BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[cr197]

BitBay Weekly Update (June 4th)

Development Updates:

- We have exciting news to share! Our developer has managed to allocate some time in his busy schedule to start updating the C++ code for BitBay. This update will enable BitBay to bridge into the Ethereum-based ecosystem as an ERC-20 token. More time will be allocated as he completes his other major task. This will allow us to bring the dynamic peg protocol to all EVM's. It is a form of price stability without being hard pegged.

- Additionally, we have discovered that Avalanche (AVAX) has released a protocol that allows any ERC-20 token to be used for gas on any platform. This development will significantly benefit BitBay's bridge in the DEFI sector. https://twitter.com/el33th4xor/status/1665368786004852737?s=20. Bridged BitBay tokens still utilize a form of our dynamic peg protocol, the peg requires more contracts than usual. With this new protocol from AVAX, swapping and adjusting the peg index will become extremely affordable. You can find the Goerli Testnet of BitBay's Swap here: https://dzimbeck.github.io/test-page/.

- Moreover, this improvement will enhance the cost-efficiency of our EtHalo marketplace. The Goerli Testnet EtHalo beta can be accessed at: https://bithalo.org/Ethalo/. EtHalo is a double deposit escrow marketplace that operates without a middleman. By eliminating the need for a middleman, we reduce fees and increase profitability.

Thank you for your continued support! We are getting closer to the finish line! For more information on how the dynamic peg works feel free to check out this presentation: https://bitbay.market/downloads/bitbay-dynamic-peg-intro.pdf

[dzimbeck]

Thanks for posting the updates 

Yeah everything is moving along nicely

[shouts]

Looking forward to your progress!

We can collaborate in the future.


Shouts - Decentralized Social Network
https://shouts.social

[Cryptarded]

Any updates? Been quiet on here for a while.

[dzimbeck]

Any updates? Been quiet on here for a while.

Very good theres the bridge which we are doing the c++ side of it and lots of progress was made. Theres also the web markets with support for all major coins and also the sister project some of our community members are working on for a Bitcoin based DEX(one of the only ones to my knowledge). To see the progress if you have a Telegram it actually gets pretty active there. BitBay is very much doing well and hopefully it will get back to active trading on AMM exchanges on those networks like polygon with a sort of watered down peg in solidity.

[Cryptarded]

Thanks for the update! Might have to hop on Telegram sooner or later

[hopenotlate]

A quick question it happened a couple of times that the recent transactions tab in Dashboard page of my qt wallet was messed up (not in chronological order) but if I close and restart it everything is fine : just curious about the reasons that may cause this.

[dzimbeck]

A quick question it happened a couple of times that the recent transactions tab in Dashboard page of my qt wallet was messed up (not in chronological order) but if I close and restart it everything is fine : just curious about the reasons that may cause this.

Thanks for reporting this, currently we are updating the QT for the bridge. Does this happen after a transaction or just randomly? Are you staking when it happens?

[hopenotlate]

A quick question it happened a couple of times that the recent transactions tab in Dashboard page of my qt wallet was messed up (not in chronological order) but if I close and restart it everything is fine : just curious about the reasons that may cause this.

Thanks for reporting this, currently we are updating the QT for the bridge. Does this happen after a transaction or just randomly? Are you staking when it happens?

Not sure when it happened , I usually let my QT wallet up and running 24h hours/7 days in background and from time to time I just go check if I received some staking reward ( so yes am constantly staking ) when I noticed TX order was messed up.
Just for the record,  I closed the wallet and re-launched it and everything came back to normal.

[dzimbeck]

A quick question it happened a couple of times that the recent transactions tab in Dashboard page of my qt wallet was messed up (not in chronological order) but if I close and restart it everything is fine : just curious about the reasons that may cause this.

Thanks for reporting this, currently we are updating the QT for the bridge. Does this happen after a transaction or just randomly? Are you staking when it happens?

Not sure when it happened , I usually let my QT wallet up and running 24h hours/7 days in background and from time to time I just go check if I received some staking reward ( so yes am constantly staking ) when I noticed TX order was messed up.
Just for the record,  I closed the wallet and re-launched it and everything came back to normal.

Could it be that it was simply the transactions that you thought were in front were out on a stake? Because staking moves funds and ties them up theoretically. Or was the order of the dates of the transactions showing older TX before newer ones? You can PM me a screenshot if it happens again. 

[hopenotlate]

A quick question it happened a couple of times that the recent transactions tab in Dashboard page of my qt wallet was messed up (not in chronological order) but if I close and restart it everything is fine : just curious about the reasons that may cause this.

Thanks for reporting this, currently we are updating the QT for the bridge. Does this happen after a transaction or just randomly? Are you staking when it happens?

Not sure when it happened , I usually let my QT wallet up and running 24h hours/7 days in background and from time to time I just go check if I received some staking reward ( so yes am constantly staking ) when I noticed TX order was messed up.
Just for the record,  I closed the wallet and re-launched it and everything came back to normal.

