OmniBazaar makes use of blockchain technology to eliminate the banks and intermediaries involved in e-commerce, helping both sellers and buyers. As a decentralized platform, OmniBazaar is also able to bring C2C commerce to the 2.5 billion people around the world who cannot access basic banking services, including credit cards, and would traditionally be excluded from C2C commerce.
OmniBazaar achieves this by letting people or companies buy and sell items without any bank account or credit card and with no intermediary. The transactions are instead conducted using cryptocurrency.
What Is the OmniBazaar Marketplace?
The OmniBazaar Marketplace is a peer-to-peer marketplace on an international scale. With this marketplace, small businesses and individuals can easily buy or sell to each other. Sellers use the software to list products or services without any fees. Buyers can either browse the listings or search for an item, then buy without worrying about platform fees. The software is fully available completely free.
It is important to note that the marketplace actually consists of multiple different services related to banking and e-commerce in a single package. It begins with a peer-to-peer network that can be accessed from any computer in a way like BitTorrent. This network makes it easier to trade services and goods, just like traditional e-commerce platforms. Additionally, the marketplace includes automated payment using cryptocurrencies, so there is no cost for payment as there would be with a credit card or PayPal.
What Are Some Key Services Offered by OmniBazaar?
One of the biggest benefits of OmniBazaar is the lack of retailers, with sellers and buyers instead contacting each other directly to arrange trades, something that reduces costs by between 90 and 100 percent.
Another major feature of OmniBazaar is the fact that purchases are made using cryptocurrencies. This leads to numerous benefits, including the fact that it is now easier to get cryptocurrencies than it is banking services, allowing those who are unbanked to use OmniBazaar. The use of cryptocurrency also means that there are no bank charges causing hidden fees, such as those related to payment processing. Cryptocurrencies are also processed significantly faster than bank charges, streamlining the process.
To take the speed of cryptocurrency payments to the next level, OmniBazaar has its own built-in cryptocurrency called OmniCoin. This currency processes payments in a maximum of five seconds, so minimal waiting is needed.
For the peace of mind and security of all parties involved in transactions, OmniBazaar also includes a distributed escrow system. Buyers and sellers agree on a mutually acceptable escrow agent from one of the rated volunteers OmniBazaar keeps track of. This is particularly important, as it provides trust in the transactions in cases where parties do not know each other.
What Currencies Can You Use on OmniBazaar?
At launch, OmniBazaar will work with Bitcoin as well as OmniCoin, the cryptocurrency developed specifically to facilitate transactions on this platform. The team plans to expand the cryptocurrency support to make OmniBazaar even more accessible.
Who Can Use OmniBazaar?
OmniBazaar chose to rely solely on cryptocurrencies as payment due to the vast benefits of crypto, including the ability for anyone around the world to use them. The only requirement for using OmniBazaar is having a cryptocurrency wallet. You don’t need an application form, to register, to deal with a bank charge, or to pass a credit or background check.
What Should You Know about the OmniBazaar Beta Test?
The OmniBazaar Beta Test will include a limited quantity of users. The beta testers will be able to use the marketplace and software. They will also report any issues that they notice before the launch of OmniBazaar takes place. This process will allow for real transactions to take place, ensuring that OmniBazaar works as it should and giving the development team the opportunity to iron out any minor issues. Following testing and debugging, the OmniBazaar marketplace will experience a full launch.
Early adopters as well as beta testers receiver OmniCoins for free to use in the marketplace. Users are welcome to join the beta test, and public participation is actually encouraged. You can join the beta testing by visiting the OmniBazaar website.
What Should You Know about OmniCoin?
As mentioned, OmniCoin is the native cryptocurrency in OmniBazaar, although the platform does also use Bitcoin. The team created OmniCoin to accommodate growth in the OmniBazaar Marketplace. This coin delivers the necessary scalability by having block production every five seconds and relying on Graphene/Bitshares technology, so it can process thousands of transactions each second. There will be a total supply of 25 billion OmniCoins, allowing for a great deal of scalability. Mining of OmniCoin will follow a Proof of Participation security protocol.
How Does OmniBazaar Enhance Privacy?
In addition to speeding up transactions and reducing costs, OmniBazaar can enhance user privacy by removing the retailer from the process of buying and selling. Any e-commerce retailer or company that acts as an intermediary will track your information, including your preferences and location, then use that information to create a profile and target marketing for you. In addition to the typical concerns about what a company will do with personal data you do not realize it collects, there is also a risk of hackers stealing that information, whether they want to steal your identity, commit credit card fraud, or do something else.
By its nature, OmniBazaar avoids these type of privacy concerns, as it was designed as a cooperative and private internet marketplace that only involves its users. There is no central site, so users deal directly with each other, without having to worry about third parties collecting their information. This also means there is not a central site that hackers could infiltrate to get information.
OmniBazaar is a peer-to-peer marketplace that lets users buy and sell products or services using cryptocurrency instead of traditional options, like fiat. OmniBazaar provides an escrow service, and the marketplace is free to use. The project is currently in its beta testing phase with the marketplace open. Once the testing is done and any discovered bugs are corrected, the project will launch, so it should go live in the relatively near future.