Open Market Network is an open blockchain marketplace exist to decentralize retail and e-commerce industry. A new shopping platform for everyone to buy and sell products.
What the network aim to solve? To build a share economy in e-commerce space and retail industry that benefits everyone, not just a few online marketplaces.
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Decentralized autonomous marketplace - No single source of organizations or people have complete control over the marketplace.
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Transparency - Buying / selling / sourcing transactions are public information. Transactions can be audited and trackable down to material costs, assembling, quality control, etc...
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Anonymous Participants - Participants do not need to disclose their identity such as first and last name. Network guaranteed anonymity in confidential and privacy information such as cost of goods sold.
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Delegate trusts to the network and not participants. Consumers could trust the network to deliver purchased goods. Suppliers, manufacturers, and service providers could trust the network to get paid for fulfilling their obligations.
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Realtime Market Price. Eliminate the need to bargain or haggling between participants. Prices are guaranteed perfect based on network data such as supply cost, manufacturing cost, market demand, and logistic costs.
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No Middlemen Cost. Participants pay ZERO cost to buy / sell goods on the network.
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Fraudulent Proof - All participants are required to put up collateral in order to participate in any form of transactions (buying, selling, shipping). Associated participants would lose their collateral or account balance should they commit any form of questionable acts.
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Accountability - All participants are accountable for committing their parts of the contract to the fullest. Network will charge penalty fees should participants fail their commitments. For example, the network will charge 1% fees to suppliers, if suppliers ship defective parts to a manufacturer.
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Reward innovations - Network provide innovators by rewarding 1% royalty fees for every goods sold on the network for 5 years.
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Reward consumerism - More buy-sell transactions mean more rewards for network participants. Network Reward Pool reward tokens to participants base on their stakes and account activities.
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Automatic supply chain management for manufacturers, distributors, and factories. For example, there is no need for manufacturers to source parts. Network automatically notify part suppliers to ship parts to manufacturers.
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Automate e-commerce business processes. Tasks that involve logistic, invoicing, sale receipts, will be handled by the network automatically.
'Something is very wrong' with how our modern e-capitalism work.
The unprecedented expansion of the global middle class fueled unprecedented consumerism. Very few people / entities very wealthy, while billions of people are starving and having difficulty getting through basic necessity needed for decent living.
- The richest 1% hold about 38% of all privately held wealth in the United States. while the bottom 90% held 73% of all debt. According to The New York Times, the richest 1 percent in the United States now own more wealth than the bottom 90 percent.
(https://en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States)
- The globe’s richest 1% own half the world’s wealth, according to a new report highlighting the growing gap between the super-rich and everyone else.
(https://www.theguardian.com/inequality/2017/nov/14/worlds-richest-wealth-credit-suisse)
- Just 42 people own the same amount of wealth as the poorest 50 percent worldwide.
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Consumers are purchasing goods and services from only a few retail stores and e-commerce businesses.
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It is becoming more difficult for brick-mortar / mom-pop retail businesses to compete with the efficiency of retail / e-commerce giants.
- Logistic services are becoming centralized to few logistic companies in the United States and around the globe.
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The Network - Decentralized autonomous organization that is run through rules encoded as computer programs.
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Participants - People and organizations who participate in activities on the network; buy / sell goods or services, manufacture goods, provide logistic services, producing parts, or provide collateral services.
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Inventor - A type of network participants who design and provide specifications, instructions, quality process, and workflow on how to produce goods.
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Consumer - A type of network participants who open a contract to consume goods from the network.
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Manufacturer - A type of network participants who assemble goods for the network.
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Factory - A type of network participants who produce parts for goods in the network.
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Logistic - A type of network participants who offer shipping and handling services, delivery goods and parts between destinations.
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Distributor - A type of network participants who supplies parts or goods to manufacturers or retailers.
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Retailer - A type of network participants who sells goods to consumers for use.
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Goods - Products listed on the network that can be purchased for consumption; house appliances, computer systems, cellphones, automobile, clothes, etc...
- Inventors list goods on the network to be consumed.
- Consumers browse listed goods, open contracts with the network at price willing to pay for goods.
- Participants bid to fulfill specific clause of the contract at price willing to sell for services.
- Network calculate optimal solutions and award contract to participants.
- Participants fulfill their contractual obligations.
Inventors forgoes their intellectual property rights to the network. In returns, the network guaranteed 1% rewards for every transactions associated to their goods sold on the network for 5 years.
Consumers review listed goods on the network. Open contracts with the network to purchase goods. Consumers must list a BID amount which he is following to pay for the good.
Contract BID amount is only visible between consumer and the network. Suppliers, Manufacturers, Logistics do not have access to view BID amount.
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Network Fees: Consumer must pay 2.5% network fees on top of BID amount.
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Restrictions: The consumer must have tokens balance equal to his bid amount plus 2.5% of BID amount in order to open contract.
Suppliers (Distributors, Retailers) subscribe to open contracts and agreed to source parts in order to manufacture listed goods. Suppliers must provide ASK amount for parts they are willing to sell.
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ASK Amount is only visible between the suppliers and the network.
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Penalty Fees: 1.5% of ASK Amount will be deducted by the network should suppliers ship defective parts.
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Suppliers must provide collateral equal to their ASK Price x Number of Parts needed to manufacture the good.
Manufacturers subscribe to open contracts and place ASK amount for their labor and services.
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Manufacturing ASK Amount is only visible between the manufacturers and the network.
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Penalty Fees: 1.5% of ASK Amount will be deducted by the network should manufacturers fail to delivery functional goods to consumer.
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Restrictions: Manufacturers must provide collateral equal to their ASK amount. Manufacturers must brand the finished goods as OMN with QRCODE linking to contract detail.
NETWORK calculate optimal scenario and reward contracts based on various factors; cost of parts, manufacturing cost, shipping cost, participants reputation, geographical proximities, and so forth. Network aims to provide best pricing and earliest delivery time of goods to consumers.
- 2.5% Network fees for opening contracts.
- 1.5% Penalty fees if suppliers / manufacturers fail to meet their obligations.
- 1% Penalty fees if consumers void contracts
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Network fees and penalty fees getting added to the network reward pool, which get distributed to all network participants every 10K transactions.
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Participants get more reward having tokens in wallet and for being active members of the network.
- 50% Proof of Stake
- 50% Proof of Activities.
Network encourage tokens to be circulated among participants as much as possible.
- Every 2000 successful transactions, network reward 200 tokens into reward pools.
Max Supply: 21B OMN Coins
OM.NETWORK is being developed by a small team of blockchain developers.