When you think about putting a contract together with a person or business, what comes first to mind?
Heaps of paperwork? Hidden fees wrapped in legal jargon? Attorneys and lengthy lawsuits?
Just thinking about it all would give anyone a headache.
The complications of creating and executing contractual agreements have become an all-too-common problem in today’s society. Even some of the simplest agreements are protected with page upon page of confusing legal words, that only the highest paid escrow attorney could interpret.
However without all of that fluff, a contract is still simply… an agreement.
So what purpose does all that “fluff” actually provide?
It is supposed to provide protection — from the opposing party’s unknown intentions. This value of third-party protection is outweighed by its associated costs. We’re talking about the cost of security, time to completion (liquidity), and service fees.
Problem #1: Security
When a middleman is assigned to manage a contract, the personal information of both parties is then transferred to that third-parties possession. This creates a large security risk for each party, as the centralized storage of that and others information becomes a honeypot for thieves to target. In addition, not all middlemen are trustworthy when it comes to holding client’s information. The sale of personal information to other third-parties is not unheard of in this industry.
Problem #2: Time (lack of liquidity)
At first glance, the associated cost of time might not be an obvious one. However with the institutionalized transfer of information and funds, contracts can require a longer period of time and higher level of difficulty to carry out. Third-party services are bound by business hours, they need approval before action, and can place your contract “low on the priority list”. As we know, time is money. In a society where everything is available instantly, even a few days can add significant costs and complication. This lack of liquidity only furthers the complication of traditional contracting, which may increase the required fees even further.
Problem #3: Expensive Fees
To further the dilemma, service fees required by third-party arbitrators can also be proportional to the value and complexity of the contract itself. This encourages middlemen to drag out the contract’s timeline, in order to increase their own personal profit. Who wants to create a contract that takes months-on-end to complete, whilst new fees keep accumulating?
Wouldn’t it be great if individuals and businesses had a tool that would allow them to create contracts or agreements with each other… without any of the above hassles or the need for a middleman at all?
The good news is, they already can.
It’s now possible through a new form of peer-to-peer agreements called unbreakable smart contracts. As you may know, a societal movement towards decentralization is quickly gaining momentum. It’s time for programmable money and contracting be combined — in an elegant and seamless platform for EVERYONE to use, completely peer-to-peer (P2P).
This tool is BitBays Markets Client.
BitBay is a free-to-use, decentralized software that allows ANYONE to create an unbreakable, P2P smart contract. Powered by the revolutionary trust-mechanism of Double Deposit Escrow (DDE), each party places a deposit of BitBay’s stable cryptocurrency $(BAY) into the contract itself. If anyone cheats, both deposits are lost. This gives each everyone a direct incentive to be honest, and enforces the cooperation of both sides. DDE is the ultimate framework for true P2P contracting, as ANY type of agreement or contract can be formed, without the need for a middleman or third-party.
Businesses and individuals alike can now buy, sell, barter, or trade anything peer-to-peer — avoiding ALL of the above mentioned problems.
Without question, BitBay offers the most security out of any other project in the cryptocurrency industry. With features such as multisignature wallets, encrypted communication, steganography (and much more), we provide a wide-array of options for users to secure their information.
As far as liquidity goes, the contracts must be completed within a timeline that both parties agree upon. The era of “waiting 3–5 business days” or “being closed on holidays” is now over with BitBay’s P2P unbreakable contracts.With this method of contracting, international disputes are no longer full of legal complications. Each party has a direct incentive to come to an agreement, even if it means cancelling the contract all together. This saves both time and money dealing with international legal fees.
One of the most beautiful aspects of BitBay is the decentralization of our fees. Set at only a fraction of a penny, these transaction fees go directly to those who secure the network, who consequently, are the end users themselves.
The team here at BitBay is passionate about this project’s development and success. We are a group of talented people all over the world, who work relentlessly around the clock to complete roadmap items ON TIME, EVERY TIME.
At BitBay our absolute priority is to implement fully-tested and working products before anything else. Our peer-to-peer contracts, in addition to user-friendly templates and dynamic peg, will pave the way for the mass adoption of our marketplace.
Want to check out our free P2P contracting software and markets yourself?