OmniBazaar (OmniCoin): Blockchain Ecommerce CrytpoBazaar Network?
Eliminating the middlemen seems to be one of the mottos of the current blockchain industry and the new ecommerce platform OmniBazaar is here to eliminate these problems. This US-based company was designed to make the ecommerce sector better and faster.
As the world needs a new system that is more efficient and cheap than the current one, blockchain companies are all looking for ways to optimize ecommerce and OmniBazaar is not different at all.
What Is OmniBazaar?
OmniBazaar is a free marketplace in which buyers and sellers can transact without using credit cards or bank accounts, only crypto. Its goal is to provide an option for people who want to trade without barriers with people from all over the world using Bitcoin and other cryptos.
The company has created a P2P marketplace that works in an international range to allow both individuals and groups to transact using it. They can list their products, services or browse different items on the store without having to pay any fees at all, as the software is focused on being 100% free.
The OmniBazaar Marketplace
The marketplace of the company will offer a vast range of services for the users and banking services are one of them. It will work in a similar way to BitTorrent and will be accessible from any computer. Like eBay or Amazon, you will be able to browse via the products before you buy them.
All the purchases will be completely automated and sellers and buyers will be able to contact each other 100% without middlemen, which one of the major propositions of the company: to create a platform to let people transact without having someone that charges them for it.
The company will have no bank charges, which will ensure that the payments are faster because they will be made via cryptos, which are also easier to acquire.
OmniBazaar will also have instant transfers that happens in five seconds or less and escrow services that can be used to protect both the buyers and the sellers against scammers of all types because it will hold the money of the transaction during the whole process.
The OmniBazaar Beta Test
At the moment, the platform is during beta testing, so the software is still limited to a small number of people. The beta testers use the marketplace first so they can find what’s wrong with it in terms of usability and also bugs.
Only the registered beta users will be able to use the platform to list products and to buy them at the moment but this will change as soon as the platform is officially launched, which will happen soon in the future.
The OmniBazaar OmniCoin
The OmniBazaar uses Bitcoin but it also uses its native crypto called OmniCoin. It was designed to accomodate the growth of the marketplace as the Bitcoin is used for many other purposes and it also faces scalability issues today. The block production of the OmniCoin will happen every 5 seconds and it will use Bitshares/Graphene technology to process thousands of transactions.
The maximum supply of the OmniCoin will be 25,000,000,000 units and it will be mineable using a proof of participation protocol. Beta testers will receive free OmniCoins and they can be bought at the market.
There are already plans for the company to use additional tokens in the future like the popular Ethereum.
The OmniBazaar Verdict
This company certainly looks interesting, although somewhat generic as well. There are thousands of unsuccessful ecommerce platforms around the world. There is no point in having one of these platforms if you do not hold a big portion of the market and we are afraid that this might happen to OmniBazaar too, so be aware of this before investing.