Topic: [ANN][XOM] Pre-Release|Coin and P2P Marketplace|Anon|Escrows|Reputation|and More - page 6. (Read 28405 times)

First, watch the video:
http://omnibazaar.com/images/OmniBazaar_in_60_Seconds.png

https://www.youtube.com/watch?v=hvLDtPIFkBg (60 seconds)

Get full details and pre-subscribe for OmniCoin release in ~December 2014: http://OmniBazaar.info





http://omnibazaar.com/images/OmniBazaar_Logo_646x144.jpg

OmniBazaar -- Removing Middlemen and Bankers from E-commerce
OmniBazaar is a new type of peer-to-peer e-commerce marketplace that removes the middlemen and bankers from e-commerce.
OmniBazaar will allow users to buy and sell directly among themselves (rather than through a middleman site like
Amazon or eBay), using Bitcoin and OmniCoin (instead of credit cards or PayPal). By using a distributed structure to
eliminate the middlemen, and using Bitcoin and OmniCoin to eliminate the bankers, OmniBazaar will be able to charge
users about 80% lower fees than existing e-commerce sites like eBay and Amazon.

OmniBazaar will also serve the 2.5 billion "un-banked" people world-wide who cannot use existing e-commerce sites,
because those sites require users to have credit cards and bank accounts.

Participants anywhere in the world will be able to buy and sell in the OmniBazaar marketplace without bank accounts,
credit cards, application forms, or credit checks, using only their smartphone, computer or tablet.

Individuals and small businesses will transact business among themselves using a free version of the OmniBazaar
software to list and shop for products and services. Users will pay no fees to join the marketplace, no fees to shop or
post listings, and no monthly or annual membership fees. Users will pay only a small (~1%) fee on each transaction to
support the service providers in the marketplace network.

The marketplace technology to accomplish this has been designed, programmed, and a working prototype created.





Screen shots from our working prototype Windows application:

http://omnibazaar.com/images/OmniCategoriesList.jpg

http://omnibazaar.com/images/OmniSearchResults.png

http://omnibazaar.com/images/OmniListingDetail1.jpg

http://omnibazaar.com/images/OmniCreateListing.jpg





Second video: "Removing the Middlemen and Bankers from E-Commerce"
http://omnibazaar.com/images/OmniBazaarOverview.png

http://youtu.be/56vsamJ3Mpk (5 minutes)

Get full details and pre-subscribe for OmniCoin release in ~December 2014: http://OmniBazaar.info




http://omnibazaar.com/images/CryptoBazaar1-650x212.png

CryptoBazaar -- Enabling Anonymous E-commerce
The CryptoBazaar upgrade for the OmniBazaar software will allow you to buy and sell anonymously through the
OmniBazaar marketplace, by using advanced software that can "cloak" your computer's internet address, and allow
you to preserve as much personal privacy as you choose.

The CryptoBazaar upgrade will include access to a peer-to-peer escrow service, provided cooperatively by other
CryptoBazaar users, that will allow secure transactions between buyers and sellers who don't know or trust each other.

CryptoBazaar will also provide a secure, escrowed, distributed cryptocurrency exchange. Imagine being able to buy and
sell cryptocurrencies without relying on a centralized exchange.





http://omnibazaar.com/images/OmniCoin500x150.jpg

New Currency for a New Marketplace
OmniCoin (XOM) is the digital currency of the OmniBazaar marketplace. People will use Bitcoins and OmniCoins to buy
and sell goods and services in the OmniBazaar marketplace. The value of OmniCoins will “float” freely compared to other
currencies, and the value of OmniCoins will be based on the value of the goods and services they can buy in the marketplace.

OmniCoin is simple and secure to use. It is privacy-friendly, because it allows you to choose to conduct transactions that are
either transparent or anonymous. Transaction processing takes 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 do
transactions using an account name instead of a string of numbers. This makes OmniCoin user-friendly.

Beginning at the launch of OmniBazaar and OmniCoin, we will start giving away all 20,000,000,000 OmniCoins to users of
the OmniBazaar marketplace. Each new user will receive a few thousand OmniCoins when they register, and additional coins
when they refer a friend or do transactions in the marketplace.

