BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open

[dzimbeck]

So could you answer please one of the most important questions for the IoT feature: how the software works terms of real time hardware control. So far none of the IoT coins (BitBay, TileCoin, GadgetCoin) answered  this question and I hope you have the answer.

Let see a very simple and basic IoT sample, you have a light switch controlled by an Internet of Things Zigbee switch sensor, how do you turn on/off the light, do you wait 60 seconds until the transaction is included in the blockchain or do you have a workaround to complete the smart contract quicker to execute the hardware control?

I am very interested in your coin :-)) it is a great project and I am sure you have managed to make it work and it would be great to know how the solution works before making a decision about investing in the coin.

Well there are a few techniques to this. With checklocktimeverify, there is a whole bunch of new types of spending we can do. For example, we can spend so coins convert to a different address later, we can lock coins for months at a time. A 2 of 2 multisig account can convert to a 3 of 3 or (really anything)... its all about how you want to program the device.

With that said, most devices will need their own key and will sign on its own behalf. This would be used for more than just spending money. Since you get a secure connection to the device, it can hold coins, it can perform contracts with you etc. Thus, using double deposit we can create a set of rules and protocols interacting with the device. One example is a hardware staking wallet with multisig. At Blackcoin they are working on this. Their lead dev rat4 already coded in multisignature staking. It was lovely. So that just needs to be applied in the context of a device. This is just ONE example. Losing your hardware need NOT lose your coins even in a 2 of 2 multisig since we can lock the coins to convert back to the users key at a later date.

[dzimbeck]

How much coins will stay by the development team?

What is the timeline for all this fantastic features? Will you be able to deliver these things before Ethereum and NXT?

BitHalo and BlackHalo were proudly a year ahead of Etherium but nobody noticed it. I'm capable of doing so many more advance contracts but my project just never got the attention or funding because I was new to the scene and Vitalik was around for years.

So the smart contracts are done. But there will be more types of contracts to come on top of that layer. I can add loops and I even know how to decentralize a fork. But im focusing on getting what I promised done first.

This time, do you have the resources to obtain marketing that will help bring smart contracts to the masses?

I'm hoping so... my marketing was very sluggish despite all the moves we made this year. But I think that we will break this market eventually. More and more people are realizing what we did. Its most likely unnoticed at first because not everyone even knew Bitcoin and Blackcoin had contracts lol.

[Baghead]

Have to come say hi David and Bitbay team,
i've read lots today and it seems dev has not had the success he deserves. i am new to alt coin etc and the only reason i would invest would be from the  facts of which i do not have many just anonymous who needed 3k BTC and David Zimbeck, who seems very well respected within the crypto world and works his but off..
I just hope his name does not get screwed with this and it will if there is no motivation or if there is change of heart for the project by bitbay after gaining BTC3000? That was a question what will keep Bitpay alive after BTC gone? Well done though and good bloody luck. Ps only reason i invested was because of your rep dev i understand the risks but i also know many will not and they will try trash   if something goes funkytown

[altcoinUK]

So could you answer please one of the most important questions for the IoT feature: how the software works terms of real time hardware control. So far none of the IoT coins (BitBay, TileCoin, GadgetCoin) answered  this question and I hope you have the answer.

Let see a very simple and basic IoT sample, you have a light switch controlled by an Internet of Things Zigbee switch sensor, how do you turn on/off the light, do you wait 60 seconds until the transaction is included in the blockchain or do you have a workaround to complete the smart contract quicker to execute the hardware control?

I am very interested in your coin :-)) it is a great project and I am sure you have managed to make it work and it would be great to know how the solution works before making a decision about investing in the coin.

Well there are a few techniques to this. With checklocktimeverify, there is a whole bunch of new types of spending we can do. For example, we can spend so coins convert to a different address later, we can lock coins for months at a time. A 2 of 2 multisig account can convert to a 3 of 3 or (really anything)... its all about how you want to program the device.

With that said, most devices will need their own key and will sign on its own behalf. This would be used for more than just spending money. Since you get a secure connection to the device, it can hold coins, it can perform contracts with you etc. Thus, using double deposit we can create a set of rules and protocols interacting with the device. One example is a hardware staking wallet with multisig. At Blackcoin they are working on this. Their lead dev rat4 already coded in multisignature staking. It was lovely. So that just needs to be applied in the context of a device. This is just ONE example. Losing your hardware need NOT lose your coins even in a 2 of 2 multisig since we can lock the coins to convert back to the users key at a later date.

I think you are referring to Peter Todd's CHECKLOCKTIMEVERIFY implementation. Peter is contracted right now to ViaCoin, in this case they are working on the same stuff as you do. I thought the main issue with the CHECKLOCKTIMEVERIFY for IoT application is the timing, but I could be wrong. I understand with CHECKLOCKTIMEVERIFY no need to wait for the 10 minutes confirmation time before agreeing on an escrow for example, but I would think for IoT is still not feasible as it will still take 20 seconds or so to complete a contract.

Thanks for your reply, it's great!

[MemoryShock]

This is looking like it is 63% sold out.

Will there be substantial progress by the end of the year?  I think that 'calling out' Maidsafe in the OP was bold.  While I see the value here in theory, this still seems like a different project then what they are working on.

It's enticing for sure and I am a few clicks away...

Edit to add - 37% sold out; a minor error on my part.

[dzimbeck]

So could you answer please one of the most important questions for the IoT feature: how the software works terms of real time hardware control. So far none of the IoT coins (BitBay, TileCoin, GadgetCoin) answered  this question and I hope you have the answer.

Let see a very simple and basic IoT sample, you have a light switch controlled by an Internet of Things Zigbee switch sensor, how do you turn on/off the light, do you wait 60 seconds until the transaction is included in the blockchain or do you have a workaround to complete the smart contract quicker to execute the hardware control?

