Press releases
BitBay Cryptocurrency Software Suite Introduces a New Kind of Smart Contracts
Bitcoinist | Mar 05, 2017 | 07:29
BitBay is back again, stronger than ever. The cryptocurrency platform, under the leadership of David Zimbeck now offers unbreakable smart contracts on its cryptocurrency software suite. Created singlehandedly be the person behind BitHalo/BlackHalo, BitBay software suite supports an entire smart contracting interface, complete with decentralized markets and other features.
[Note: This is a press release]
The BitBay smart contracting platform stands apart from the ones available on Ethereum and other blockchain variants. The contracts, unlike that of its counterparts, requires collateral from both the parties, which makes it virtually unbreakable. The investment in collaterals makes it uneconomical for either of the parties to cheat or exit from the contracts with the intention of defrauding the other. In a scenario where the contract is broken, the collateral funds will be burnt causing significant losses to the defaulter.
The structure of smart contracts on BitBay eliminates third party involvement, thus reducing the fees. Applications of BitBay smart contracting platform ranges from the creation of “LocalBitcoins” like coins for cash contracts, employment contracts, decentralized eBay like delivery contracts and even barter contracts.
To make it user-friendly, David Zimbeck has included smart contract templates. By using these templates, users can create their own smart contracts just by entering few details. Those in need of a specific contract can develop the necessary custom template by using their imagination. Currently, the “Cash for Coins” template is being widely used on BitBay. The platform will soon add more templates to make it easier for the masses to adopt smart contracts.
In addition to the smart contracts, another exciting feature on BitBay is its completely anonymous market, which was introduced almost a year before the launch of Open Bazaar. The BitBay’s marketplace is built right into the client, and it allows users to create their own public and private markets. Also, they can search for different contracts that are already available in the “main market”. The inbuilt communication system in BitBay’s software supports email with end-to-end encryption along with Bitmessage support for further decentralization.
The feature-rich BitBay software suite also offers the “Pay to Email” feature using steganography to hide payments within photos sent to the recipient over an email. The wallet keys can also be encrypted using the same method and then used on different computers to sign transactions. The multimachine – multisignature feature is one of the key elements for “Cold Staking”, to be utilized by both BitBay and BlackHalo. Other features on BitBay includes an allowance for “exotic spending” like “locktimes” and “dead man’s switch”, “parking of coins”, “burn” and other spending types. BitBay’s automated joint account feature is also a handy tool for families and businesses. The platform can also translate to 92 different languages.
The BitBay project has come out of hibernation as a far more mature project than it was before. David Zimbeck has been the sole developer behind the project, working relentlessly to deliver all the features promised by the earlier team before they abandoned BitBay. The entire development of BitBay until now was self-funded by David. Exciting times lay ahead for BitBay, and with the current progress, the platform is going to create an everlasting impression in the cryptocurrency ecosystem.
Images courtesy of Shutterstock
