I've been looking at this project Bitbay for several months. It does appear to offer an incredible feature set and is fully functional.
Was it actually the first alt to offer smart contracts? I have some dash, eth, eos, cardano , and few others from way back and some Bitbay. Who here has researched Bitbay thoroughly? Why is this project not more widely known?
I'm looking to hear from those that have actually studied Bitbay.
What's the catch? Are there more advanced projects around at a sub 300 market cap?
As far as I know, David Zimbeck, was the first person to create a peer-to-peer smart contract. This was taking place back around July of 2014.
https://www.youtube.com/watch?v=oS56CqCR-oUHe first worked with Blackcoin and also created BitHalo (a bitcoin based decentralized marketplace) before becoming lead dev of BitBay in early 2015 (after the community takeover).
Early on, his passion was "knowing" the importance of stability of price. He had a vision of a decentralized protocol that could stabilize price. Without the need for collateral or promising a hard peg value to uphold.
Meanwhile our only competition at the time was Tether, because they were the only other smart ones who realized the importance of stability back then.
For BitBay, it took years to develop the truly decentralized stability protocol called the Dynamic Peg. This is because it takes no short cuts! Tether took short cuts and still is the king of stability coins but it is the most dangerous and centralized one to choose today.
Now that we have released our technology, we just simply need to grow awareness that we have a true alternative to Tether.
How it works...
It simply allows the majority consensus to alway be in control of supply. This happens with simple Proof of Stake technology - the technology that ethereum is trying to transition to. We simply attach votes to the stake reward transactions. Voters are incentivised to vote because it gives them the power to control supply - which allows them to vote to attempt to protect their equity invested. No other coin offers this technology!!
The majority consensus completes a vote interval every 200 blocks. That means the vote restarts every 200 blocks. The average block height is 64 seconds. So, roughly every 3.55 hours the vote restarts.
At the end of each voting interval, voters get to decide:
Increase the available supply min 1% - max 3%
Or they can vote to keep supply the same
Or they can vote to reduce available supply min 1% - max 3%
When the feds adjust supply, it might take years before results take into affect.
With us, we are adjusting every 3.5 hours. Always trying to let supply equalize with demand.
It's done by enforcing a supply of coins. This supply can ONLY increase in value by stake rewards going to the coin holders that protect the block chain (adds about 1-3% increase a year in supply).
The dynamic peg simply gives every coin a memory. The coins never lose their memory. They have 2 states, they can either be a liquid coin or a reserve coin.
This can all be done proportionally through a simple curvature graph.
The voters (majority consensus) decide how many coins can be liquid and how many coins can be reserve.
Liquid coins have no limitations, hold the most voting power and have the potential to provide the highest ROI from stake rewards.
Reserve coins can only transact with a 1 month timelock applied to the receiver. This means that the receiver will not be able to move the coins on-chain again until the time lock expires. This simple delay mechanism creates a sub-premium quality to the coin.
I recently created a google spreadsheet that tracks how the dynamic peg index functions.
I added a new column to it that shows how much capital is needed to hold a supply level at a specific price.
It's important to realize that our true strength doesn't come from an altcoin bull rally created by bitcoin.
Our true strength comes from realizing that you don't have to leave crypto with your profits after the bull rally ends.
With BitBay, you can park your equity with a protocol that fights to enforce the floor price.
This makes trading it a breeze. The current floor price is 0.20$ It's optimum to place orders around 0.19$ - 0.21$
If supply is willing, it will sell into those levels.
If more supply is needed then voters can agree to increase supply.
If too much supply drops price, then voters can agree to decrease supply to get it back to floor price.
Wash, rinse and repeat.
Hope this helps some with the inquiry!
Here is the link to the google spreadsheet that shows how much capital is needed to enforce a specific peg index level
https://docs.google.com/spreadsheets/d/1mam-OhRuhbgQWhOPTObBX-cJBEjvK4OexPtgnJF9FKU/edit?usp=sharing
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