I am very interested in your coin :-)) it is a great project and I am sure you have managed to make it work and it would be great to know how the solution works before making a decision about investing in the coin.

Well there are a few techniques to this. With checklocktimeverify, there is a whole bunch of new types of spending we can do. For example, we can spend so coins convert to a different address later, we can lock coins for months at a time. A 2 of 2 multisig account can convert to a 3 of 3 or (really anything)... its all about how you want to program the device.

With that said, most devices will need their own key and will sign on its own behalf. This would be used for more than just spending money. Since you get a secure connection to the device, it can hold coins, it can perform contracts with you etc. Thus, using double deposit we can create a set of rules and protocols interacting with the device. One example is a hardware staking wallet with multisig. At Blackcoin they are working on this. Their lead dev rat4 already coded in multisignature staking. It was lovely. So that just needs to be applied in the context of a device. This is just ONE example. Losing your hardware need NOT lose your coins even in a 2 of 2 multisig since we can lock the coins to convert back to the users key at a later date.

I think you are referring to Peter Todd's CHECKLOCKTIMEVERIFY implementation. Peter is contracted right now to ViaCoin, in this case they are working on the same stuff as you do. I thought the main issue with the CHECKLOCKTIMEVERIFY for IoT application is the timing, but I could be wrong. I understand with CHECKLOCKTIMEVERIFY no need to wait for the 10 minutes confirmation time before agreeing on an escrow for example, but I would think for IoT is still not feasible as it will still take 20 seconds or so to complete a contract.

Thanks for your reply, it's great!

This all depends on what you are negotiating. And it may actually require waiting for confirmations. In BlackHalo, i make the client go to escrow after only a few confirmations. Its a series of 3 or 4 transactions and its outline how its done in my whitepaper that comes with the program or found at Bithalo.org

[dzimbeck]

Have to come say hi David and Bitbay team,
i've read lots today and it seems dev has not had the success he deserves. i am new to alt coin etc and the only reason i would invest would be from the  facts of which i do not have many just anonymous who needed 3k BTC and David Zimbeck, who seems very well respected within the crypto world and works his but off..
I just hope his name does not get screwed with this and it will if there is no motivation or if there is change of heart for the project by bitbay after gaining BTC3000? That was a question what will keep Bitpay alive after BTC gone? Well done though and good bloody luck. Ps only reason i invested was because of your rep dev i understand the risks but i also know many will not and they will try trash   if something goes funkytown

Well hopefully i can keep my head above water. Its similar to blaming Peter Todd if things go south in Viacoin. I for one, would not blame him because markets are volatile. Especially if he was part of a team and was being contracted. For me to have my own coin would require a massive team of coders since I would want to rewrite Bitcoin so it can scale to the proportions of visa.

Anyways, thanks for the support its exciting none the less. My hands are getting tired from all the typing lol.

[dzimbeck]

By the way, here is a somewhat trivial diagram of the market flow

[CryptoPromotions]

closing in on 750 i see. still 3 days 7 hours left?

[BitBay Team]

closing in on 750 i see. still 3 days 7 hours left?

Yes indeed! We are extremely proud of the community response and we're working hard to make sure our supporters and investors will not be disappointed.

By the way, we have received our first star from Crypto Certify! Our 3 star rating will be issued upon launch along with certified executable files for both Windows and Mac! Mobile staking wallets are also being tested now. Block Explorer also on the way. This is going to be a big week for crypto.

https://dl.dropboxusercontent.com/u/9200425/bitbay_bay_cert.png

Web link: https://www.cryptocertify.com/portfolio-posts/bitbay-bay/

@Twitter: https://twitter.com/CryptoCertify/status/532414586876882944

[Mig-23]

is there any plan to add more exchange?
dev,..

[canary]

Good luck on your journey, it seems like reliable dev and hope that it creates, adds new things on cryptocurrency ecosystem!

[Oops]

is there any plan to add more exchange?
dev,..

Any chance this will go to Bittrex or cryptsy? If so I may buy some.

[dimfot]

is there any plan to add more exchange?
dev,..

With 739BTC volume already exchanges are gonna pick us on their own.

[Forobitcoins]

is there any plan to add more exchange?
dev,..

Any chance this will go to Bittrex or cryptsy? If so I may buy some.

I do not think. The IPO was completed first in bter

[chicken65]

Anyone know what the actual time scale for the implementation of the wallets marketplace.
Are we looking at 6 months, a year? This is the biggie for me as well as the Chinese involvement.

[Forobitcoins]

Anyone know what the actual time scale for the implementation of the wallets marketplace.
Are we looking at 6 months, a year? This is the biggie for me as well as the Chinese involvement.

I think before the end of the year, if I understand correctly

[BitBay Team]

is there any plan to add more exchange?
dev,..

Any chance this will go to Bittrex or cryptsy? If so I may buy some.

Thank you for the great question. Yes, we do plan on going to several other exchanges after completion of the ICO investment period @Bter. We will initially reach out to Bittrex and Cryptsy while we remain completely open to others adopting BAY as well.

As for the questions regarding completion of the in-wallet marketplace, I think it would be best to have David himself respond directly as soon as he is available / online. We are making breakthroughs everyday and release of that technology may come a lot sooner than expected. Once again everyone, we really appreciate all the support on BitBay.

[Kevinrasf]

That is quite the plan for this coin.

After reading the OP I must say I am very excited and will definitely invest and follow this.

[bobbbsurplus]

Hi Guys! Happy To See You Did Not See We Dont Have Shit here! 

Also You are So Stupid You Cant Do Math! 3000 - 797 = 2203 BTC left!  


https://bter.com/trade/BAY_BTC What do you See?

Thanks for giving btcs! Down my wallet it goes! #LiviNLife