Good Morning GetHashing, let’s look at BitBay (BAY).
Since the ICO the coin has gone through a lot of trouble and wasn’t able to sustain it’s initial value of ~150 satoshi a coin and now lingers around in the 60’s. Never the less BAY is a very innovative coin.
The company behind the coin is fro China and licensed David Zimbeck’s Halo tech which I’ve recently mentioned it the Blackcoin topic. After David got hired to lead the BAY development and dev team he re-located to Asia and was able to take Halo to a new level with the backing of his Chinese contractors.
BAY itself is meant to be a hedged coin similar to XPY but so far the hedged floor hasn’t been introduced and I’m not sure if it is still planned once the decentralized marketplace launched.
I invested a couple of coins in BAY shortly after the ICO and still holding them despite the +50% decrease in value simply because this is a great coin with a lot of potential. If all the FUD ever dies and David keeps development on track it could become a solid altcoin.
Anyway, even if you’re not looking to invest to hold (sure no point in day trading at the current value) then I would at least suggest for you to check out the BayHalo client. Imho this is what pretty much any wallet should look like with a wide range of capabilities.
#BitBay Halo Wallet UPDATE: 12th, January
Download: BayHalo Smart Contracting Software
#BitBay tutorials, Smart Contracts & Halo Tech
Open trading and new opportunities to own BitBay has begun. Please click the link below to directly enter the trade market
BitBay / BayCoin / CryptoBay Project:
“The goal of ‘BitBay’ is to create the entire economy within the crypto space. With the implementation of multiple smart contract methods - such as unbreakable double deposit, Halo contracts, and special time locked contracts with the new CheckLockTimeVerify function, this project can allow all kinds of innovative financial instruments. For example, accounts can be created with two keys that can later convert to three keys. Contracts can be made completely unbreakable, financial derivatives will never go unpaid, and BitBay will be the first coin to convert to a full hedging coin. This means, the price gets locked in after the project proves its developement schedule.
The economy of BitBay hinges on decentralized markets. We are supporting Halo technology by licensing their software. Since we see the amazing value in being part of the worlds first decentralized markets with Halo technology and decentralized Bitmessage markets we are honored to be working with them. The technology that we will use in BitBay is based on BlackHalos market engine that leverages ‘Bitmessage’. Combining the use of proof of burn, white-lists and Bitmessage Channels, these markets will have no central point of failure. The Bitbay blockchain is impossible to bloat and can scale to meet the needs of international markets.
Furthermore, we use our contact list from Alibaba to help populate all the decentralized markets. BitBay is positioned to replace current online auction websites once the world recognizes the true utility of basing trust on Satoshi’s blockchain tech. After the debut of the markets, we will fork the coin into a hedging coin. This will greatly reward investors who get in on the ground floor, and it will eliminate volatility using a similar system to NuBits. This is all possible because of time locks that allow us to park coins.
BitBay supports Stealth technology. Because of time locks, it will be possible to perform Atomic trades allowing for decentralized exchange.
Bitbay smart contracts are also designed to support the internet of things. We plan on implementing our contracts into hardware. Since the contracts are unbreakable, we will form powerful partnerships in Chinese manufacturing markets and be able to decentralize more than just money. Hardware will store these contracts and be used for honoring agreements and creating mesh networks.
Mesh networks are by FAR the Holy grail of anonymity and freedom. This is internet without IP addresses. Forget, Maidsafe, we want to decentralize the world and make it free for everyone. This is our end goal.
We are proud to say we are a coalition of some very powerful people in Crypto. This is a long term project with a fast paced development schedule.
#OFFICIAL COMMENT FROM DAVID:
“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 lets wait and see.”
Markets are fully hard coded into the client. We believe that the community makes the coin, therefore we list this coins initial features as follows:
- No volatility with hedging
- Unbreakable Smart Contracts
- Advanced contracts with Time locks
- Decentralized Markets
- Anon Stealth
- Hardware Smart contracts
- Community driven
We have many more surprises in store and the development talent to make this a reality. We support our developers unlike other coins and see this as a business. This list of tools will be our first accomplishment and from there we will add many more exciting features to follow. Be prepared to see a full economy where everyone can go to perform any kind of business. This project will bring larger markets into crypto. I would like to personally thank you for taking the time to research this project. Please do not hesitate to ask any questions. We will be happy to answer you as soon as possible.
