E-commerce Platform Eliminates Middlemen and Banks with Blockchain

E-commerce Platform Eliminates Middlemen and Banks with Blockchain

As the internet has become faster and reached every corner of the world, e-commerce has grown rapidly. Yet, the banking sector’s expansion has not kept pace with the needs of consumers. As the result, a significant part of the world’s population has not been able to join the e-commerce revolution. 

OmniBazaar is a free marketplace where people and companies can buy and sell without credit card or bank accounts. People from all over the world come together to trade directly, without intermediaries. Buyers pay sellers using Bitcoin and other cryptocurrencies. 

OmniBazaar’s Marketplace 

OmniBazaar has created a peer-to-peer international marketplace. The marketplace allows individuals and small businesses to buy and sell amongst themselves. Using the OmniBazaar software, sellers can list their products and services free of charge. Buyers search or browse for items they are interested in, and buy without platform fees. The software is available free of charge. 

The marketplace features three different e-commerce and banking services combined into one package. It offers a peer-to-peer network similar to BitTorrent, which is accessible from any computer. This network facilitates the trading of goods and services, like eBay or Amazon. The marketplace features automated payment for purchases, using cryptocurrencies. This eliminates the costs of Paypal or credit cards. Blockchain technology also securely provides the following other services and features:

  • No Intermediaries: Sellers and buyers contact each other and trade directly, reducing costs by 90-100%.
  • No Bank Charges: Cryptocurrency payments are faster and less expensive than credit cards. Lower payment processing costs provide savings to sellers and lower prices for buyers.
  • Purchases using Crypto: Cryptocurrencies are now easier to get than banking services. Anyone can "barter for crypto" using the OmniBazaar platform.
  • Escrow Service: OmniBazaar has developed a distributed escrow system. Buyers and sellers can choose a mutually-acceptable escrow agent from among rated volunteers. This provides protection for both buyers and sellers when the parties do not know each other.
  • Instant Transfers: OmniBazaar's built-in currency, OmniCoin processes payments in 5 seconds or less.  Sellers receive the money from escrow accounts as soon as the buyer completes the trade.

OmniBazaar Beta Test

OmniBazaar is releasing the Beta Test version of its software to a limited number of users. Beta testers can use the software and marketplace, and report any issues for correction before the formal launch. The beta test allows registered users to list products and services in the marketplace and conduct real transactions.   

Full launch of the OmniBazaar marketplace will occur as soon as testing and debugging is complete. 

OmniCoin, Running The Bazaar 

OmniBazaar uses both Bitcoin and its own native cryptocurrency, OmniCoin, which was designed and created to accommodate the growth of the OmniBazaar marketplace. Block production will occur every 5 seconds. OmniCoin uses Bitshares/Graphene technology to process thousands of transactions per second. With a total supply of 25,000,000,000, the coin is scalable for worldwide expansion. OmniCoin will be mine-able under a unique Proof of Participation security protocol. The marketplace will support other cryptocurrencies soon. 

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