Published on: 2015-05-02T15:45:35+00:00
In an email conversation between Melvin Carvalho and Marc D. Wood on May 1, 2015, the concept of a software project for creating markets with variable levels of privacy and censorship resistance is discussed. The project, known as METAmarket, is built on top of Bitcoin Core and Bitmessage, similar to the work Satoshi was doing before leaving. However, Marc clarifies that this is not the same project as Satoshi's original plan for a bitcoin marketplace and he is not Satoshi.METAmarket is an open source protocol and reference client for a trustless federated marketplace that utilizes Bitcoin as a universal currency and Bitmessage as a P2P communication network. This system aims to eliminate the need for trusted third parties and middlemen, while also addressing issues such as transaction malleability through a federated reputation model. The client application allows users to post, browse, and execute trades, requiring a Bitcoin Core wallet for handling payments and refunds.The motivation behind METAmarket is to tackle problems associated with overly centralized marketplaces and payment services that impose high fees, excessive control, and compromised privacy. As online commerce grows, users may find their purchase history being sold to advertisers, employers, or government agencies. METAmarket envisions a system where secure private transactions take place directly between buyers and sellers, without middlemen collecting data or adding fees. It is important to note that there is no apparent connection between METAmarket and Satoshi's work in the Bitcoin Core before his departure.METAmarket operates as a trustless federated marketplace, allowing buyers and sellers to transact without intermediaries. Built on blockchain technology, the platform ensures transparent, secure, and immutable transactions. Being decentralized, METAmarket does not charge any fees or commissions from a central authority, and all transaction data is securely stored on the blockchain. The platform incorporates a reputation system, encouraging positive behavior from users and discouraging bad actors. After each transaction, buyers and sellers can rate each other, contributing to an overall reputation score that determines the likelihood of future successful transactions.METAmarket aims to be a universal marketplace that facilitates transactions across all industries, rather than being limited to a specific industry or product category. It supports various types of transactions, including peer-to-peer, business-to-business, and business-to-consumer. The platform is built on the Ethereum blockchain and utilizes smart contracts to automate transactions when certain conditions are met. This ensures smooth and efficient transaction execution. Additionally, METAmarket supports the use of cryptocurrencies as a means of payment, offering users flexibility in conducting their transactions.Overall, METAmarket provides a unique solution to the issue of trust in online marketplaces by leveraging blockchain technology and a reputation system. As the platform continues to expand into new industries, it has the potential to revolutionize online commerce, providing a secure and efficient way for buyers and sellers to transact without intermediaries.
Updated on: 2023-08-01T12:20:39.094967+00:00