The general concept behind Smart Contract technology was first conceived by Mr. Nick Szabo in the mid 1990’s. Since that time, there have been many software engineers, theorists, and cryptographers working diligently to crack to code and find the best way to make this 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 an “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 them.
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 decentralized digital distribution service for software. This will allow content producers to distribute digital downloads in the same fashion as with 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 decentralize the way merchant services and online auctions are done through the internet. BitBay will provide much of the world with a 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.
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 is now completely centralized and controlled by the world's 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 does 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 is 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.