BitBay is a fully-functional smart contracting platform. The BitBay client features a fully decentralized marketplace utilizing double-deposit escrow to enable trustless transactions between parties, whether locally or worldwide. With the BitBay market client, arbitration disputes, listing fees and costly middlemen are things of the past. Double-deposit escrow requires both parties to place a deposit up, with the knowledge that both deposits will be liquidated should either party find themselves unsatisfied with the execution of the transaction.
This means parties are free to engage in trade on their own terms, with the comfort of knowing that neither party stands to gain from violating the agreed-upon terms whether negligently or intentionally. Vendors are free to set up their own private markets, quickly and easily with no charge or barriers to entry.
Through BitBay users are capable of participating in trade, without the need for identification, bank accounts or currency conversion - significant barriers to entry for both economically enfranchised and disenfranchised persons alike.
The BitBay platform employs the use of the BAY cryptocurrency. BAY is proof-of-stake rather than proof-of-work, making it easier for the average user to earn BAY at home. With the upcoming implementation of the first-of-its-kind rolling peg, our goal is to make BAY the first truly consumer-ready cryptocurrency, free of the intense volatility that has prevented many other digital currencies from achieving mainstream usability.
BitBay - redefining fair trade.