OmniBazaar (the marketplace network) was designed to have the form of a Distributed Application or Distributed Autonomous Corporation (DAC), also sometimes referred to as a Digital Autonomous Organization.
In other words, the peer-to-peer marketplace will essentially be "owned" and operated by its users, and by the holders of the marketplace cryptocurrency (OmniCoin). Marketplace services, such as publication and storage of listings, escrows, transaction processing, privacy, moderation of content, support, and other services, will be provided cooperatively by the users of the marketplace network. Users will pay small financial rewards to these service providers in the form of micro-payments included in each transaction.
OmniBazaar, Inc. (the company) was organized to create and maintain the software for the marketplace. We are raising funds now to finish development and distribution of the OmniBazaar and OmniCoin software. The role of OmniBazaar, Inc. in the marketplace will be limited to maintaining and improving the software through which users access the marketplace.
The technology built into OmniBazaar and Omnicoin will enable the following features:
- Smart Assets -- Users will be able to list in the marketplace assets, the ownership of which will be trackable and transferrable through the OmniCoin blockchain.
- Multi-Sig -- We have designed a distributed escrow system using multi-signature transactions.
- Incentives -- OmniBazaar users will be able earn monetary rewards by providing various services in the marketplace, not just mining.
- Reputation -- We have developed a reliable, tamper-proof reputation system to provide purchase protection and security in the marketplace.
- Exchange -- The technologies listed above will allow us to create a secure distributed cryptocurrency exchange.
The revenue model for OmniBazaar, Inc. is to receive a small (~0.5%) "software maintenance fee" from each marketplace transaction.
We are currently seeking development funds from our Private Placement to complete and distribute the OmniBazaar and OmniCoin software.
For additional technical details about OmniBazaar and CryptoBazaar, download our white paper (PDF) here.