Could it be that it was simply the transactions that you thought were in front were out on a stake? Because staking moves funds and ties them up theoretically. Or was the order of the dates of the transactions showing older TX before newer ones? You can PM me a screenshot if it happens again. 

Older and newer transactions were mixed up apparently without criterion, but we know code has its' own one. Will share a screenshot for sure if it happens again but take into consideration it was the first time I noticed it in years.

[Brokkr]

Howdy all,

We're still plugging away, and have developed polygon webmarkets, an AI moderation service for items, an exchange that allows for the decentralized, high-frequency trading of Bitcoin and other UTCO coins, and we're getting ready to release a hardfork that will move coins back and forth across a bridge from our mainnet to Polygon. We'll keep you all updated as we get into marketing mode. Keep the faith!

[dzimbeck]

Howdy all,

We're still plugging away, and have developed polygon webmarkets, an AI moderation service for items, an exchange that allows for the decentralized, high-frequency trading of Bitcoin and other UTCO coins, and we're getting ready to release a hardfork that will move coins back and forth across a bridge from our mainnet to Polygon. We'll keep you all updated as we get into marketing mode. Keep the faith!

The bridge also supports moving coins to other networks such as Solana and 2nd layer ETH(because ETH would be too expensive to run a watered down peg). But in the beginning Polygon seemed the best. Solana I never was fond of the inability to deterministically decompile contracts making it easier to close source.

With that said the web marketplace for commercial markets supports currently Polygon, DAI and of course can add WETH and others. Those can be found here:
https://app.bitbay.market

The community will let people know when it's time to update QT and Halo for any fork. Should be this year if tests continue to go well. Also the bridge needs a full audit and theres a small list of things I want fix with it anyways. And apologies for the several year hiatus and I know people have waited a long time for the project to be marketable again. Basically we had great success in 2017-18 with a 4000x increase from the lowest point with millions in daily volume. Then altcoin industry went bust a few years. Then major exchanges delisted because they were too lazy to make custom code for the peg. Then 3/4 of the exchanges we paid listing fees to stole our listing fee outright and vanished. The last exchange was Latoken who after a year of stalling followed our instructions. Then we got screwed by Latoken who stole users BitBay after they closed markets with a half-hearted attempt to adopt the peg(which I think only one of their devs pushed for and it worked for a while although they selectively messed with us). When the peg was actively trading there it worked to keep the price that the community and algorithm set so it proved the point that its sound in theory. Especially considering the low volume to keep the price was notable. But the community was reimbursed using my personal BAY which will be restored after the fork(we airdropped before to get it out of the way).

And finally, as Yshurik agreed to do QT work he was busy for a year on an exchange he was coding and I was also busy with just life in general. Finally he had time and that was this year mostly working on the c++ side of the code which the theory was demonstrated behind BitBay bridge in Python in the Halo wallet tests years ago that I wrote. And the Solidity code as you all know was working for a few years(bridge testnet). Lastly this year those web markets were developed. The entire system of double deposit runs autonomously powered by the users themselves without any governance so it's ultra secure. There was also two audits done on it we encourage more. Then there was the goal of making sure users self filter using AI. It's a great model for any internet service really since the rule of thumb is small businesses and forums aren't responsible for what users post. Yet if they could self-filter it takes away the moderation overhead and keeps markets on top for commercial goods and services.

This was actually another innovative tool made in the BitBay community since anyone can run an AI node so you could consider it decentralized AI moderation services and the rate limits are checked against active users public encryption key in the markets themselves which is a fantastic model for keeping bots off the system. The node works with a purely front end javascript architecture(no servers) as the nodes themselves use a simple tunnel with turnkey servers(like ngrok) so they  dont necessarily have to pay for a membership to ngrok if the volume of transactions and requests is low. They could run their own AI models(like Molmo) in lieu of API keys to sightengine or Pinata(IPFS). But I feel if they do that, they should battle test the moderation capabilities to make sure there is no mistakes and prompts are correct.

And of course everyone have a happy holidays. The community will post any updates as they come. I'm just rooting for BitBay from the crowd. Finally hopefully the bird learns to fly with it's own wings with less dependence on the community directly. It certainly has all the tools for it.

[Cryptarded]

This is awesome progress and happy to hear about the updates! Keep up the great work!

[KokoroSensei]

Yes! This was my favorite project back in day. I thought it died off but shows what I know. Excited to see the progress here. Keep up the excellent work!

[cr197]

The new versions of wallets are available on github and bitbay.market website!
The fork is getting very close! Can't wait to let this tech finally thrive again!

Howdy all,

We're still plugging away, and have developed polygon webmarkets, an AI moderation service for items, an exchange that allows for the decentralized, high-frequency trading of Bitcoin and other UTCO coins, and we're getting ready to release a hardfork that will move coins back and forth across a bridge from our mainnet to Polygon. We'll keep you all updated as we get into marketing mode. Keep the faith!