BitBay will introduce a completely unique, open, and decentralized marketplace that allows anyone - in any country - to participate regardless of government boundaries.
BitBay will provide a stable, secure, and safe environment to buy and sell products and services over the internet. Our technology runs on top of a blockchain decentralized network which ensures that reliability, performance, and accuracy is guaranteed at all times. Theft is not 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-driven by all users participating in the network. BitBay is designed with low barriers of entry, allowing anyone to become a reputable merchant or to participate as a buyer, all based on multisig + smart contracts. We will be developing a free and democratically decentralized global marketplace.
#FAQ (Frequently Asked Questions):
Questions concerning BitBay and its use of HALO technology:
Q: Please explain how the escrow system will protect buyers & sellers in BitBay transactions.
A: The system is the revolutionary double deposit escrow. Both Buyer and Seller place deposits into a shared account. There is no need for an escrow agent. The deposits serve as the incentive to perform. Therefore theft and deception is impossible in these escrows. If those actions occur, the parties will not agree, the escrow will expire and they both lose. BitBay takes the profit out of theft.
Q: How does BitBay differ from OpenBazaar? How is OpenBazaar “pseudo centralized”?
A: David is of the opinion that uTorrent may be correlated to other things in order to reveal the ip addresses of the parties involved in a contract. Its unclear whether or not OpenBazaar will truly be secure. Tor itself has a known security vulnerability on exit nodes.
Open Bazaar uses arbiters which are horribly inefficient and dangerous. As an example, eBay arbiters are never able to tell who is telling the truth when someone gets scammed. Also, a botnet could easily generate 100’s of arbiter accounts and collude with themselves, stealing escrows. So OpenBazaar’s system is much more vulnerable than eBay. I hope they will one day add double escrow as an option.
BitBay uses decentralized escrow, there are no arbiter judges or human error involved. Just two parties with a completely unbreakable agreement. It is the most perfect form of escrow in existence.
Q: What is the development schedule (roadmap)?
A: First, we release the smart contracting wallet. This has almost all of Halo’s features which makes it the most advanced cryptocurrency wallet in the world. Next, we release decentralized markets. One will go through a server to qualify for the whitelist and the other will be a Bitmessage system with a trust building whitelisting system. This will be a decentralized market for all contracts. Next, Halo will release their NightTrader microtrading engine. More exotic contracts will debut once checklocktimeverify is added. Then we work on Hedging. The roadmap is about 2-3 months, putting markets and hedging releases out in the first quarter of 2015. After the hedging fork, you will see everything polished and after market testing the product, improvements will be made to make the code more efficient and bring it to the api level.
Q: Please explain how pegging will work. I watched the whiteboard videos and don’t understand.
A: For properly holding a price to a coin such as in NuBits, you need to control some factors of the coin. First you have a rule to control the total supply. Supply will be increased and decreased using new rules about how much of an input you have to spend and how much you must freeze. We will allow a certain number of coins to be liquid and a certain amount of coins will have to wait to enter the market. So you will have a certain percentage of your coins available at one time. Then a large buy wall is set below to total supply. So if there is 100 coins available, then a 100 dollar buy wall is set. This also depends on how quickly we want to see our target price. We may not want to hit a dollar too fast. It may be more profitable for everyone to allow the price to grow towards our target. Most likely we can increase a certain percentage every day and watch how to market reacts. If anyone sells into the wall not only do they have to wait for their coins to become liquid again, they also must wait for us to resell the coins at a higher price. This is why NuBits always ranges from 99 cents to 1.01 dollars. Selling or buying too far outside of the margin allows for the people who buy at those prices to profit instantly. The system at first will be centralized since we will need to find optimal supply lines. After we see how the market behaves, we could allow for voting on the total supply.
Q: What needs to happen between the release of the marketplace in Q1 2015 and the beginning of pegging in order for pegging to be successful - both organizationally, and on the tech side?
A: BitBay should be as organized as possible. David will lead a team that is being set up in order to work full time on the code and the marketing. There will be human resources and a good amount of project managers. On the tech side, the elements to implement these features are already here and practical.
