How to Run a Transaction Processing Node in OmniBazaar

Being a "Transaction Processor" in the OmniBazaar/OmniCoin network is similar to "mining" in the bitcoin network. Both serve to process the transactions of other users. Both serve to secure the network. Both involve a reward. And, both involve some work.

In the case of Bitcoin, the "work" is solving extremely complex cryptographic problems using specialized equipment and a LOT of electricity. This system is called "Proof of Work".

In OmniBazaar, the work is providing various services for users of the marketplace, maintaining a good reputation, and referring new users.  This system is called "Proof of Participation".

You can learn a lot more about the advantages of "Proof of Participation" in this short video:

To become an OmniCoin Transaction Processor take the following steps:

  1. Download, install and launch the OmniBazaar desktop application.
  2. Go to the "Wallets" tab in the black menu panel on the left.
  3. Scroll down to the "Public Data" tab and find the section heading that says "I would like to apply to be a Transaction Processor".
  4. Enable that check-box and agree to the fee.
  5. Scroll to the bottom of the "Public Data" section and click "Update".
  6. Hover your cursor over your username in the black menu bar on the left. Select "Preferences".
  7. On the "Preferences" screen, check the box to "Start the Transaction Processor Module when this computer starts".
  8. Change the "Auto Log-out" time to zero (0).
  9. Scroll down and click "Update". Agree to let OmniBazaar make changes to your system.
  10. Go to your computer's "Settings" area and select the option to make changes to the "Power Settings"
  11. Set your computer to "Sleep --- Never", and "Hibernate --- Never". You can set the screen to turn off at any interval you wish. But, if your system goes to sleep or hibernates, network activity stops and your Processor node cannot do its work.
  12. Get to work building your Participation Score in the OmniBazaar marketplace. Publish some listings. Refer some people. If you have some friends who use OmniBazaar, ask them to vote for you as a transaction processor. Start developing your reputation in the marketplace. All of these things contribute to your Participation Score. The users who have the highest Participation Score get to process transactions and receive the block rewards.