Cryptocurrency software BitBay which provides a smart contracting interface with decentralized markets is once again in the limelight. The program is free and has a high level of security as it executes direct buyer-seller transactions while doing away with centralized services. This is exactly the kind of protection most users of services like eBay Classifieds, Craigslist and Hoobly are looking for.
BitBay’s unique selling point is in its virtually unbreakable smart contracts which are backed up by collateral deposits from each party. These guarantees are also very effective in preventing fraud. What is more, the platform has scrapped arbitrators, escrow, biased third parties and fees, which has created a highly user-friendly and trustworthy environment.
The system offers a variety of smart contract templates such as “Cash for Coins”, “employment contracts”, “buy/sell contracts”, “decentralized eBay-like delivery contracts” and “barter contracts”.
Other useful features of the platform include an entirely anonymous market, e-mail communication supported by Thunderbird encryption and Bitmessage chat. Plans for a tool that will get rid of the cryptocurrency’s volability is currently in the pipeline.