Bitmarkets is designed to operate over anonymity-preserving network Tor. The creators of Bitmarkets, a group of four developers and designers, said they integrated Tor because they believe privacy is a basic human right. The creators are Steve Dekorte, Chris Robinson, who designed the minimalistic, white-on-black user interface, Rich Collins, who integrated Bitcoin payments and Adam Thorson, who worked on building on top of BitMessage and Tor.
Bitmarkets escrow system focuses only on transactions which involve only the buyer and the seller. Sellers have to lock in funds equal to the price of the item being sold. Buyers do the same, but lock double the amount. The locked funds are held in escrow in their Bitmarkets wallets. When a transaction is completed, the locked amounts are released and the seller is paid.
Bitmarkets was developed as a part-time project and many applications rely on pulling together the capabilities of existing systems, such as Tor and BitMessage, a peer-to-peer messaging system.
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