BitBay / BayCoin / CryptoBay Project
The goal of ‘BitBay’ is to create the entire economy within the crypto space. With the implementation of multiple smart contract methods – such as unbreakable double deposit, Halo contracts, and special time locked contracts with the new CheckLockTimeVerify function, this project can allow all kinds of innovative financial instruments. For example, accounts can be created with two keys that can later convert to three keys. Contracts can be made completely unbreakable, financial derivatives will never go unpaid, and BitBay will be the first coin to convert to a full hedging coin. This means, the price gets locked in after the project proves its developement schedule.
The economy of BitBay hinges on decentralized markets. We are supporting Halo technology by licensing their software. Since we see the amazing value in being part of the worlds first decentralized markets with Halo technology and decentralized Bitmessage markets we are honored to be working with them. The technology that we will use in BitBay is based on BlackHalos market engine that leverages ‘Bitmessage’. Combining the use of proof of burn, white-lists and Bitmessage Channels, these markets will have no central point of failure. The Bitbay blockchain is impossible to bloat and can scale to meet the needs of international markets.
Furthermore, we use our contact list from Alibaba to help populate all the decentralized markets. BitBay is positioned to replace current online auction websites once the world recognizes the true utility of basing trust on Satoshi’s blockchain tech. After the debut of the markets, we will fork the coin into a hedging coin. This will greatly reward investors who get in on the ground floor, and it will eliminate volatility using a similar system to NuBits. This is all possible because of time locks that allow us to park coins.
BitBay supports Stealth technology. Because of time locks, it will be possible to perform Atomic trades allowing for decentralized exchange.
Bitbay smart contracts are also designed to support the internet of things. We plan on implementing our contracts into hardware. Since the contracts are unbreakable, we will form powerful partnerships in Chinese manufacturing markets and be able to decentralize more than just money. Hardware will store these contracts and be used for honoring agreements and creating mesh networks.
Mesh networks are by FAR the Holy grail of anonymity and freedom. This is internet without IP addresses. Forget, Maidsafe, we want to decentralize the world and make it free for everyone. This is our end goal.
We are proud to say we are a coalition of some very powerful people in Crypto. This is a long term project with a fast paced development schedule.
Specifications (POS 2.0):
- Symbol: BAY
- Total money supply : 1 Billion
- Block time: 64 seconds
- Nominal stake interest: 1% annually
- Min transaction fee: 0.0001 Bay
- Confirmations: 10, maturity: 50
- Min stake age: 8 hours, no max age