What is ETHBAYEthbay is an online marketplace that is closely similar to eBay, permitting users to buy or sell tangible or intangible items using Ethereum. At a price of just 1%, Ethbay charges a substantially lower fee than eBay or any other standard fiat marketplace. Ethbay charges no listing fees for sellers on the platform, opening up the space to free listings, which is in stark contrast to the accepted industry standard.
Ethbay uses an ultra secure Ethereum smart contract escrow solution to ensure the safety and security of both parties when transacting. In addition, Ethbay provides one of the first truly anonymous marketplaces where no personal information is required for registration. This includes an encrypted messaging system when interacting with other users for increased privacy. Best of all, holders of the EBY token are entitled to proportional shares of whatever fees are generated on the platform.
In the future, Ethbay plans to add additional features to the platform including Ethbay Services where users can buy and sell services using Ethereum (essentially a decentralized fiverr) as well as Ethbay Classifieds where users can buy and sell locally using Ethereum as a base currency.
Users of online auction platforms and bidding sites like eBay face 3 major issues/challenges that detract from the value they are getting from the service.
These issues are as follows:
-Excessive fees for transactions and listing
-Lack of security in carrying out transactions
-Lack of any long-term reward for platform loyaltyEthbay takes these three problems head on with an innovative solution that eliminates listing fees, radically reduces transaction fees to just 1%, incorporates an ultra-secure Ethereum smart contract escrow solution, and even includes a platform-specific cryptocurrency that tracks the value and popularity of the platform, rewarding its holders with substantial returns on their investment.
How it WorksAnyone from any country can register onto the site. No user information is required. An account ID will be generated that users will be asked to save. They will be asked to set a password for their account and will be given a 12-word mnemonic phrase that can be used to reset their password if they forget it. Buyers may add their email address to receive notifications from the site regarding their orders or sales if they wish but it is not required. In keeping with the blockchain’s theme of anonymity, this platform attempts to place as little focus as possible on centralization of any sort.
Sellers provide an Ethereum address where they want to receive payments for any sales they make. Items can be listed as either an auction with the start time and duration indicated by the seller or as a fixed price listing. With search functions available for buyers to find and sort through sellers lisitngs.
When a buyer has found an item they wish to purchase, they can enter their bid amount for auctions in a similar way bids are submitted on eBay. If the buyer’s maximum bid is higher than the previous bid, the bid will only show the minimum amount required for the buyer to be the high bidder based on the previous high bid and bid increments. New bids submitted that are outbid by the maximum bid, only increase the bid by the minimum amount required to remain the high bidder. Once the auction ends, the winning bidder will be given an escrow address to send the Ethereum to.
Once the Ethereum transaction is confirmed, the order is officially confirmed. This same checkout process is also used for fixed price listings after the buyer commits to buy the seller’s item. In the future, an on-site cryptocurrency exchange will be available to make purchases with almost any cryptocurrency, although Ethereum will remain the base currency. Our exchange will be able to quickly trade the cryptocurrency deposited for Ethereum when transferring the funds to the seller.
Once the buyer receives their order and are satisfied with their purchase, they can release the escrow to the seller. Any disputes from the seller regarding non release of escrow or disputes from the buyer over a problem with their order will be handled by our meditations experts to reach a resolution. Users with numerous cases opened against them or users found to be abusing the dispute system will be suspended to protect the Ethbay community.
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