We want tens or hundreds of millions of people to eventually become owners of OmniCoin and users of the OmniBazaar
marketplace. So, we will give away billions of coins to millions of people who join, refer their friends, do transactions in the
marketplace, and provide the services and infrastructure for the marketplace.

In the beginning, OmniCoins will be free. But, as thousand, millions, or billions of people use them in the OmniBazaar
marketplace, OmniCoins will find a value, as any currency does, based on the confidence people have that they can use
OmniCoin to purchase valuable goods and services.

OmniCoin Features
(Based on Bitshares X code base.)
Easy Addresses: Send/Receive to an account name, not a number
Privacy: Transfer Invisibly To Any Name (TITAN)
Distributed Escrow
Anonymous Chat
Internet Address Obfuscation
User Reputation System

Technical Specifications
Blockchain Security: Delegated Proof of Stake (DPoS)
Total Supply: 20,000,000,000
Block Reward: From transaction fees
Block Time: ~10 seconds
Initial PoW Period: None
Distribution Percentage: 100%
Emission Rate: Based on the number of new users and number of marketplace transactions.
Developer Hold-back: None
Investor Repayments: None
Other Distribution: The "perks" from our crowd-funding campaign
Distribution Period: As long as it takes

Get full details and pre-subscribe for OmniCoin release in ~December 2014: http://OmniBazaar.info





Frequently Asked Questions (FAQs)

Why create another cryptocurrency? Why not just use Bitcoin?

There are several reasons. Bitcoin is not particularly anonymous, so we are designing OmniCoin to be more private. An
address for receiving Bitcoin looks like this: 15r8p9bbciYyjn3Jo1o4UEne7XKAXPCTM3, while an address for receiving
OmniCoin looks like this: Alice_B. Bitcoin takes up to an hour to generate six confirmations of validity for a transaction,
whereas OmniCoin will generate six confirmations in under a minute. Confirming Bitcoin transactions is very energy-intensive,
but confirming OmniCoins is done using a small fraction of the energy and a fraction of the time. OmniCoin is also designed to
be better than Bitcoin at accommodating the "micro-payment" transactions that will occur when marketplace service providers
are paid a small percentage of the transaction fees from a transaction. We're also building OmniCoin with a simple, automated
escrow feature that doesn't exist in other Bitcoin wallets, and a reputation tracking feature that doesn't exist anywhere in Bitcoin
(that we know of). Finally, by creating a token specifically for the OmniBazaar marketplace we believe we can make the
marketplace more useful and robust.

Having said all that, we are building OmniBazaar to operate with both Bitcoin and OmniCoin.


Wait a minute! Are you saying you plan to dump 20 billion OmniCoins onto the
market when OmniBazaar launches?

No. The number of coins in circulation will be completely determined by how many people join and use the OmniBazaar marketplace.
We will give only a small (relative to the eventual 20 billion) number of coins to each person who joins OmniBazaar, and an even
smaller number of coins for referring a friend. We will distribute half the coins in this manner over, over the span of as many
months or years as it takes to distribute them all. We will distribute the other 10 billion coins as "reverse transaction fees" when
users conduct transactions with each other in the marketplace. In other words, during the initial distribution period, we will
essentially pay users a small OmniCoin bonus to buy or sell something in the marketplace.

We haven't finalized the numbers yet, but let's say we give 1,000 OmniCoins to each new user who joins OmniBazaar. This
represents one twenty-millionth (1/20,000,000) of the total eventual coin supply. That would be a much slower emission rate
than most other coins have. We could give 10,000 coins to each new user and still have a slow emission rate. We think this is
infinitely more rational and fair than most other recently introduced cryptocurrencies (especially the ones that generate all the
coins in just a few weeks to enrich the developers and their friends). And we believe this distribution plan will add liquidity at
the rate that is needed by the marketplace. As more people join, more OmniCoins will come into circulation. Similarly, we
estimate that users will do hundreds of millions of transactions in the marketplace before the "reverse transaction fee" pool of
coins is completely distributed.