Q: Are there any mechanisms to rid the BitBay marketplace of things like guns, abusive pornagraphy, hitmen, etc?
A: Those things will not be possible in the main markets even though they are in fact decentralized. This is for two reasons. First in order to get into a white listed market, you need to prove your worth by doing deals in the Halo market. Next, once in the decentralized market, special moderator versions of Halo will be given out to help oversee what is seen in a decentralized market. Users can also flag posts and when a certain number of flags is reached, the orders become invisible. Whitelists allow for trust systems. So anyone running a decentralized market has total control over who is able to post to it.
Q: If everything is visible in the blockchain, does that also mean that all BitBay marketplace activity can be traced, or just by the individuals who were involved in the transaction?
A: The only thing visible in the BitBay blockchain is the double deposit contract which reveals absolutely nothing about the parties. Everything is encrypted so there is no way to trace anything. Bitmessage is anonymous E-mail. Other systems such as Tox and torrent based systems are also worth considering. The messages are always encrypted on both ends twice. Once by Bitmessage itself and again by Halo.
Q: In a more general sense, is it possible to be completely anonymous in this system? If so, how?
A: Yes of course. There is no third parties, no escrow agents, no servers and no record of your contract. The contract is peer to peer so only you hold a copy of the agreement. In the future, we will consider complete Zero knowledge in BitBay.
Q: Please explain how the multicoin wallet works. Does it make any difference which coin i use?
A: Halo is the only multicoin wallet in existence currently. BitHalo uses online APIs to check the blockchain such as Electrum, Blockchain.info and Biteasy. BlackHalo uses Blackcoins daemon as BitBay uses BitBays daemon. Any coin used in NightTraders microtrader automatically downloads the daemon and uses it to trade coins under Halo.
The difference in the coin is only the difference in what community you love and want to be a part of. David’s idea is to unite the ideology behind coins and make them come together as one beautiful community. If you are a Dogecoin fan, use DogeHalo. BitBay fan, use BayHalo and so forth. All under the hood of the complete Halo suite.
Q: Since the wallet focuses on smart contracts, isn’t it safe to say BitBay could easily challenge the worldwide freelance job middlemen such as O-Desk, 99 Designs, Fiver & the like?
A: Of course. When you have a system that is superior, cheaper, international, and immune to the issues of theft. You can use our new system that is highly powerful and expansive. There is no reason not to use it. Especially in the case of O-Desk where employees are unresponsive and slow. Now you can force them to hit quotas. There is currently nothing like this anywhere in the world.
Q: Can you please explain mesh networks? How is this different from Internet of Things?
A: The goal of mesh networks was a cyberpunks dream since the beginning of the internet. To give free internet to the world. Did you know, that most cell phone companies disable tethering of internet to force people to use paid systems?! In fact, there is enough routers and phones in the world to give the entire planet free internet and phones! But, its up to the people to make that choice. We can help them by offering Bay as an incentive and giving them the correct cell phone hardware, devices and things to route their internet in a mesh.
Any further development of hardware is not yet announced. However, staking devices, devices that sign transactions, and multisignature software and time locks implemented into hardware has a bright future. Once our road map is complete, we can explore more avenues if our endeavors are successful.
Q: What are the clear and unique differences between BayHalo, BlackHalo, and BitHalo. What will one coin have that others will not?
A: BlackHalo has NightTrader which is a decentralized cross platform exchange. BitBay has hedging and hardware for price stability making it a more attractive choice for markets. BitBay will also have special locking contracts and David hopes to convince Blackcoin to accept lock times as well. So they both have their pros and cons. BitHalo is a media darling and its success helps draw attention to the entire suite.
Q: Do you have a whitepaper to explain your technology?
A: BitHalo has a whitepaper at their main site BitHalo.org. NightTraders whitepaper is not released to keep the concept and method protected. The hedging process will indeed have a whitepaper. David is still in the process of finding the optimal strategies before release of the paper.
Questions concerning BitBay’s direction & evolution:
Q: What is David Zimbeck’s role in BitBay and is he a lead developer for the project ‘long-term’? Where / when in the roadmap does your current agreement with David end?
