OB1 Announces Verified Moderators on OpenBazaar
Today we are excited to announce the release of OB1 Verified Moderators, a program designed to help users choose trustworthy moderators for their moderated payments on OpenBazaar.
What are moderated payments?
Moderated payments allow a buyer and seller on OpenBazaar to include a third party ‘moderator’ who can arbitrate in the case of a dispute. When a buyer initiates a moderated transaction with a seller, the 3 parties automatically create a payment address called a multisignature address that requires 2-of-3 signatures to release funds.
Normally, the funds are released to the seller if the buyer receives the good or service, or the seller can refund the transaction back to the buyer and cancel the order. If the buyer or seller have problems with the order, they can initiate the dispute resolution process. The moderator then investigates the situation, and co-signs with the winning party to release the funds.
Increasing trust in the OpenBazaar network
It is very important to choose a trustworthy moderator. Choosing a moderator who is likely to be trustworthy has required buyers and sellers to put in a bit of work, and OB1 seeks to relieve some of that burden by giving the users the option to select a moderator who has been verified.
We maintain a list of moderators that have gone through our verification process. This process is explained in detail here.
The verification process doesn’t ensure that these third party moderators will provide quality dispute resolution service, only that we don’t believe they aren’t intentionally trying to scam users on the network. If we receive reports from users that a verified moderator is abusing their position, or even if it’s simply a lack of responsiveness, we can remove that moderator from the list.
Learn more about OB1 Verified Moderators in this short video:
Learn how to select an OB1 Verified Moderator on OpenBazaar:
Interested in becoming an OB1 Verified Moderator?