The bridge also supports moving coins to other networks such as Solana and 2nd layer ETH(because ETH would be too expensive to run a watered down peg). But in the beginning Polygon seemed the best. Solana I never was fond of the inability to deterministically decompile contracts making it easier to close source.

With that said the web marketplace for commercial markets supports currently Polygon, DAI and of course can add WETH and others. Those can be found here:
https://app.bitbay.market

The community will let people know when it's time to update QT and Halo for any fork. Should be this year if tests continue to go well. Also the bridge needs a full audit and theres a small list of things I want fix with it anyways. And apologies for the several year hiatus and I know people have waited a long time for the project to be marketable again. Basically we had great success in 2017-18 with a 4000x increase from the lowest point with millions in daily volume. Then altcoin industry went bust a few years. Then major exchanges delisted because they were too lazy to make custom code for the peg. Then 3/4 of the exchanges we paid listing fees to stole our listing fee outright and vanished. The last exchange was Latoken who after a year of stalling followed our instructions. Then we got screwed by Latoken who stole users BitBay after they closed markets with a half-hearted attempt to adopt the peg(which I think only one of their devs pushed for and it worked for a while although they selectively messed with us). When the peg was actively trading there it worked to keep the price that the community and algorithm set so it proved the point that its sound in theory. Especially considering the low volume to keep the price was notable. But the community was reimbursed using my personal BAY which will be restored after the fork(we airdropped before to get it out of the way).

And finally, as Yshurik agreed to do QT work he was busy for a year on an exchange he was coding and I was also busy with just life in general. Finally he had time and that was this year mostly working on the c++ side of the code which the theory was demonstrated behind BitBay bridge in Python in the Halo wallet tests years ago that I wrote. And the Solidity code as you all know was working for a few years(bridge testnet). Lastly this year those web markets were developed. The entire system of double deposit runs autonomously powered by the users themselves without any governance so it's ultra secure. There was also two audits done on it we encourage more. Then there was the goal of making sure users self filter using AI. It's a great model for any internet service really since the rule of thumb is small businesses and forums aren't responsible for what users post. Yet if they could self-filter it takes away the moderation overhead and keeps markets on top for commercial goods and services.

This was actually another innovative tool made in the BitBay community since anyone can run an AI node so you could consider it decentralized AI moderation services and the rate limits are checked against active users public encryption key in the markets themselves which is a fantastic model for keeping bots off the system. The node works with a purely front end javascript architecture(no servers) as the nodes themselves use a simple tunnel with turnkey servers(like ngrok) so they  dont necessarily have to pay for a membership to ngrok if the volume of transactions and requests is low. They could run their own AI models(like Molmo) in lieu of API keys to sightengine or Pinata(IPFS). But I feel if they do that, they should battle test the moderation capabilities to make sure there is no mistakes and prompts are correct.

And of course everyone have a happy holidays. The community will post any updates as they come. I'm just rooting for BitBay from the crowd. Finally hopefully the bird learns to fly with it's own wings with less dependence on the community directly. It certainly has all the tools for it.

[cr197]

Thanks for all the support from an amazing service to help us transition!

https://chainz.cryptoid.info/bay/

Best service a blockchain could ask for. And it keeps evolving, lol!

[Tenzen]

The BitBay team, have just updated their BitBay QT and Marketplace wallets, in preparation for the upcoming fork of BitBay’s blockchain.

This fork will not only add new features to Bitbay’s already impressive array of innovative features,  it will also move the NightTrader decentralized multisignature exchange, one step closer to completion. If you have a BitBay wallet, please update to the latest version (version 4.0)

Congratulations to the BitBay team. Your hard work, dedication and resilience is greatly appreciated.

Hopefully, 2025 will see this project get the respect it deserves.

[dzimbeck]

Hi yes I can confirm this. Please everyone update your clients for both QT and Halo from the links on the official site(Halo will link to pcloud download).

For QT it will take some time to update the peg database so just let it do it's thing when loading and eventually it should be synced.

The same is true for Halo. You may get a message when running Halo/Markets client that it didn't connect or bitbayd is busy. Actually just don't even click anything and let that message hang for a day. Clicking continue to connect early may make it compulsively reset the daemon and slow down the peg database update. I had not taken that into account on this build but it works if you just boot it up and totally ignore it for a day. This is the best way to let it re-calibrate. Then come back later and click to continue trying to connect and it should sync.

Then we will wait for network adoption of 4.0 client to hit 80% and then we can make sure everyones block height matches and only then fork is triggered by a transaction.
However the bridge itself will take some time in the audit phase maybe some weeks so only after changes are made to those contracts and thoroughly checked by other coders through an audit would it be live on AMM exchanges such as Uniswap or whatever is available on Polygon.

So BitBay web markets are live, BAY also trades on NightTrader DEX which is live, BitBay bridge is also undergoing the fork and in about a months time we should have some AMM exchanges with trading capacity based on audit results.

Thanks everyone for your patience.

[Piston Honda]

WOW still going eh?  Congrats....

0 re. price action/making money but ok.