General information about Openmarket decentralized marketplace
Openmarket Decentralized Marketplace
Openmarket is a decentralized blockchain based marketplace where vendors sell products and transactions take place in cryptocurrencies. Openmarket supports all major cryptocurrencies on the marketplace. Openmarket is built on a specialized blockchain having marketplace and smart contract features intrinsic to it.
Openmarket decentralized marketplace has been developed from the ground up with the sole aim of establishing a truly borderless business ecosystem that allows people to interact on a global permission-less platform replacing unreliable middlemen with self-executing smart contracts for enabling business transactions in a transparent manner.
Standard cryptocurrency trading is buying and selling of cryptocurrencies such Bitcoin or other alt coins like Ethereum, Cardano, Ripple, etc. Cryptocurrency trading happens on intermediary platform called as cryptocurrency exchange. On a platform like Openmarket — a decentralized blockchain based marketplace, consumers can buy different products and services from marketplace vendors while making payments using all major cryptocurrencies.
Openmarket is a marketplace where merchants can register as vendors and consumers can purchase products or services from these vendors. Openmarket is basically a platform that connects vendors and consumers. We connect supply with demand. In other words, people who sell products and services are connected to people who want to buy those products and services. In a way Openmarket marketplace is similar to Alibaba, Amazon, eBay or UpWork; the difference being Openmarket is a new-age decentralized blockchain based marketplace where transactions happen in cryptocurrencies. Consumers pay for products and services using cryptocurrencies.
Openmarket is a crypto first marketplace and business transactions in cryptocurrencies is a preferred form of payment on the marketplace. However, the marketplace vendors can also provide an optional fiat currency payment feature which would be accepted through debit and credit cards. Payments to the vendors are released seven days post product delivery unless there are any open complaints against the sale.
Payments by buyers are put into escrow accounts until the buyer receives the product or service from the seller and is satisfied with it. Payment from escrow is then automatically deposited to the seller’s account.
There are no middlemen on Openmarket decentralized marketplace and this is a good news. There are impartial fixed business rules on Openmarket which executed in form of smart contracts. Smart contracts are not unreliable like middlemen and rules are fixed and cannot be changed once buyers and sellers accept and execute the smart contract. The rules governing Openmarket marketplace are transparent and visible for everyone.