A: Yes, David is lead programmer for the BitBay marketplace and also HALO technology. He will be with the project long-term and the ultimate goal is to make this a career for everyone on the team. There may be other programmers who are outsourced to complete tasks faster and also to bring about other tools, such as: Multipools, Mobile Wallets, Trade Charts, Block Explorers, Price Converters, etc.
Q: How will BAY be using ICO investment funds? Will there be any public accountability or updates?
A: The BitBay team will not receive all of the investment funds out the gate. As stated during the ICO period, only a fraction of the community investment will be available to the team for immediate use. The rest of the funds will get released by bter exchange as we hit our development milestones. Here is a breakdown of how ICO funds will be released to the project:
All ICO Funds has been paid to BitBay dev now. we will keep developing bitbay for many years.
Q: For the marketplace to be successful, it needs to gain a critical mass of users. What is the plan to achieve this?
A: We have already had agreements with some of the top vendors of Alibaba who are ready to help push our goal of achieving critical mass. Not only are they waiting on the sidelines, but there have been many other companies from eBay as well as real world (brick and mortar) businesses who have contacted us with interest. These connections, coupled with our technology and large-scale marketing techniques will help to push our viability into the spotlight.
Q: Can you please explain the Alibaba connection?
A: Several of our team members have direct connections with some of the top selling product vendors on Alibaba. These sellers have already agreed to create a storefront on our service. Because of the Non-Disclosure Agreements made, our team is not allowed to discuss many details of those partnerships until the NDA is lifted. By that time, BitBay will already see many companies signed on and using our service.
Q: How much of the ICO is set off for marketing? What are the main uses of these funds so far, and what will be the main uses in the coming months?
A: Marketing funds will be used from our development pool on an ‘as needed’ basis. So far, we’ve been able to reach this point by using only approximately 20 bitcoin from the initial investment period. As we enter the stages of our decentralized market release, there will be a lot more focus on marketing to potential buyers and sellers. Also we have plans to ask some big venture capital firms to support us later down the line.
BitBay Halo Wallet UPDATE: 12th, January
Download: BayHalo Smart Contracting Software
[size=14pt]Mac wallet update:[/size]
- Linux: https://github.com/bitbayteam/bitbay
- Android: (Coming Soon)
- iPhone: (Coming Soon)
- Source codes: https://github.com/bitbayteam/bitbay
BitBay will feature an in-wallet marketplace much like Amazon, Alibaba, and eBay which will utilize it’s own cryptocurrency (BitBay). Not only will users be able to buy and sell goods, but BitBay will include a digital distribution service for “decentralized software”. This will allow content producers to distribute digital downloads in the same fashion 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. To comprehend the vast array of services possible, please consider something like ‘Craigslist’, but utilizing our currency, smart contracts, geotracking, and multi-sig agreements. Especially due to our built in smart contracts technology, BitBay users will be able to buy or sell art, skills, talents, or any other valued commodity.
Simply put, the world of commerce is about to change. The BitBay platform is set to completely decentralized the way merchant services and online auctions are done through the internet. BitBay will provide much of the the world with its first taste of how crucial it is to utilize the ‘Blockchain’ when doing business between two parties. Never again will there be a lost contract, invoice, receipt, will, notary, or any other binding agreement. It’s all there, searchable, and completely transparent.
The BitBay project weaves together Smart Contracts, Multi-Sig technology, and Reputation Vetting all tied into a unbreakable marketplace located on the BitBay Blockchain. The power of such a marketplace has no boundaries. This is the revolution of free trade.
Our investors can be rest assured in knowing that BitBay has one of the top developers in crypto community behind the wheel. Many more examples, technical review, and additional details of the BitBay platform will be added here within the coming days.
The general concept behind Smart Contract technology was first conceived by Mr. Nick Szabo in the mid 1990’s. Since that time, there has been many software engineers, theorists, and cryptographers who’ve been working diligently to crack to code on the best way to make their dream a reality. Fast forward 20 years, and individuals such as David Zimbeck, Peter Todd and others have begun to fulfill their dreams. At a basic level, contract security can be based on what programmers would call a “if-then” statement, but instead of taking place in strictly computer software, these statements can resonate into the real world and become completely unbreakable through Satoshi’s Blockchain technology. When BitBay’s pre-programmed conditions are triggered, the smart contract executes the clause and everything appears directly on the Blockchain for the world to see and verify.
