A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, OmniBazaar, a recent type of e-commerce marketplace which removes middlemen and bankers using a patented peer-to-peer architecture has arrived.
"The main purpose of p2p marketplaces is to connect people with individuals who have the goods they want to sell. Selling products directly on your website sometimes is difficult. This is where peer to peer marketplaces make a huge difference. Peer to Peer marketplaces play a huge role in connecting individual sellers to the market. Imagine a traditional marketplace in India. Sellers bring their products onto the market and buyers know where the market is so they go to the market to buy the products they want.
In e-commerce peer to peer payment system have become very important allowing individuals to sell products directly to customers and to receive payment directly. The most notorious e-commerce peer to peer payment system is Bitcoins. There is no doubt that bitcoin has taken the e-commerce sector by storm. There are now a lot of P2P payment systems operating in the e-commerce sector. E-commerce stores especially on the dark web use bitcoin as their principal payment method. This helps them from being tracked by the authorities."
With that being said, 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.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is OmniBazaar?
As said earlier and as defined on the Omnicoin website, 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.
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 OmniCoins, Bitcoin and Ether 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 ecosystem includes its own built-in cryptocurrency (“OmniCoin”), an influencer marketing system, social messaging, reputation tracking, escrow agents, and bonuses to provide user incentives for participation and growth. With OmniBazaar, online sellers save 90%–100% of the fees they would pay Amazon or eBay. 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. Marketplace users can generate additional income by hosting listings for other user or providing escrow services in the marketplace. OmniBazaar provides a simple “gateway” to cryptocurrency by allowing users to barter for bitcoins.
Why OmniBazaar Stands Out?
True Peer-to-peer Marketplace
Omni Bazaar uses Crypto currencies to eliminate the bank as a middleman. no more high percentage fees paid to PayPal or credit card companies.
Because of decentralization the OmniBazaar platform will be able to offer 90% to 100% lower listing and advertising fees than current central data online marketplaces like Ebay or Amazon
Gateway to Crypto Adoption
Given the attractive price of its services and the ability to offer less expensive products OmniBazaar hopes to serve as a gateway to crypto adoption by accepting crypto payments only. The platform now accepts Bitcoin and OmniCoin
Speed of transactions
Able to process 50.000 transactions per section, speed will be no problem when spending or receiving OmniCoin
Decentralized crypto exchange
Investors will be able to buy and sell crypto currencies in the Omni Platform
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.
Bonuses to provide user incentives for participation and growth.
OmniCoin can process more than 50,000 exchanges for every second – more than Visa and Mastercard consolidated. Affirmation of exchanges happens in under 10 seconds. This enables OmniCoin to serve the online business showcase on a worldwide scale.
Simple to Use
Exchanges take seconds rather than minutes, so OmniCoin is business-accommodating. Exchange handling utilizes moderately small figuring power, so OmniCoin is eco-accommodating. What's more, with OmniCoin, you can send and get coins utilizing a record name rather than a series of numbers. This makes OmniCoin easy to understand.
Propelled Consensus SystemEvidence of Participation (PoP) is another cryptographic money security convention. One segment of PoP is the Distributed Proof of Stake (DPoS) convention of Bitshares. We have broadened and extended DPoS by including four different measurements. The product utilizes these measurements to figure out which gathering of clients may process exchanges. PoP depends the handling of exchange just to the most dynamic commercial center clients. These clients would have the most to lose by endeavoring to hack or assault the blockchain.
Utility in the Marketplace
OmniCoin tokens enable clients to purchase and offer rapidly and effortlessly in the OmniBazaar commercial center. They additionally encourage the escrow procedure, enlistment of postings, and the notoriety framework in the commercial center. You can win OmniCoins by performing administrations in the OmniBazaar commercial center, yet they don't give any proprietorship, profits or control of the framework. OmniCoins are intended to be an utility, not a security.
Special Token Distribution
Offering coins to new clients makes ready for quick utilization of the commercial center, and in addition long haul development. We built up a straightforward, powerful, straightforward process for seeding our client base with OmniCoin tokens. This circulation of free tokens is a vital piece of our take off procedure. OmniBazaar will convey roughly 26% of all tokens as motivations for client obtaining.
OmniCoin has an escrow module to enable volunteer clients to intervene amongst purchasers and merchants who don't know or trust each other. We have actualized the OmniCoin escrow highlight utilizing 2-of-3 multi-signature exchanges. It is anything but difficult to utilize and has a dispersed system of escrow specialists. Clients pay a little charge to the picked escrow specialist when they utilize the escrow highlight.
The 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
User Reputation System
User Acquisition Incentives
Token Sale and ICO Details
The OmniCoin is used as a currency to buy and sell products on the OmniBazaar platform.Total Supply of OminiCoin: 25 billion
Soft Cap: $2,000,000.00 Dollars
Hard Cap: $20,100,000.00 Dollars
The users of OmniBazaar market place will be required to pay a very small amount for transaction fee, which has its default at 1%.
Distribution of Omnicoin
The block subsidy miners = 7.625 Billion (30.5%), distributed over 27 yers.
Omnibazaar development pool = 2.52 Billion (10%), distributed over 4 years.
Token sale events = 8.4 Billion (33.6%), after the marketplace launch.
User acquisition bonus I 6.4 Billion (25.6%).
Welcome bonus is 1.4 Billion.
Referral bonus is 3 Billion.
First sale bonus is 2 Billion.
The total token is 25.0 Billion.
Marketplace 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 Q1 2018
Launch OmniBazaar and OmniCoin Q2 2018
User Acquisition/Air-drop (initial phases) Q2 2018
Token sales (four phases) Q3 2018
Exchange listings Q3 2018
Web wallet Q4 2018
Mobile application (Android and IOS) Q4 2018
Distributed Cryptocurrency Exchange Q1 2019
User-Issued Assets Q2 2019
MEET THE AMAZING TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1326035
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.