Emerging Technology Allows Removal of Middlemen and Bankers from E-Commerce

CLEARWATER, Fla., Nov. 3, 2014 /PRNewswire/ -- Every year the top three e-commerce sites, Amazon, Alibaba, and eBay, rake in over $100 billion in revenues by facilitating transactions between online buyers and sellers. Fees for acting as the "middleman" in billions of transactions each year cost sellers 8–12 percent of the selling price. Of course, these costs get factored into the final prices paid by consumers.

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Similarly, the "bankers" in these transactions, payment processors like VISA, MasterCard, and PayPal, add another 2–3% to the cost of buying or selling on the Internet. These cost usually end up being paid by the consumer, in the form of higher prices.

OmniBazaar is based on peer-to-peer data sharing — a technology similar to the file-sharing networks that brought the music industry's publishing giants to their knees. Except, in the case of the OmniBazaar peer-to-peer shopping network, there is nothing illegal or immoral about eliminating the "middlemen" and "bankers" from the transactions, according to OmniBazaar founder Richard Crites. OmniBazaar also promises to provide users with superior privacy and 80% lower costs than the "big three" e-commerce giants.

"Recent developments have made it possible to extend peer-to-peer data sharing technology to online shopping," Crites explains. "If community members allocate a small amount of their computer resources to the cooperative marketplace, we can eliminate the need for big 'middleman' sites. Transactions can occur directly between the buyer and the seller. Users enjoy more privacy and better security, because their personal data and credit card information are not collected or stored by any central site."

"We've even developed our own payment system, called OmniCoin, to support the OmniBazaar marketplace," says Crites. "We can process transactions using OmniCoin for about one percent of the cost of using credit cards or PayPal. We plan to distribute 20 billion OmniCoins to users who register to use the peer-to-peer marketplace, refer their friends, transact business in using OmniBazaar, and provide marketplace services for other users. The only coins that won't be distributed to marketplace users will be the coins we're promising as 'perks' in our crowd-funding campaign," Crites explains.

OmniBazaar is seeking public support for the project through crowd-funding at http://OmniBazaar.info. Donations can be made by credit card or Bitcoin. Contributors will receive one hundred thousand OmniCoins for each hundred dollars (or equivalent) donated, and a corresponding number of OmniCoins for each Bitcoin donated.

The OmniBazaar prototype software is now complete. OmniCoin will be released at the same time as the marketplace software. Plans call for public release of OmniBazaar and OmniCoin in December, 2014. Further details are available on the OmniBazaar website: http://OmniBazaar.com.

Media contact: Richard Crites, CEO — (877)534-5347 — Email

Source: OmniBazaar, Inc.

SOURCE OmniBazaar, Inc.

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http://omnibazaar.com