These contracts are unbreakable, enforceable, and completely secure while simultaneously giving equal rights to both parties involved in the clause.
Here are some useful links regarding Smart Contracts and BlackHalo technology:
(More links coming very soon)
Test version of our Smart Contracts advanced wallet. Please keep in mind that this is a preview image of things to come.
Let’s face it, the internet is now a seamless part of everyday life for most people all around the world. PC’s, handheld devices, WiFi, game consoles, and even vehicles are connected to a mass neural network we call “the internet”. Our team feels that although the internet is a beautiful resource and tool for humanity, it is not without some obvious flaws. Our focus currently is getting around the fact that the internet now completely centralized and controlled by the worlds government elites and corporate entities. This is a monopoly that must be stopped before regulation and control gets out of hand.
BitBay’s Blockchain will have the power to contain a new system of accessing the world wide web. Smart objects (with digital tokens) can now be linked to physical objects in the real world. Thus, smart objects now become ‘smart property’. So what’s this mean for the average person?
Let’s say you want to buy a car. As a smart object, your car is now part of the BitBay network. By utilizing our marketplace and smart contracts, the parties involved can make the trade and the car will now only unlock for the rightful owner which is proven on the Blockchain. Simply ‘sync’ the car to your wallet using your smartphone and make sure you’ve got a full tank of gas! The future of digital transactions are endless and seamless!
This is the future, this is the internet 3.0! All things will be networked and the beginning starts now with BitBay.
“Looking to the future, Cisco IBSG predicts there will be 25 billion devices connected to the Internet by 2015 and 50 billion by 2020. It is important to note that these estimates do not take into account rapid advances in Internet or device technology; the numbers presented are based on what is known to be true today” - http://postscapes.com/internet-of-things-market-size
Useful Links on ‘IOT’ technology:
Useful Links on Multi-Sig technology:
Coin Specs (POS 2.0):
- Block time: 64 seconds
- Nominal stake interest: 1% annually
- Min transaction fee: 0.0001 Bay
- Confirmations: 10, maturity: 50
- Min stake age: 8 hours, no max age
- Total: 1 Billion
- Ticker: BAY
BitBay Features (Currently in Development / Upcoming Releases):
- Smart Contracts
- Advanced Smart Contracts: Machine to Machine advanced contract fulfillment (IOT: Internet of Things)
- Joint Accounts
- Muti-Coin Wallet Features
- Decentralized marketplace (A new approach different from OpenBazaar)
- POS 2.0 (Theoretical “51% attack” is nearly impossible)
- Convert BitBay into a hedging coin (price will be pegged to RnB)
- Windows, Mac, Linux, and Mobile Staking Wallets (Android, iPhone, Windows)
- In-wallet resources (Chat, Block Explorer, Gaming, Community).
- Proof of Developer (POD) and Crypto Certify ratings in progress.
Much more to come…
Available for use immediately upon ICO completion:
- Windows QT wallet (Certified)
- Mac QT wallet (Certified)
- Block Explorer
- Android / iPhone wallets will release within just a few days of testing on the blockchain after initial coin distribution.
BitBay requires serious investors to develop, secure, and maintain this revolutionary decentralized e-commerce platform. An investment in BitBay is an investment in the future of e-commerce. A marketplace built for everyone.
- Block Explorer (Coming soon)
- Games (Dice, Wheel, Poker, and more - Game releases will come along with user demand)
- http://www.altcointoday.com/bitbay-ico-coming-to-an-end/ (Altcoin Today)
- http://zl.yibite.com/point/2014/1110/24799.shtml (Yibite - Chinese Media)
- https://bter.com/article/3672 (Bter - Chinese Media)
Find us online!:
BitBay Website: http://thebitbay.org/
BitBay Facebook: https://www.facebook.com/pages/BitBay-Project/1589213477978208
BitBay Twitter: https://twitter.com/BitBayProject
BitBay Google+：（Thanks Gizfreak.）
Source: Official BitBay ANN on BCTalk