OmniBazaar is a community-owned, peer-to-peer, e-commerce marketplace. The OmniBazaar ecosystem includes its own built-in cryptocurrency (“OmniCoin”), an influencer marketing system, social messaging, reputation tracking, escrow agents, and bonuses to provide user incentives for participation and growth. Social influencers enjoy a simple referral system that allows them to monetize their social networks. Marketplace buyers and sellers can generate additional income by publishing listings for other user or providing escrow services in the marketplace. OmniBazaar provides a simple “gateway” to cryptocurrency by allowing users to "barter for bitcoin".
OmniBazaar, Inc. has developed a software program that performs the following functions:
- Create a peer-to-peer data sharing network (similar in concept to BitTorrent) and connect the user’s computer or mobile device to that network.
- Allow individuals and businesses to buy and sell goods and services from other individuals and businesses (in a manner similar to eBay or Amazon) via the peer-to-peer network.
- Facilitate automatic payment for purchases (in a manner similar to PayPal) using multiple cryptocurrencies, including our own "OmniCoin".
- Employ technical safeguards to avoid illegal listings, and provide a way for community members to remove criminal content.
- Enable private transactions, transactions mediated by an escrow service, and trading of cryptocurrencies in a distributed exchange.
- Provide financial rewards to network peers who provide four different necessary services in the distributed marketplace.