Welcome Bonus
Users receive a bonus in OmniCoins when they install OmniBazaar and register their user name. Limit: one bonus per computer. The maximum number of coins emitted as a result of this bonus will be 1.4 Billion coins.
OmniCoin can process over 50,000 transactions per second – more than Visa and Mastercard combined. Confirmation of transactions occurs in less than 10 seconds. This gives OmniCoin the ability to serve the e-commerce market on a global scale.
Transactions take seconds instead of minutes, so OmniCoin is business-friendly. Transaction processing uses relatively little computing power, so OmniCoin is eco-friendly. And, with OmniCoin, you can send and receive coins using an account name instead of a string of numbers. This makes OmniCoin user-friendly.
Proof of Participation (PoP) is a new cryptocurrency security protocol. One component of PoP is the Distributed Proof of Stake (DPoS) protocol of Bitshares. We have extended and expanded DPoS by including four other metrics. The software uses these metrics to determine which group of users may process transactions. PoP entrusts the processing of transaction only to the most active marketplace users. These users would have the most to lose by trying to hack or attack the blockchain.
OmniCoin tokens allow users to buy and sell quickly and easily in the OmniBazaar marketplace. They also facilitate the escrow process, registration of listings, and the reputation system in the marketplace. You can earn OmniCoins by performing services in the OmniBazaar marketplace, but they do not confer any ownership, dividends or control of the system. OmniCoins are designed to be a utility, not a security.
Giving coins to new users paves the way for immediate use of the marketplace, as well as long-term growth. We developed a simple, robust, transparent process for seeding our user base with OmniCoin tokens. This distribution of free tokens is an important part of our roll-out strategy. OmniBazaar will distribute approximately 26% of all tokens as incentives for user acquisition.
OmniCoin has an escrow module to allow volunteer users to mediate between buyers and sellers who do not know or trust each other. We have implemented the OmniCoin escrow feature using 2-of-3 multi-signature transactions. It is easy to use and has a distributed network of escrow agents. Users pay a small fee to the chosen escrow agent when they choose to use the escrow feature.
This creates a hierarchical structure that reflects how permissions are organized in real life, and makes multi-user control over funds easier than ever. Multi-user control is the single biggest contributor to security, and, when used properly, it can virtually eliminate the risk of theft due to hacking.
Trade cryptocurrencies without the need to trust a central site. Buy and sell cryptocurrencies locally, without a middle-man.
Users receive a bonus in OmniCoins when they install OmniBazaar and register their user name. Limit: one bonus per computer. The maximum number of coins emitted as a result of this bonus will be 1.4 Billion coins.
USER NUMBER | COINS PER USER | TOTAL COINS |
---|---|---|
1-1,000 | 10000 | 10 Million |
1,001-10,000 | 5000 | 45 Million |
10,001-100,000 | 2500 | 225 Million |
100,001-1,000,000 | 1250 | 1.125 Billion |
Users receive a bonus when someone they referred installs OmniBazaar and registers as a new user. The maximum number of coins emitted as a result of this bonus will be 3 Billion coins. Note: Some users may not refer other users. Therefore, this bonus will continue until bonus coins are depleted.
USER NUMBER | COINS PER USER | TOTAL COINS |
---|---|---|
1-10,000 | 2500 | 25 Million |
10,001-100,000 | 1250 | 112.5 Million |
100,001-1,000,000 | 625 | 562.5 Million |
1,000,001-Until Depleted | 312.5 | 2.3 Billion |
Users are rewarded when they make their first sale in the marketplace. In order to earn this bonus, they need to create at least one listing in the marketplace, and sell a product or service to another user. This bonus is received only by sellers. Limit: One per buyer/seller pair. The maximum number of coins emitted as a result of this bonus will be 2 x 10 coins. Note: Not every user who joins will make a sale. Therefore, this bonus will continue until funds are depleted.
USER NUMBER | COINS PER USER | TOTAL COINS |
---|---|---|
1-100,000 | 500 | 50 Million |
100,001-1,000,000 | 250 | 225 Million |
1,000,001-10,000,000 | 125 | 1.125 Billion |
10,000,001-Until Depleted | 62.5 | 0.600 Billion |