Smart Contracts - Unbreakable contracts
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 the code and find the best way to make this dream a reality. Fast forward 20 years, and individuals such as David Zimbeck, Peter Todd, Vitalik Buterin and others have begun to fulfill their dreams. David was the first person in the world to code contracting software in BitHalo a year ahead of Ethereum. This has now evolved into BitBay. This forms the perfect platform to deploy the contracts creating a holy trinity of decentralized markets, unbreakable contracts and a rolling peg.
The term “Smart Contract” is widely used now. The contracts in BitBay are unbreakable and enforceable without middlemen. How can a contract be unbreakable? Is it not true that anyone can break any agreement? True but here we remove the incentive to break it by putting the punishment for dishonesty into the contract. To accomplish this, both buyer and seller lock a certain amount of Bay in a joint account. If the deal goes well, the parties release the locked Bay. If either party attempts to harm the other, both parties lose their locked bay, because one or both will refuse to release the deposit and it will time out. This gives a strong incentive to fulfill your end of the bargain just like when you use an escrow (but without the cost of escrow).
This simple and powerful idea can revolutionize almost any industry. We can insure any deal, replacing insurance with self-assurance. We can now barter gold for wheat, silver for corn and even barter coins and commodities. You can even accept dollars for your item or service with Bay as the insurance. All without a middleman. International deals have major practical and legal barriers that we now solve! Avoid pointless lawsuits, get instant karma if someone cheats you. Build trust with anyone anywhere in the world! This system makes theft a thing of the past. And that is a big deal considering almost half of the Bitcoins in existence have been stolen by third parties, exchanges and escrow agents.
Our user friendly templates make the process easy.
For example, our “Buy/Sell Coins” template allows for peer to peer purchases of BitBay. No need to buy Bitcoin and trade it for BitBay, buy BitBay directly right in the client! You will never have any risk of funds getting seized because you do your own “know your customer”. Cash cannot get stolen because the deposits make this profitless. Far superior to LocalBitcoins! No more meeting in person, no more escrow. The system even has unilateral “Guarantor” contracts that allow sellers to let in new buyers without requiring their deposit. This trust building exercise makes it easy for anyone in the world to buy coins.
The “Buy/Sell Anything” template allows for users to easily set up sales contracts. This is like a decentralized E-Bay. No more risk of “empty box” scams, no more charge backs, no more broken items! This is a complete revolution in international trade, shipping and sales. The deposits and peer to peer style of trade allow you to build trust with buyers and merchants.
We also have auctions and reverse auctions! Users can bid on items just like in E-Bay. If you are a buyer, you also have the option of reverse auctions. Find that item you have always been looking for, have sellers bid for you competing for the lowest price!
Employ someone or find a job using our contracts! Just like “Freelancer” but even better. Outsourced employees can be lazy, exaggerate work experience, pad hours and drop off projects. Now the penalty is built in so they will think twice about breaking their agreement or lose funds. And honest employees will never have to worry about not getting paid again because the employers payment and deposit is built into the contract.
Our Barter template is perhaps the most exciting! No more need to work with money. Instead form a farm co-op or service a small community in need of trust. The template converts hours to kilograms or coins. Parties fill out a “wish list” and a “supply list” so that anyone interested in trading with them can pick and choose what they want to barter.
Lastly you can do Custom Contracts and programmable “Python Contracts“. Our Custom Contracts let you decide how to define your agreement. Python contracts let coders submit code for each stage of the agreement. Users can audit the code themselves for any contract proposal. Coders can submit ideas to us to make the contract part of the approved list of contracts. So we can see contracts like binary options, futures, games and beyond!
BitBay contracts are unbreakable, enforceable, and completely secure while simultaneously giving equal rights to both parties involved in them.