OmniBazaar is developing a socially responsible consumer-to-consumer and business-to-consumer Internet marketplace that will allow users to buy and sell directly among themselves, privately, using cryptocurrencies (such as Bitcoin), through a peer-to-peer network (rather than via a central server). 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.