BitBay ― Another Decentralized Marketplace with Improved Smart Contracts
Bitbay is a decentralized marketplace with unbreakable smart contracts ― that is, once a smart contract is enforced, no party can change the rules, and in case of non-agreement to the contract rules, the funds will be forfeited.
BitBay does have no central authority, and is anonymity focused.
The cryptocurrency of the platform is BitBay Coin (BAY) with a circulating supply of 1 Billion coins. Moreover, BitBay Coin (BAY) is dynamically pegged to control the price fluctuations, and, also better suits as a store of value.
In Bitbay ecosystem, each user will have two balances of BAY: Liquid and Reserve. When there is a price crash, users can vote to increase the price by moving funds from Liquid account to Reserve; thus, circulating supply decreases and the value increases.
Similarly, when someone tries to pump the price, users can vote to decrease the price by moving funds from Reserve to LIquid. This increases the supply and forces the price to go down.
An algorithmic system in place so that user doesn’t need to vote every time manually. He can choose how to vote automatically based on different possible conditions.
The official site provides wallets and BitBay marketplace clients for Windows, Mac, and Linux platforms.
Web wallet service is available at https://wallet.bitbay.market/
How to get BitBay Coin (BAY)?
BitBay works on proof of stake mining consensus, and the reward is 20 BitBay Coins per block. So, you need to cold stake some coins before starting to participate in the mining process.
Else, it is available and traded in the exchanges like Bittrex, Cryptopia, and Upbit.
The technical and thorough implementation details are not well written in the BitBay whitepaper. And, for the same reason, it is not known, with certainty, what the block time is and the maximum supply.
Before investing or purchasing BitBay Coin (BAY), do your research thoroughly.