How can OmniCoins have value if you are giving them away?

When most cryptocurrencies launch, they make a point of promoting the wonderful new features of the coin itself, with the
idea that those features are somehow the basis of its value. We are taking a completely different (and radical) approach. We
believe that the value of any currency lies only in the confidence people have that it can be used, today or in the near future,
to acquire valuable goods and services. People can come to perceive a unit of currency as an investment, if they believe it will
be more useful (valuable) in the future. But that is a different concept than its value (usefulness) as a currency today.

We are giving away 20 billion OmniCoin to emphasize the fact that any cryptocurrency, by itself, is absolutely worthless. It is
nothing more than some bits and bytes pushed across the Internet. Only the usefulness of a cryptocurrency gives it any value.
So, we are creating a simple, secure, cooperative, distributed marketplace where OmniCoins can easily be used, and allowing
OmniCoin to find its own value. If we do a good job of making the marketplace easy, safe, and inexpensive to use, and create
OmniCoin with advanced features that make it useful in that marketplace, we feel certain that both OmniBazaar and OmniCoin
will prosper. The price of OmniCoins may be low in the beginning. But, the more they become useful (and are used), the higher
the value (and price) will become.


Why charge transaction fees for services? If the marketplace is cooperative, why isn't it free?

Without charges for consumers of services, and incentives for providers of services, the OmniBazaar marketplace would experience
a phenomenon known as the "tragedy of the commons". (Definition here: http://en.wikipedia.org/wiki/Tragedy_of_the_commons).  
The creator of Bitcoin avoided this problem, with respect to transaction processing and network security, by providing a financial
incentive for the Bitcoin "miners" who provide these services. OmniBazaar extends this concept to also include incentives for those
who publish listings for others, provide escrow services, facilitate privacy in the network, promote the marketplace, etc. We strongly
believe that without such a system of fees and incentives, a marketplace economic system like OmniBazaar would fail, due to the
"tragedy of the commons".

There is an open-source distributed marketplace project under development that aims to operate without any fees. We believe
that effort is doomed to fail for the reasons given above.


How will the developers benefit?

The development team is a "service provider" in the marketplace, just like the Publishers, Escrow Agents, Promoters, and Privacy
Facilitators. So, the developers will receive a portion of the transaction fees from marketplace transactions, just like other service
providers. We are planning for that fee to be one fourth of one percent (0.25%) from both buyers and sellers. And yes, we are
planning to make it mandatory -- at least in the beginning. We understand that some people may be incensed (or even enraged)
by this. But we believe that most users of the marketplace will consider it reasonable and fair. After all, OmniBazaar will save
sellers about 80% of the fees they would pay if they sell on Amazon or eBay. This will naturally also result in lower prices for buyers.


Will you participate in the "AGS/BTS consensus" by giving 20% of OmniCoins to that project?
Please see the answer here: https://bitcointalksearch.org/topic/m.9507580 at post number 77.



When did the OmniBazaar/OmniCoin/CryptoBazaar project start?

The first complete technical description of the peer-to-peer shopping marketplace concept was published in August, 2013.
OmniBazaar Inc. was incorporated in September 2013, to develop the project. By December 2013 we put together our core team,
had a Private Placement Offering ready, further developed the technology, created two videos describing the project, and generated
various marketing materials. In January 2014, we introduced OmniBazaar and the cooperative distributed marketplace concept at
"Bitcoin Miami". Since that time, we have been working largely "under the radar", and have now programmed the core marketplace
application and the wallet for OmniCoin.


When will OmniBazaar and OmniCoin launch?

We are targeting to launch the OmniBazaar marketplace application and OmniCoin in December 2014. You can help ensure that we
hit that target by subscribing to the pre-release of OmniCoin through our crowd-funding campaign: http://OmniBazaar.info

Get full details and pre-subscribe for OmniCoin release in ~December 2014: http://OmniBazaar.info

Web site: http://OmniBazaar.com