OmniBazaar uses a patented "peer-to-peer-to-peer" architecture to remove the middlemen. It uses cryptocurrencies to eliminate the bankers. OmniBazaar fees are up to 100% lower than those of existing e-commerce sites like eBay and Amazon. OmniBazaar users deal directly with each other, rather than through a central site like Amazon or eBay.
OmniBazaarWith OmniBazaar, online buyers benefit from lower prices, and escape from "big data" tracking and "push" marketing. Social influencers enjoy a simple referral system that allows them to monetize their social networks. Users can make money by publishing listings for other user or providing escrow services in the marketplace.
OmniBazaar uses Bitcoin and OmniCoins for payment (instead of credit cards or PayPal). So, OmniBazaar provides a "gateway" for new cryptocurrency users to acquire their first bitcoins or OmniCoins. These new users can get coins by selling goods and services in the OmniBazaar Marketplace. This reduces the "barriers to entry" when first acquiring cryptocurrencies.
The OmniBazaar system includes a built-in cryptocurrency called OmniCoin. OmniCoin has the following features :
block processing time less than 10 seconds
• ability to process tens of thousands of transactions per second
users can address transfers to a name, not a number
Proof of Participation (PoP) consensus protocol
an influencer marketing system
• distributed social messaging
reputation tracking
escrow agents
bonuses to provide user incentives for participation and growth
OmniBazaar Marketplace and the OmniCoin Token Sale Event
Many Token Sale Events launch well before they have a minimal viable product, functioning software, or even a token. As a result, many such Token Sale Events do not deliver satisfactory value to token purchasers or the cryptocurrency community.
Instead, we have launched our OmniCoin token sale after launching the OmniBazaar marketplace. Prospective token buyers can use a tested, functional software product. We believe this presents a compelling value proposition.
OmniBazaar Distributed Marketplace OmniBazaar, Inc. has developed a free software program that performs the following functions:
• Create a peer-to-peer data-sharing network.
Connect the user's computer to that network.
Allow individuals and businesses to buy and sell goods and services from each other.
Enable automated payment for purchases using OmniCoin and Bitcoin cryptocurrencies.
Reward users who provide services that benefit other users and the marketplace.
Distribute free OmniCoins to users who join and refer their friends.
Provide an escrow service that allows users to do business with other users that they do not know or trust.
Track and use reputation information about users of the marketplace.
OmniBazaar Use Cases :
We believe that our platform is a natural fit for several attractive and important use cases. Having multiple uses allows OmniBazaar to service several constituencies. We believe that the suite of use case below provides us a unique competitive edge and will spur adoption and use of the OmniCoin.
1.Buying and Selling
Buying and selling of goods and services is the most obvious use case for the OmniBazaar Marketplace. This is the primary use case of the free OmniBazaar software. We aim to attract current users of Amazon, Upwork, eBay, Fiverr, Guru, and Craig's List, to name a few.
2.Local Cryptocurrency Gateway :
OmniBazaar can act as a "gateway" for new cryptocurrency users. New users can get their first cryptocurrency by selling goods and services in the marketplace. This avoids the steps of getting an account on an exchange and wiring funds to that account. Making it easy to get and use cryptocurrencies could open the door to billions of new users. We call this use case "barter for crypto℠" or "barter for bitcoin℠".
3.Sharing Economy Hub :
OmniBazaar can provide sharing economy services like AirBnB, dogVacay, RelayRides and TaskRabbit. This use case is available using the current version of OmniBazaar. But, our development roadmap includes creating specialized user interfaces for sharing services.
4.Distributed Cryptocurrency Marketplace :
We intend to launch a distributed cryptocurrency marketplace using "atomic swap" technology. This will allow the OmniBazaar Marketplace to support a wide variety of cryptocurrencies.
Contracts for Differences :
OmniCoin plans to support Contracts for Differences.
5.Secure Remote Transactions :
Our escrow function allows users to securely conduct remote transactions. By using a trusted escrow agent, users can safely deal with unknown and untrusted buyers and sellers.
OmniCoin Technical Information
The breakdown below is a list of functionalities currently provided by our software. Having a functioning, usable, distributed, marketplace platform sets us apart from the competition.
• Blockchain Security: Proof of Participation (PoP)
• Total Supply: 25,000,000,000
Block time: 10 seconds or less
• Scalable to tens of thousands of transactions per second
Easy Addresses: Send/Receive to an account name, not a number
• Distributed Escrow
Distributed Chat
User Reputation System
• User Acquisition Incentives
• Referral Rewards
Development Roadmap
The Company plans to conduct its Token Sale Event in 2018, with exact timing and structure to be announced later this year. Following is the development roadmap and timeline OmniBazaar and OmniCoin:
OmniBazaar RoadMapMarketplace proof of concept Q4 2015 (Done)
Integrate OmniCoin into marketplace Q1 2016 (Done)
Distributed escrow system Q2 2016 (Done)
Distributed reputation tracking Q3 2016 (Done)
Distributed user communications Q4 2016 (Done)
User bonuses and incentives Q1 2017 (Done)
Alpha testing Q2 2017 (Done)
Private beta test Q3 2017 (Done)
Public beta test Q4 2017 (Done)
Improve ability to scale and new UI Q2 2018 (Done)
Launch OmniBazaar and OmniCoin Q3 2018 (Done)
User Acquisition/Air-drop (initial phases)
Q4 2018 Token sales (four phases)
Q4 2018 Exchange listings
Q1 2019 Web wallet
Q1 2019 Mobile application (Android and IOS)
Q1 2019 Distributed Cryptocurrency Exchange
Q2 2019 User-Issued Assets Q2 2019
NOTE: These are our current ideas of the most important future development projects. Also provided are our estimates of the times required to accomplish them. The sequence and dates of the projects are subject to change.
If you are interested to know more about OmniBazaar check out their website below.
website : https://omnicoin.net/
Whitepaper : http://download.omnibazaar.com/support/whitepaper
Ann Thread : https://bitcointalk.org/index.php?topic=4755982.0
