Since the beginning of digital currency, traders could only invest in ideas and road-maps… there really was no other alternative. Now BitBay and a few other projects are maturing and demonstrating the power of blockchain technology. For someone new to cryptocurrency, BitBay is a great place to experiment with all the potential Crypto technology has to offer. Below is our interview with BitBay team members:
Q: What is BitBay?
A: BitBay is a decentralized Smart Contract project with the most advanced functioning client in the world. Today anyone can create anonymous contracts to buy, sell, employ, bet, or exchange anything imaginable by installing the client. You can even create your own private market where only people you invite can see what you are selling. Any conceivable transaction can be brokered without revealing either party’s identity with BitBay as the go-between. This is accomplished with BitBay’s exclusive “trustless” contracts.
The word “trustless” is used frequently in the industry to imply no trust is required. In this case, it is used to describe a transaction where it makes more sense financially to complete a contract than for either party to cheat the other. In this way, these real world contracts are said to be unbreakable. This is done by having both parties put up BitBay’s digital currency, called BAY, as collateral when the contract is accepted, which both parties get refunded after the contract is completed. For example, if I accept a contract to buy an item you have for sale for .1 BTC, and both of us lock up enough BAY as part of the contract to make it financially illogical to break the contract than to complete it, then I don’t need to know who you are to trust you will live up to your end of the deal. If a contract is broken by either party and they cannot come to an agreement on how to resolve the issue, the BAY used as collateral for both parties is burned/destroyed.
Q: What’s BitBay’s story? How did BitBay start?
A: BitBay already has one of the richest and most dramatic histories in all of crytocurrency. The original founders convinced investors to contribute hundreds of Bitcoin to the project. They then created BAY and its blockchain, and gifted themselves many millions of this digital currency. It was about this time David Zimbeck was employed to help with the planning and development of BitBay. David was a known commodity in the Crypto world, having successfully developed and launched BitHalo and BlackHalo. David’s involvement and enthusiasm caused investors to flock into BAY and drove the price up.
It was then that the original founders chose to leave with the development funds and dump their BAY.
Only David stuck around. Without any financial backing or support from the original founders, he continues to this day to develop the most advanced cryptocurrency software available. He is still available every day in the BitBay Slack, along with a dedicated team of BitBay enthusiasts, to answer questions anyone has.
David’s determination and success without funding makes you question the need for all of these cryptocurrency ICO’s in the first place.
Q: Can you give us more insights into your features?
A: There is so many unique features in the BitBay client, the team has compiled a “Wall of Features” for people to scroll through. The key features are decentralized peer-to-peer markets and unbreakable contracts. BitBay has many enhancements improving security to make BitBay hacker-proof. BitBay includes Cold Staking, which allows you to keep private encrypted keys on two separate systems while still giving the ability to reap rewards from the coin by gaining interest on your holdings. BitBay has the ability to hide keys, messages and even payments within graphics files to keep them from being intercepted. There is also a newly released Anti-Keylogger to keep anyone from recording your keystrokes when entering your passphrase!
There are other features built into the client to track a user’s reputation, make counter-offers, easily draft smart contracts, and translate text into ninety different languages. All of these features are built in to a decentralized client application with no fees, no middle-man, and no arbitrator needed.
Q: What makes BitBay a good choice?
A: BitBay is not just a good choice… What David has created is the only choice for buyers and sellers looking for an anonymous marketplace and trustless Smart Contracts protected from price volatility. BitBay is an exceptional choice for investors interested in an undervalued cryptocurrency project with an advanced high-tech product already released. BitBay is an outstanding choice for someone looking to join a crypto community where they can make a difference by contributing their time and talents. For someone new to cryptocurrency, BitBay is a great place to experiment with all the potential Crypto technology has to offer. There is even a demo contract maintained by community members which awards free coins just for installing and trying out the software.
Since the beginning of digital currency, traders could only invest in ideas and roadmaps… there really was no other alternative. Now BitBay and a few other projects are maturing and demonstrating the power of blockchain technology. Investors are going to start looking for projects with real-world applicability. After all, why risk money on promises when there are projects with finished products?
Q: What can we expect from BitBay in 2017?
A: The most exciting feature David will be working on this year is one the community has been looking forward to for a long time. It will be unique to BitBay and called a rolling-peg. The crypto community knows digital currency can have extreme pumps and dumps in price. It is important for people taking part in transactions to know the medium of exchange, in this case BAY, will have a relatively stable value today, tomorrow, and in the future. The rolling-peg will accomplish this by expanding and constricting the number of active coins in circulation to keep the price from experiencing wild fluctuations. However, unlike hard pegs such as those by Nubits or Tether, the BitBay peg will be able to “roll” up in price slowly giving investors the ability to profit as well. The peg is also decentralized, meaning it does not rely on trust or third parties to maintain. It is maintained by votes by the holders of the coin itself.
There are many other enhancements due this year as well, including the introduction of “mom friendly” templates to make the most common contracts simple for anyone to use. The templates will allow the trade of goods and services, barter and even more advanced smart contracts. Although the software already supports customized contracts, these templates are designed to show new users the full potential with only the click of a few buttons.
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