OmniBazaar is a new type of e-commerce marketplace that removes the middlemen and bankers from e-commerce. 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.submitted by Bandugan to u/Bandugan [link] [comments]
With 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.
Looking at a marketplace where Buyers and sellers deal directly with each other, without an intermediary. With no central site or responsible authority monitoring the content of listings, such sites can become havens for criminal activities. E-Commerce market. OmniBazaar includes awards for the promotion of mode self-locking user (OmniCoin), efficient marketing system, social messages, tracking reputation, security agents, as well as the participation and growth of users
Fast TransactionsOmniCoin can process over 50,000 transactions per second – more than Visa and Mastercard combined. Confirmation of transactions occurs in less than 10 seconds. This gives OmniCoin the ability to serve the e-commerce market on a global scale.
Advanced Consensus SystemProof of Participation (PoP) is a new cryptocurrency security protocol. One component of PoP is the Distributed Proof of Stake (DPoS) protocol of Bitshares. We have extended and expanded DPoS by including four other metrics. The software uses these metrics to determine which group of users may process transactions. PoP entrusts the processing of transaction only to the most active marketplace users. These users would have the most to lose by trying to hack or attack the blockchain.
Utility in the MarketplaceOmniCoin tokens allow users to buy and sell quickly and easily in the OmniBazaar marketplace. They also facilitate the escrow process, registration of listings, and the reputation system in the marketplace. You can earn OmniCoins by performing services in the OmniBazaar marketplace, but they do not confer any ownership, dividends or control of the system. OmniCoins are designed to be a utility, not a security.
Decentralized Cryptocurrency ExchangeTrade cryptocurrencies without the need to trust a central site. Buy and sell cryptocurrencies locally, without a middle-man.
Distributed EscrowOmniCoin has an escrow module to allow volunteer users to mediate between buyers and sellers who do not know or trust each other. We have implemented the OmniCoin escrow feature using 2-of-3 multi-signature transactions. It is easy to use and has a distributed network of escrow agents. Users pay a small fee to the chosen escrow agent when they choose to use the escrow feature.
Learn more:Website: http://omnicoin.org Twitter: https://twitter.com/OmniBazaar Telegram: https://t.me/Omni_Bazaar Reddit: https://www.reddit.com/OmniBazaar Medium: https://medium.com/@OmniBazaar White Paper : http://whitepaper.omnibazaar.com
MyProfile ANN: https://bitcointalk.org/index.php?action=profile;u=1931085
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