Is DarkMarket The Next Silk Road? [Video]
New decentralized site has been created that even the FBI couldn't touch.
At group of Bitcoin black market enthusiasts might have come up with an online trade-free zone that even the FBI can’t touch. The proof-of-concept is called DarkMarket, and was enough to take first place at a Toronto Bitcoin hackathon earlier this month, which included a $20,000 prize.
The peer-to-peer system has no central authority, which would mean that if law enforcement agencies want to do something about the online marketplace, they would have to track down each and every buyer or seller individually. As reported by Wired, Amir Taaki, one of DarkMarket’s creators and the founder of the anarchist group Unsystem, said:
Like a hydra, those of us in the community that push for individual empowerment are in an arms race to equip the people with the tools needed for the next generation of digital black markets.
There are a whole host of checks, and security features which ensure the platform stays a safe place for people to make transactions. Arbiters act as intermediaries between buyer and seller, while an escrow system that uses Bitcoin addresses with multiple digital signatures ensures money get where it’s supposed to go.