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How OmniBazaar, a decentralised marketplace operates?

By Mchapeyama | CryptoSocial News | 4 Mar 2019


For a long time, I have been talking about decentralised systems. We have decentralised social networks, decentralised crypto exchanges and decentralised marketplace.

The main aspect of decentralisation is the absence of a single authority. The business is based on users interacting with each other without any intermediary. This definitely cuts costs.

Today, my focus is on OmniBazaar, a unique decentralised marketplace. This is a marketplace for goods and services as well as for cryptocurrency. There are many buyers and sellers of goods who interact with each other without a middleman. This means that after the seller has placed an order for his/her goods, he/she can negotiate with the seller on how to get the goods or services.

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The payment for the service or product is done directly to the seller. The cryptocurrency that is used as a medium of exchange is sent directly to the wallet of the seller. This reduces the cost of transactions.

At OmniBazaar, there are three options for paying for the goods and the services which are bitcoins, ether and Omni coin. The Omni coin is its internal currency.

There are a number of services that OmniBazaar offers to both sellers and buyers. For example, it offers the escrow service. This involves holding the buyer’s payment, done in the form of cryptocurrency until the product is confirmed delivered. This brings in a secure transaction.

Another services offered is that of mediation. If there is a dispute between the seller and the buyer, there are conciliators to resolve the standoffs. This ensures that there is a smooth flow of transactions.

All users of the platform are paid bonuses by OmniBazaar. The bonuses are in the form of their internal token, the Omni coin. This payment is not for a service or product rendered, but for participation on the platform. This is made possible because the OmniBazaar platform is built on blockchain technology.

The added advantage of Omnibazaar is the existence of two markets. There is a product and service market. There is also the cryptocurrency market, called CryptoBazaar where users can exchange their cryptocurrencies.

OmniBazaar is not the only decentralised marketplace of goods and services. There are other markets like empowr and OpenBazaar, which operate along the same lines.

Apart from these decentralised marketplaces of goods and services, there are many more e-commerce stores that use fiat currency as their medium of exchange. Examples of such marketplaces are Amazon and eBay. These two are centralised marketplaces.

One advantage of a decentralised marketplace is that the cost of transportation can be reduced when people close to each other trade. Geographical barriers are eliminated.

The choice is yours whether or not to try these decentralised marketplaces.
For you to open an account at OmniBazaar you need to install their application. You can download it now, here.

 

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Mchapeyama
Mchapeyama

I am a blogger and writer


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