OmniBazaar is an OPERATING decentralized e-commerce (“de-commerce”) marketplace and associated cryptocurrency. We remove the middlemen and bankers from e-commerce. OmniBazaar brings e-commerce and digital money to two billion people who CANNOT use eBay, Amazon or other e-commerce platforms. We provide a simple "on-ramp" to both e-commerce and cryptocurrency for "un-banked" people worldwide, by allowing users to "barter for bitcoin". People without a bank account or credit card can now barter a product or service to immediately receive OmniCoins, Bitcoins or Ether. We have a working MVP, two patents, have scaled to 10,000 registered users, and are now seeking our first outside funding.
We believe OmniBazaar can play an important role in the massive, on-going, global shift toward decentralization. The Internet has already decentralized information services, cryptocurrencies are decentralizing money and value, decentralized cryptocurrency exchanges are starting to overtake centralized exchanges, and "de-fi" is making fast inroads into banking services. We believe that decentralized commerce ("de-commerce") will follow this trend, as soon as we make it more accessible, understandable and widely known. Our vision is that OmniBazaar will bring decentralization, financial inclusion and free enterprise to billions of people who are currently under-served by modern financial systems.
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.