Corelab Seminar

Dionysis Zindros (NTUA)
A pseudonymous trust system for a decentralized anonymous marketplace

We present the theoretical and practical considerations when developing the trust system for OpenBazaar, a decentralized anonymous marketplace. OpenBazaar is a production-grade open source software that enables censorship-resistant anonymous freedom of trade without single points of failure. The trust system for OpenBazaar involves two pillars: A web-of-trust for projected trust, and a global trust system called reputation pledges based on proof-of-burn. Trades happen using the bitcoin cryptocurrency and we use Ricardian contracts and 2-of-2 and 2-of-3 multisig on the blockchain to secure transactions. Finally, namecoin is used for decentralized secure friendly-name reservation. In this work, we present all these topics and how they combine together to form a trust system for secure decentralized financial trades.