BitBay – Decentralized Marketplace and the Internet of Things -

BitBay – Decentralized Marketplace and the Internet of Things


BitBay is trying to develop a new decentralized marketplace that is said to be introducing a revolution in e-commerce. BitBay is completely decentralized and has no single point of vulnerability or failure. The platform puts the world at the user’s disposal. Members can buy and sell anything, anywhere; so members can use BitBay in the States, or use BitBay in Tokyo or in any other country in the world.
The BitBay team is proud to introduce Smart Contracts and make them easy for anyone to use with different purposes. Users will be able to sell a car, rent a vacation house, and get paid for freelance work on time, every time and more, so much more.
Smart Contracts let you make trustless agreements on the web with anyone, with payments fully guaranteed. The team built them into the BitBay Wallet, along with advanced MultiSig and escrow features that let users build any smart contracts they can imagine easily with just a few clicks. Users can even use BitBay to let their home electric system bid for cheaper electricity.

To support the operations and to serve has a mean of capitalization within the platform, the BitBay team last week launched their own coin, BAY.
BitBay Marketplace

BitBay is a completely unique, open, and decentralized marketplace that will allow anyone in any country to participate regardless of government boundaries. BitBay’s mission is to create what current online auction sites cannot: a truly free and democratically decentralized, distributed and global marketplace.
The team will be able to provide a stable, secure, and safe environment designed to buy and sell products and services over the internet. The platform technology runs on top of a blockchain decentralized network which ensures that reliability, performance, and accuracy is guaranteed at all times. BitBay team assures that theft will not be possible through BitBay.
The platform, by design, contains no single point of control, points of failure, or single points of security. All crucial functions are decentralized and consensus will be driven by all users participating in the network. BitBay is designed to deal with low barriers of entry, allowing anyone to become a reputable merchant or to participate as a buyer, all this based on multisig and smart contracts that will run over the blockchain.

BitBay wallet

The BitBay team tried to provide an innovative platform with improved and versatile features and introduced a wallet intimately tied with the Marketplace.BitBay_article_news_1_Bitcoinist
Users will be able to check their balances and from there they will also be able to sell that old junk they never use, and save some money to spend on a weekend in the Bahamas. This will all be possible right from the BitBay wallet.

BitBay Smart Contracts

The goal of BitBay is to create the entire economy within the crypto space. BitBay Smart Contracts are supposed to be a natural extension of the BitBay Marketplace, and are accessible directly from the user’s wallet. BitBay allows users to choose between multiple smart contract methods such as unbreakable double deposit, Halo contracts, and special time locked contracts with the new CheckLockTimeVerify function.
BitBay Smart Contracts also allow designing any kind of agreement users can think of. Sales contracts, rental contracts, freelance job contracts, all in a few clicks. MultiSig options allow you to create contracts with two keys that can later convert to three keys. Users can rest easy knowing all their contracts are completely unbreakable and their revenues will never go unpaid.BitBay_article_news_cover_Bitcoinist
BitBay smart contract modalities will also support the Internet of Things. BitBay will allow embedding of contracts into hardware. BitBay IOT contracts allow us to form partnerships in Chinese manufacturing markets resulting in BitBay enabled hardware and mesh networks. The IOT modalities of BitBay will lead to decentralization of many more markets than just money.

With a whole new variety of features BitBay is trying to built upon its platform and on top of the blockchain it’s quite inevitable that this Marketplace could have a bright and promising future right ahead!

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Photo source:BitBay

Nuno Menezes

Nuno Menezes is a Portuguese Bitcoin Entrepreneur and a crypto currency’s enthusiast supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies. Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.