You probably have heard about smart contracts. Perhaps you’ve read about how smart contracts can automate business. You may have even invested your hard-earned money in a project that aims to be “the future” of smart contracts. The question still remains:
Why haven’t you created and used a smart contract yet?
For most people, the answer is not a clear one. Despite the fact that smart contracts have been around since 2014, the ease of creating and using them for everyday business has been nonexistent.
Until now.
With BitBay’s “Buy/Sell Anything” template, you can now create your own smart contract in seconds and without hassle. You can have a 100% decentralized, highly secure software handle business for you, all within a few clicks.
What exactly is a smart contract?
A smart contract is a computer protocol that enforces the negotiation or performance of a contract. This removes the need for a 3rd party to perform escrow services or enforcement of the transaction. While the idea isn’t new by any means, the platforms that are developing this technology are still quite young. Unfortunately, many of these projects also still require the use of a 3rd party in some way, shape, or form. With that model, there is always an element of trust required. This is essentially no different than how business is conducted today.
With BitBay’s unbreakable smart contracts, a need for trust is completely removed by using a revolutionary process called
How do I use BitBay’s buy/sell anything template?
Unlike smart contracts of the past, using our templates doesn’t require the need to read and write complicated computer code. Simply download and install the free BitBay Markets Client software on your computer. On the home tab of the Client, you have access to the “Buy/Sell Anything” template. Next, fill out the form with your item description, price, and deposit options, and let the software do the rest. After clicking submit, your contract is posted to the marketplace of your choice.
It’s that easy.
For a detailed, step-by-step explanation of this process, check out our in-depth tutorial.
***Note: We are also releasing a web-based marketplace in a few months, making our smart contracts readily usable to anyone with a mobile device.
Seeking to sell an item/service, but don’t know how to price it?
You can now also create your own auction. This allows you to list an item or service for sale with a starting price, and have buyers competitively bid that price up. This helps you get the most profit out of a sale. Simply fill in the blanks to set your buyout price, starting bid, and time duration. You can also custom-tailor the deposit options, depending on your personal risk tolerance. Since these auctions are bound by double deposit escrow, you no longer have to worry about dishonesty killing the deal. No more empty boxes, missed payments, or flaky business transactions.
Looking to buy a specific item or service, but don’t want to pay full price?
Now you also have an extremely easy way to create reverse auctions. With reverse auctions the buyer and seller switch roles. As a buyer, you can now list an item you want to purchase, and have sellers under-bid each other for your business. This gives you an option to purchase the item at the cheapest possible price, or even allow you to buy a “similar item” if offered.
The ability to create both auctions and reverse auctions is critical for BitBay’s marketplace, because it allows the price of an item to naturally fluctuate based on supply and demand. This greatly increases economic flow and liquidity within the markets. By providing an alternative solution to fixed priced items, contracts no longer have to sit on the market for days on end.
Who can use these templates?
These user-friendly smart contract templates have been designed for literally everyone. Our Markets Client has the full capability to translate into 90 different languages, making it a truly global platform. From individuals looking to buy and sell common goods to large companies and governments needing unbreakable contract solutions, there is massive potential here. That being said, these templates are a fundamental step for us to bring easy smart contracts into the world economy on every level.
We have been quietly working on a secure and scalable platform for unbreakable smart contracts since 2014. With our recently released Mobile Wallet, Advanced Web Wallet, and brand new website, our focus is now beginning to shift towards seamless user experience and integration. For a marketplace to gain mass adoption, this component is imperative.
What’s next for BitBay?
In addition to our Buy Sell Coins, Custom Contract , and the new Buy/Sell Anything templates, you can keep an eye out for these new templates in the next couple months:
- Hire Someone
- Find a Job
- Barter/Trade
On March 14, 2018 (before the next 3 templates), we will be releasing our brand new Markets Client graphical user interface (GUI). This is a HUGE step in enhancing our end-user’s experience, as the software will no longer have an “outdated” look and feel.
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 software 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.