multi-party transaction and reduces the risk of fraudulent behavior within a pseudonymous marketplace like OpenBazaar.
The following article contains OpenBazaar's first ever Ricardian contract for the sale of a good between Sam Patterson and Brian Hoffman, arbitrated by Dr Washington Sanchez. In short, the signing process follows these steps:
- Creation of the seed contract by the seller
- The seller creates a contract to sell a good
- Creation of a bid offer for the contract by the buyer
- The buyer appends their details to the seed contract and digitally signs it
Insurance is a valuable service that is often misinterpreted, over-regulated, and out of reach for many people. On OpenBazaar, insurance is contextualized as a service that can be offered by anyone or group, leveraging:
- The clarity of terms and conditions set out in a Ricardian contract
- An open marketplace for competing insurance policies and service providers
04a34b99f22c790c4e36b2b3c2c35a36db06226e41c692fc82b8b56ac1c540c5bd5b8dec5235a0fa8722476c7709c02559e3aa73aa03918ba2d492eea75abea235
5KYZdUEo39z3FPrtuX2QbbwGnNP5zTd7yyr2SC1j299sBCnWjss
04e8990b242406721b144bd278967782f9dfe22a26fefa3ac510b776addce43736b3a0f3490ddcfab21a72bb98a0c2f1c5f095fbce15f1807851a63d74824edecd
Verifying that +drwasho is my Bitcoin username. You can send me #bitcoin here: https://onename.io/drwasho |
-----BEGIN PGP SIGNED MESSAGE----- | |
Hash: SHA256 | |
Migration of our project funds to a multisig address. | |
===================================================== | |
We, the undersigned core developers of OpenBazaar, have decided with consensus | |
on the following on November 4th, 2014: | |
Because of the facts that: |
// Use Gists to store code you would like to remember later on | |
console.log(window); // log the "window" object to the console |
{ | |
"stage01_merchant": { | |
"genesis": { | |
"metadata": { | |
"obcv": "0.0.3", | |
"category": "Physical item", | |
"subcategory": "Fixed Price", | |
"nonce": "", | |
"expiration_date": "" | |
}, |