- BitBay PC Client
- BitBay Mac Client
- BitBay Linux Client
- BitBay QT PC Client
- BitBay QT Mac Client
- BitBay QT Linux Client
- BitBay QT source
What is multisig, and how does it work?
Multisig is a way to let two or more people share control of a wallet. Each person will get their own key, and the wallet can only be accessed if the preset amount of key-holders unlock it.
Multisig can also be used to increase the security of your wallet. For instance, you could set things up so you have to log on from two different computers, or require two separate keys which you store separately. Just always remember to back up both of your keys. Our wizard will guide you through the process.
What is a smart contract, and how does it work?
The term “smart contract” is widely used now. The only definition of the term that we accept is a contract that is enforceable without middlemen. A smart contract should also be able to "auto-execute" and be able to sign on your behalf in certain conditions.
Basically, it makes use of the multisig function and/or timelocking. The way we use it on the market place is that 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 it goes belly up, both parties loose their locked bay, because one or both will refuse to release the deposit. Once the time runs out, the funds are destroyed and nobody wins. 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).
We are at the very beginning with smart contracts, and believe we will see them used in a lot of new ways, like work contracts and the internet of things.
How can the freezing/hedging system peg Bay to US$, and how is it possible?
Bay is made to be used by ordinary consumers. They want a currency with a predictable value and without volatility. For example, by deflating the currency, we can make supply match the demand on exchanges. This means we can keep the price equal to a peg price (for example $1). Pegging can be done by controlling supply. By freezing a percentage of the Bay in everyone’s wallet we reduce supply to a level where it meets demand at the price we want.
If coins get frozen then can I still sell them?
In order to allow for a healthy and liquid market, we are considering allowing the sale of reserve coins. However, the condition is, you must lock the coins for 3-6 months and the new buyer will only receive them as reserve. This can allow for new people to enter the market with a long term investment. It may also be useful for large purchases without effecting the price, deposits without using liquid coins or even peer to peer good faith sales or exchange. There are many advantages to frozen assets like lending against them, giving discounts and large swaps.
- Block Explorer
- The new and improved Official Site!
- The original Mirror Site linking directly to Halo ftp
Want to see where all the action is?
Most of the fun, testing and core community chat happens on slack! Please join us there by using this link: http://bitbay.market/wp-login.php?action=slack-invitation
Development is ongoing and any updates to the releases will be posted on slack and on bitcointalk. David has been coding for months and this new release is commercially stable and user friendly. At the time of this post, the first template has been successfully deployed with more to come! Now that the core is updated, the new templates will roll out much faster. And we thank you for your loyalty and patience!