The IOTA-based app “Open Marketplace” wins week five of the CODEVID19 Hackathon.

The Open Marketplace provides a decentralized marketplace that aims to bring together local businesses and traders in one place and reduce the market power of tech giants like Amazon and Ebay.

At the CODEVID19 Hackathon, the IOTA-based app “Open Marketplace” won the competition for the best applications of the fifth week. CODEVID19 is a global hackathon that aims to promote the development of decentralized applications to combat the coronavirus. The Open Marketplace provides a decentralized marketplace, which should make trading much easier in times of corona and compete with industry giants like Amazon and Ebay.

We're happy to announce that we won the weekly challenge within the #CODEVID19 hackathon: https://t.co/IzTMRDRNNm Thanks to the whole CODEVID-19 #hackathon team for the appreciation! pic.twitter.com/jJYRCwQN4h — OpenMarketplace.org (@marketplace_org) April 24, 2020

Open Marketplace to strengthen local trade through the use of IOTA

The Open Marketplace development team explains that both online trading and local delivery business continues to be dominated by industry giants such as Ebay or Amazon. Small businesses often pay disproportionately high fees to be allowed to present their products on the websites of the market leaders. The Open Marketplace addresses this problem by bringing buyers and sellers together for free in a decentralized marketplace based on the IOTA tangle.

The app enables communities to sell, share offers and information without intermediaries and puts the privacy of users and sellers first. Furthermore, all sellers can set their own prices and are not dependent on commission payments or high posting fees, as the marketplace can be used free of charge.

Within the app, delivery requests, the estimated time and the available budget can be set. When a prospective buyer has bought a product, the supplier must take a photo of the invoice and send it to the buyer. The buyer can then pay the outstanding amount and the seller will ship the product as soon as possible.

The final app version is expected to be released in a short time and will be available for all interested testers. The following video shows how the Open Marketplace works in detail:

IOTA price follows current market trend

IOTA’s price rose by 4.42% within the last 24 hours to a price of $0.1688. With a market capitalization of almost $471 million, IOTA continues to rank 25th among the largest cryptocurrencies worldwide.

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