OMNIBAZAAR (Omnicoin); A DISTRIBUTED E-COMMERCE MARKETPLACE
OmniBazaar is a recent type of e-commerce marketplace which removes middlemen and bankers using a patented peer-to-peer architecture.
OmniBazaar system makes good use of the cryptocurrency to eliminate the bankers, its fees are up to 100% lower than any other existing e-commerce sites such as: eBay and Amazon.
The system of OmniBazaar includes a cryptocurrency that in in-built and it is known as OmniCoin. OmniCoin has these features:
• A block processing time that is less than 10 seconds.
• It has the ability to process tens of thousands of transactions within a second.
• It is possible for users to address transfers to a name and not a number.
• The availability of a proof of participation (PoP) consensus protocol.
• The availability of an influencer marketing system.
• A distributed social messaging.
• The presence of a reputation tracking.
• Availability of escrow agents.
• The presence of bonuses to provide user incentives for the sake of growth and participation.
Online buyers have a great benefit of purchasing goods at a low price with the use of OmniBazaar. Social influencers will as well enjoy referral system that will allow them monetize their social network.
OmniBazaar makes it possible for new cryptocurrency users to acquire their first bitcoins or Omnicoins, since OmniBazaar makes use of Bitcoin and Omnicoins for payments instead of using credit cards or PayPal.
The target of OmniBaazar are the experienced online sellers.
OmniBaazar has the ability to serve 2.5 billion un-banked people that exist worldwide. The un-banked individuals do not have the ability to use other e-commerce since those sites require that they have credit cards and bank accounts.
The launch of OmniCoin had taken place just after the launching of OmniBazaar marketplace.
OmniBaazar marketplace software efficiently provides an inexpensive, a decentralized, a social and an efficient market environment. OmniCoin makes available user incentives, escrow, reputation and other relevant features.
It is with great confident and assurance that the team announces that OmniCoin and OmniBazaar will become a powerful agent for change in the P2P arena.
The development of a free software program that performs a lot of functions has been developed by OmniBazaar,Inc. The functions include:
• The creation of a peer-to-peer data sharing network.
• Effectively connecting user’s computer to the network.
• Allowing individuals and businesses to effectively buy and sell goods and services from each other.
• The enablement of automated payments for purchase, making use of only OmniCoin as well as Bitcoin cryptocurrencies.
• Efficiently reward users who are able to provide services that will benefit other users and also market place.
• The distribution of free OmniCoin to users who are willing to join and also refer their friends.
• The provision of an escrow service that conveniently allow users carry out business with other users that are not known or even trusted.
• Their ability to track and use reputation information about the user in a marketplace.
• Products and services for instance, Amazon or Alibaba.
• Personal items, for instance, eBay.
• Professional services for instance, UpWork or Freelancer.
• Local cryptocurrencies for instance, Local Bitcoin or wall of coins.
• Gigs and contract services, for instance fiverr.
• Over-stock or unused inventory, for instance barter networks.
OmniBazaar had a quick review of the marketplace and it was discovered that they lack important features and functions of the OmniBazaar Marketplace.
OmniBazaar however has a competitive advantage over them and they include:
• OmniBazaar has been designed to only service the ‘’white market’’. OmniBazaar has a system of community policing which allows the removal of listing for illegal goods and services.
• OmniBazaar also pay users who are willing to provide services for the marketplace infrastructure, it as well pay users who act in a manner that is beneficial to the marketplace.
• OmniBazaar’s peer-to-peer architecture was created in order to serve millions of users.
The users of OmniBazaar market place will be required to pay a very small amount for transaction fee, which has its default at 1%.
• 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.
The marketplace proof of concept Q4 2015 (accomplished).
Integration of OmniCoin into market place Q1 2016 (accomplished).
The distributed escrow system Q2 2016 (accomplished).
The Distributed tracking of reputation Q3 2016 (accomplished).
The Distributed user communications Q4 2016 (accomplished).
Bonus for users and incentives Q1 2017 (accomplished).
Alpha testing Q2 2017 (accomplished).
Private beta test Q3 2017 (accomplished).
Public beta test Q4 2017 (accomplished).
The ability to improve scale and new UI Q1 2018.
The launch of OmniBazaar and OmniCoin Q2 2018.
The initial phase of user acquisition/airdrop Q2 2018.
Four phases of token sales Q3 2018.
Listing of exchanges Q3 2018.
Web wallet Q4 2018.
Mobile application which is Android and IOS Q4 2018.
Distributed cryptocurrency exchange which is Q1 2019.
The user-issued assets which is Q2 2019.
• Marketing, advertising, PR, bounties will have 50%.
• Strategic reserves will have 20%.
• The development of OmniCoin will have 20%.
• Operations/legal/admin will have 10%.
Authored by: geeboy88
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1874835
Eth Address: 0xdcef7d27bbaae609accdaf43ccf41b042beaffb4