Meet BitBay : A marketplace project that wants to face the big dogs such as: Amazon, Alibaba, and eBay.
BitBay introduces a completely unique, open, and decentralized marketplace that allows anyone from anywhere to participate regardless of government boundaries.
BitBay is going to provide a stable, secure, and safe environment to buy and sell products and services online. The marketplace will run on a blockchain decentralized network which ensures reliability, performance, and accuracy all the time. They claim that the marketplace will be Theft-Free – meaning Theft will be impossible to happen through BitBay.
The goal of BitBay – as the developers stated – is to create the entire economy within the crypto space. They will implement multiple smart contract methods – such as unbreakable double deposit, Halo contracts, and special time locked contracts with the new CheckLockTimeVerify function, which will allow all kinds of innovative financial instruments.
The technology that will be used in BitBay is based on BlackHalos market engine that leverages Bitmessage. Combining the use of proof of burn, white-lists and Bitmessage Channels, the decentralized markets that the economy of BitBay hinges on will have no central point of failure, and the BitBay blockchain will be impossible to bloat, and can scale to meet the needs of international markets. The market will also use the contact list from Alibaba to help populate all the decentralized markets, and it will eliminate volatility using a similar system to NuBits.
BitBay Smart Contracts
BitBay smart contracts are designed to support the Internet of Things (IoT), and they will be implemented into hardware. Hardware will store these contracts and be used for honoring agreements and creating mesh networks. In case you don’t know what smart contracts are, what IoT is, or want to know more about them, check out these links about Smart Contracts, IoT Technology, and Multi-Sig Technology.
BitBay will also feature an in-wallet marketplace much like Amazon which will utilize its own crypto currency (BitBay). BitBay will include a digital distribution service for decentralized software that will allow content producers to distribute digital downloads in the same way as the Apple Store, iTunes, Google Play, etc. BitBay will also include geotracking technology allowing users to locate car rental services, maids, painters, and a complete range of other local services. Due to the in-built smart contracts technology, BitBay users will be able to buy or sell art, skills, talents, or any other valued commodity.
The BitBay marketplace also features an in-built exchange with many digital coins to trade on the platform including BAY coin. To check BAY trading platform visit their Trading Exchange.
The BitBay Team
The development team consists of many developers who are taking this project as a career, and business, so it will be long-term project that finds consistent support. One of the developers and lead programmer for the BitBay marketplace is David Zimbeck. For those who don’t know him, he is the one responsible for the awesome HALO technology. To learn more about HALO which was the world’s first smart contracting, multi-coin, and multi-signature client, check the BlackHalo or the bitHalo websites.
And here is David’s official comment (and I quote) on the BitBay project:
“Hi, this is David Zimbeck. I’m working on this coin as a project manager, this will NOT distract/detract from my work with BlackHalo/NightTrader. Bitbay approached me and has shown their loyalty thus far. This team is not just one man. We will have a full development team that will work full time on the tech. The people behind this coin are highly connected and I believe they plan on fully funding the development of Smart Contracting technology. In turn this will actually speed Halo’s development schedule. Like stated on reddit, we form powerful partnerships unlike the world has ever seen. This makes Blackcoin and Halo stronger. We now will have some much needed support and something to hedge with. So that’s my official statement. Now let’s wait and see.”
This proves that the project is innovative and will catch attention for sure.
The BitBay roadmap which is currently in development or has been fulfilled consists of:
– Smart Contracts;
– Advanced Smart Contracts: Machine to Machine advanced contract fulfillment;
– Joint Accounts;
– Muti-Coin Wallet Features;
– Decentralized marketplace;
– POS 2.0;
– Convert BitBay into a hedging coin;
– Windows, Mac, Linux, and Mobile Staking Wallets (Android and iOS);
– In-wallet resources (Chat, Block Explorer, Gaming, Community);
– Proof of Developer (POD) and Crypto Certify ratings in progress.
And much more to come. You can check what they have done so far either through their Main Website, or their Project’s Website. Also you can check their Explorer Website.
The BitBay development team realizes that the internet is now a seamless part of everyday life for most people all around the globe. PC’s, handset devices, WiFi, game consoles, and even vehicles are connected to the internet. Hence, they are trying to focus on implementing a new system in their BitBay’s Blockchain that will have the power to access the World Wide Web (WWW.).
Using Smart contracts they will be able to link smart objects to physical objects in the real world. To explain this – let’s say you want to buy a car. As a smart object, your car is part of the BitBay network. By utilizing BitBay marketplace and smart contracts, the parties involved can make the trade and the car will only unlock for its rightful owner (you) by simply synchronizing the car to your wallet using your smart phone. This will make the future of digital transactions endless and seamless.
The BitBay coin goes under the ticker (name) BAY. It is based on Proof of Stake (PoS), with a total supply of 1 Billion coins, and a block time of 64 seconds. The coin had an Initial Coin Offering (ICO) on November 11th, 2014. Since the community makes the coin, BitBay has many initial features to help the client:
1. No volatility with hedging;
2. Unbreakable smart contracts;
3. Advanced contracts with time locks;
4. Decentralized Markets;
5. Anon Stealth;
6. Hardware Smart contracts;
8. Community driven.
The community can reach the developers on their Facebook Like Page, or their Twitter.
To be simply put, the world of commerce is about to change. The BitBay platform is set to completely decentralize the way merchant services and online auctions are done through the internet. BitBay will provide much to the world by utilizing Blockchain when doing business between two parties. There won’t be a lost contract, invoice, receipt, will, or any other binding agreement ever again. It’s all there, searchable, and completely transparent. Once BAY is finalized, it will never be taken out of the publics’ hands.