OmniCoin 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.
Easy to Use
Transactions take seconds instead of minutes, so OmniCoin is business-friendly. Transaction processing uses relatively little computing power, so OmniCoin is eco-friendly. And, with OmniCoin, you can send and receive coins using an account name instead of a string of numbers. This makes OmniCoin user-friendly.
Advanced Consensus System
Proof 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 Marketplace
OmniCoin 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.
Promotional Token Distribution
Giving coins to new users paves the way for immediate use of the marketplace, as well as long-term growth. We developed a simple, robust, transparent process for seeding our user base with OmniCoin tokens. This distribution of free tokens is an important part of our roll-out strategy. OmniBazaar will distribute approximately 26% of all tokens as incentives for user acquisition.
OmniCoin 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.
Dynamic Account Permissions
This creates a hierarchical structure that reflects how permissions are organized in real life, and makes multi-user control over funds easier than ever. Multi-user control is the single biggest contributor to security, and, when used properly, it can virtually eliminate the risk of theft due to hacking.
Decentralized Cryptocurrency Exchange
Trade cryptocurrencies without the need to trust a central site. Buy and sell cryptocurrencies locally, without a
I am starting this review about OminiBazaar with excitement because I am so happy there is an alternative to centralized marketplaces such as Ebay. Having an decentralized option brings many benefits to both vendors and buyers.
It is fair to say that for years I have become a crypto enthusiast, investor and now specialist. But before crypto I was in the realm of e-commerce and one of my first projects was my Ebay store. I started out few years after Ebay launched in 2002 but sadly stopped selling at the site because of diminishing profits.
The gradual increase in selling fees made it impossible to make the product attractive to buyers. New regulations did not allow me to showcase my own information in my paid product ads and that prevented me from generating residual traffic to my web site. To know that this monopolized industry of online market places is going to be shaken by decentralization makes me happy.
Projects like OminiBazzar give vendors another option that is less expensive and less restrictive. Offering many vendors the chance to open the doors again. I am happily doing so by downloading their Software and selling some of that inventory I kept for a while. But I am not here to promote my personal little store, I am here to give you a break down evaluation of the OmniBazaar project and help you understand how the Token OmniCoin will be used, its value and qualities.
How does the OmniBazaar differ from other online marketplaces such as Amazon and Ebay?
1. 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.
2. Lower Fees — 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
3. 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
4. Speed of transactions — able to process 50.000 transactions per section, speed will be no problem when spending or receiving OmniCoin
5. Consensus — Advanced consensus and security systems
6. Decentralized crypto exchange — Investors will be able to buy and sell crypto currencies in the Omni Platform
The software is ready and it already available for download on the OmniBazaar web site for anyone ready to give it a try or would like to purchase some products using cryptocurrency.
Functionality of the OmniCoin:
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
Token Sale Timeline:
Pre-sale price: $0.0015 Q3 2018
Token sale stage 1: $0.002 Q3 2018
Token sale stage 2: $0.0025 Q4 2018
Token sale stage 3: $0.003 Q4 2018
The Team & Headquarters:
Consisting of 22 members the team offer a range of specialists of different nationalities aiming to launch this project on a global level. Headquarters of this project is in Florida, Unites States and the project is following all the guidelines requested by regulations.
Similar to other crypto currencies the OmniCoin has founded a nonprofit organization. The Omni Coin Foundation as according to the project Website aim is to: “to foster a strong, open ecosystem for OmniCoin”
The Bountysuite Exclusive OmniCoin Bounty campaign is currently available to participate until quota of Omnicoin tokens is reached. Anyone interested in more information about the OmniBazaar project check out the links below.
OmniBazaar Ann thread