OmniCoin is the built-in cryptocurrency of the OmniBazaar
marketplace. Users who process OmniCoin transactions receive “mining” rewards, as is the case with many other cryptocurrencies. OmniBazaar
has also added other ways that users can earn OmniCoins by providing marketplace services to other users.”People respond to rewards. So, we provide incentives for activities that strengthen service the marketplace,” said co-founder and CEO, Richard Crites
. “We understand that there is no such thing as a free lunch, and that we must reward people who provide valuable services.”
OmniBazaar users can earn OmniCoins by hosting marketplace listings for other users, by providing escrow services between buyers and sellers, and by referring new users to the OmniBazaar marketplace. These rewards include one-time bonuses and recurring incentives that can continue indefinitely. The purpose is to provide incentives for the activities that expand and enhance the marketplace. The principle is that people will naturally do more of the activities for which they are rewarded.
“Essentially, we are inviting users who consume services to pay a small fee. Then we pay those fees to the users who provided the services,” Crites continued. “It is a ‘win-win’ situation for both the consumers and the providers of services.”
Use of the OmniBazaar marketplace can be completely free for both buyers and sellers, if neither party chooses to use any of the optional marketplace services.
The latest version of the OmniBazaar software is available as part of the company’s public beta test. Beta testers and early adopters receive free OmniCoins for use in the marketplace. Anyone can download the OmniBazaar software at http://download.omnibazaar.com/support/download?ref=social. The OmniBazaar marketplace is open and “live” during the beta test, and the public is encouraged to participate.
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. With OmniBazaar, online sellers save 90%–100% of the fees they would pay Amazon or eBay. Online buyers benefit from lower prices, and escape from “big data” tracking and “push” marketing. Social influencers enjoy a simple referral system that allows them to monetize their social networks. Marketplace users can generate additional income by hosting 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℠.