Cryptocurrencies were created with many intentions in mind. One of particular importance being the ability to remove the middleman from transactions. This however has proven to be a difficult task to integrate into an industry that appears to be no better off than before blockchain tech was even created. Even though the BitBay Client leads the industry with effective solutions to remove the middleman from transactions completely, we understand that in order to streamline some particular services, the need for a middleman to host them is unavoidable. However, we feel the current norm for how middleman host cryptocurrency-backed services could be vastly improved upon. And we are happy to announce that the era of ‘total trust’ in a lazy middleman services such as centralized exchanges, wallets, marketplaces, etc., can now come to an end. The new era will provide website hosts the ability to give their users the security where they act as their own cold wallet, and can change the industry into a ‘semi-trustless’ environment!
One of our developers has taken the time to work on a side project that provides the ability for a website hosted service to incorporate multisignature web wallets. This has led him to create the first multisignature based poker website in the industry! Account holders no longer have to fear a hacker, which we all know statistically points as usually being an ‘inside’ job, stealing your account balance! With a multisignature account system in place, any withdrawals from your account must be initiated with your signature first. In order for a hacker to withdraw from your account he would need to access both the account holders (the website host and the user).
This “Texas Hold’em” poker website is completely independent of BitBay. One of our web wallet developers simply wanted to expand upon the web wallet’s potential. The website’s owners will only utilize BitBay as the base currency for users. We feel that after BitBay’s decentralized, dynamic peg is released, BitBay will provide the perfect base currency for many website hosted applications that can now integrate multisignature security.
This is just the beginning of many new innovations to come. Even though this feature provides an added failsafe to an industry plagued by theft due to hacks, users are still at some risk with these services, hence the term “semi-trustless”. Yet compared to the current status quo, we feel. this multisignature web wallet should revolutionize the industry for both services and cryptocurrencies. We already have plans in the future to combine the power of both multisignature capabilities along with “timelock features” to add even more security and accountability to website hosted services.
The owners of the website are still currently in a closed beta testing stage. When the last known issues are ironed out it will be released for open beta testing. Followed by the final release soon after.