There are so many new ideas and features popping up in the blockchain/cryptocurrency space every day.
We’re not just talking about the basics, such as…
- Mobile wallets
- State of-the-art security features
- Exotic spending
- Notary/Burn capabilities
- Price Tracking
- Multi-language interfaces
It’s true, these are all HUGE components to the innovation and advancement of cryptocurrency — but the reality is that these features don’t even account for a fraction of that will be implemented in the next few years.
When you think about all of these new and exciting being released, it’s easy to overlook the things that aren’t being reinvented.
Sometimes you don’t need to reinvent the wheel, you just have to improve it.
That’s exactly what BitBay is doing with our new DECENTRALIZED smart contract auctions and reverse auctions.
The idea of auctions has been around for a LONG time, however, it hasn’t been until the 21st century that they have become commonplace on a global level. In the last two decades this concept of auctions has been refined and packaged up into a nice user-friendly experience. Especially for those who want to conduct business online. With global online marketplaces anyone can trade goods, therefore enabling truly global economic opportunity.
Unfortunately these global marketplace auctions come with a massive cost….placed on the behalf of the end-user. Due to the fact that almost all auctions are hosted by 3rd parties, merchants must pay high fees to conduct business through them. These large fees impact high volume sellers by eating away at their profit margins and forcing them to seek alternative solutions.
In addition, the fees are not the only downside to this pre-existing model. Many of these 3rd parties are large, centralized organizations and are subject to full regulation. This forces them collect and store the personal information of all its users, which poses a even larger problem than the high fees. It essentially creates a single honeypot of consumer information for hackers to break-in and steal. thefts have already happened with many other large, “highly secure” centralized companies in recent times. Beyond hacking, these data can also be used against you by corporations or government which may not have your personal interest in mind.
Merchants need an alternative solution that:
Doesn’t require a middleman to collect high fees.
Doesn’t require user’s to give up their own valuable personal information.
Respects the freedom of people.
Is 100% decentralized.
Fortunately, that solution is already here. It’s contained within BitBay’s Markets Client.
Using BitBay’s easy Buy/Sell Anything template, you can now create your very own auctions and reverse auctions. You can have bidders compete to give you maximum profit for your sale, or you can have sellers compete to sell you any item that you are looking for.
This is monumental. It creates a completely neutral, secure and global medium for business to be conducted…completely peer-to-peer and without high fees.
Wait… did you say reverse auctions? What does that mean?
Reverse auctions are exactly what they sound like. In this scenario, a buyer can list a specific item they desire to purchase, and have sellers bid on selling that item to them! This creates a natural competition for sellers to underbid each other, giving the buyer an option to buy the desired item at a lower price.
What about the fees?
With BitBay, you will never have to worry about high fees. Using our revolutionary Double-Deposit escrow, both buyer and seller simply lock in a deposit to enforce transaction completion. This completely eliminates the need for a middleman, who always takes their cut. That being said, there is a tiny fee attached to every transaction. Currently, this fee is around .02 $BAY ($0.0014 USD). It doesn’t go to any one individual or organization. It gets equally distributed as a reward to users who are securing our decentralized network, by verifying each transaction on the blockchain (staking).
BitBay has been designed to be light, fast, cheap, and most importantly stable & secure. We have spent years building in the security and functionality of our software, and are now focusing on creating a simple and easy user experience. Along with our “Buy/Sell Anything” template (where the auction/reverse auctions can be found) we also currently have a “Buy/Sell Coins” and “Custom Contract” template. We will be releasing 3 more (“Barter/Tserade”, “Find a Job”, “Hire Someone”) in Q2, 2018.
With our new GUI combined with easy-to-use templates, BitBay will be the easiest public solution available for creating smart contracts to conduct business.
Want to download our free platform and use it yourself? Click here to get started today.
Have questions? Need support? Want to chat with a BitBay team member?
Feel free to join our rapidly growing community of users on our forum, here.
Also, check out our roadmap for more exciting things coming soon!