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Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
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!
https://chainz.cryptoid.info/bay/
Best service a blockchain could ask for. And it keeps evolving, lol!
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
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!
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.
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!
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.
Re: Looking for Bitcoin dev experienced with traditional UTXO, solidity, web3...
https://testnet2.nighttrader.exchange/markets/TBCH-TBTC
Imagine a speedDex exchange that has no rival except an atomic swap, yet doesn't charge a tx fee for each UTXO transaction - only once a week on debt clearance using threshold signature system.
And it's compatible with Web3 EVM as well.
Takes more than your average coder to understand and that's why the need for high end devs.We are looking on multiple platforms.
Getting your name attached to this will help you as well along with pay.
Imagine a speedDex exchange that has no rival except an atomic swap, yet doesn't charge a tx fee for each UTXO transaction - only once a week on debt clearance using threshold signature system.
And it's compatible with Web3 EVM as well.
Takes more than your average coder to understand and that's why the need for high end devs.We are looking on multiple platforms.
Getting your name attached to this will help you as well along with pay.
Re: Looking for Bitcoin dev experienced with traditional UTXO, solidity, web3...
Pay rate is negotiable. The reason for high qualifications is due to the front end working with utxo and sighash and web3 and because we have other projects coming after it.
So this isn't your typical frontend rehash. We need top notch devs and we don't need them dealing with other work loads from other projects. This is not BitPay
This is a decentralized project far from it. We recently had front end devs who wasted months of our time and we have had to redo the work ourselves and are looking for any high level devs to help.
So this isn't your typical frontend rehash. We need top notch devs and we don't need them dealing with other work loads from other projects. This is not BitPay
This is a decentralized project far from it. We recently had front end devs who wasted months of our time and we have had to redo the work ourselves and are looking for any high level devs to help.
Looking for Bitcoin dev experienced with traditional UTXO, solidity, web3...
Looking for Bitcoin dev experienced with traditional UTXO, solidity, web3, pure vanilla JavaScript, full stack. Must be a master coder, humble, faithful, and very fast at deployment.
The job is to update a front end for a very unique utxo Dex that uses tss(threshold sigs) and sighash. The actual front end logic is totally finished but need to take a new figma and adapt it to the existing site with all the niceties shown in the figma. The coder must be great at reading and understanding code. Will need extensive GitHub or else no work will be given. Must not be compromised by another job and must be available immediately. If this job is completed quickly there are other large jobs that we might need them for consistent work. Salary is negotiable at their current market rate by hourly or milestone wages
The job is to update a front end for a very unique utxo Dex that uses tss(threshold sigs) and sighash. The actual front end logic is totally finished but need to take a new figma and adapt it to the existing site with all the niceties shown in the figma. The coder must be great at reading and understanding code. Will need extensive GitHub or else no work will be given. Must not be compromised by another job and must be available immediately. If this job is completed quickly there are other large jobs that we might need them for consistent work. Salary is negotiable at their current market rate by hourly or milestone wages
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
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
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
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
BitBay's Weekly Update (4/28)
Dear BitBay Community,
As we near completion of our development we have decided to start posting weekly update to share our progress:
- Updated some features on the BitBay.Market website including an updated roadmap. It's exciting to see how many milestones have been completed and how close we are to completing the core build. We still are waiting to start the last bit of development needed for our coin to be able to bridge to the Ethereum network. After doing so we will be able to provide Defi with the revolutionary dynamic peg protocol. If we get delayed too much longer we will look for alternative ways to complete design.
- Beta testing of our decentralized marketplace on EtHalo continues to make progress. Thanks to the community for helping us test. We feel most bugs are now discovered. We feel the implementation of double deposit escrow smart contracts on the Ethereum network will significantly contribute to the expansion of our decentralized marketplace, and give BitBay more recognition. BitBay will be able to work on both our own marketplace and Ethereum's marketplace once the bridge coding fork is complete
As always, we encourage you to reach out to us with your feedback, suggestions, or any questions you may have. Your insights are invaluable to us, and we are here to listen. Join us on telegram for a more active community.
The BitBay Team
Dear BitBay Community,
As we near completion of our development we have decided to start posting weekly update to share our progress:
- Updated some features on the BitBay.Market website including an updated roadmap. It's exciting to see how many milestones have been completed and how close we are to completing the core build. We still are waiting to start the last bit of development needed for our coin to be able to bridge to the Ethereum network. After doing so we will be able to provide Defi with the revolutionary dynamic peg protocol. If we get delayed too much longer we will look for alternative ways to complete design.
- Beta testing of our decentralized marketplace on EtHalo continues to make progress. Thanks to the community for helping us test. We feel most bugs are now discovered. We feel the implementation of double deposit escrow smart contracts on the Ethereum network will significantly contribute to the expansion of our decentralized marketplace, and give BitBay more recognition. BitBay will be able to work on both our own marketplace and Ethereum's marketplace once the bridge coding fork is complete
As always, we encourage you to reach out to us with your feedback, suggestions, or any questions you may have. Your insights are invaluable to us, and we are here to listen. Join us on telegram for a more active community.
The BitBay Team
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
Have you even checked the progress?
Defi wallet GUI is almost complete. Just need to finish updating the coding in BitBay to make compatible.
https://dzimbeck.github.io/test-page/
Once NightTrader core backend coding is done we can complete bridge coding.
New frontend is nearing completion.
Defi wallet GUI is almost complete. Just need to finish updating the coding in BitBay to make compatible.
https://dzimbeck.github.io/test-page/
Once NightTrader core backend coding is done we can complete bridge coding.
New frontend is nearing completion.
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
I wanted to let people become aware of just how powerful the peg protocol is.
The floor price set by the basic voting algorithm is designed to be a minimum of 100,000th of BTC's all time high.
This was why the floor price was set to $0.20 when we started the peg (BTC had peaked to nearly $20,000 in the last bull run)
And now that BTC is making new all time highs, the floor price of the peg will continue to push the floor price to 100,000th of the ATH.
So if Bitcoin hits 100,000 dollars a coin, then the new floor price for BitBay's liquid supply will be $1.00
This is going to be fun to watch unfold!!
The floor price set by the basic voting algorithm is designed to be a minimum of 100,000th of BTC's all time high.
This was why the floor price was set to $0.20 when we started the peg (BTC had peaked to nearly $20,000 in the last bull run)
And now that BTC is making new all time highs, the floor price of the peg will continue to push the floor price to 100,000th of the ATH.
So if Bitcoin hits 100,000 dollars a coin, then the new floor price for BitBay's liquid supply will be $1.00
This is going to be fun to watch unfold!!
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
I may be a pessimistic but unfortunately it seems that crypto is deviating from it's original purpose and if coins like bay don't play the game they will never reach public view. Everyone is just looking for the dumb money nowadays.
I think the new NightTrader exchange will help with exposure.
- It will have a multisignature wallet.
- Guaranteed withdrawal safeguard in case of force majeure
- Low trading fees to entice volume
- No KYC for traders trading under 10,000$ volume (this is huge)
- Only list sound projects with real product and merit instead of vaporware
Those points sound ground breaking.
The guaranteed withdrawal and only projects with real product are huge and advantages for investors.
Dev's made a lot of progress this weekend! Getting very close now!
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
⭐ Merited by Joe-Bloggs (1)
I may be a pessimistic but unfortunately it seems that crypto is deviating from it's original purpose and if coins like bay don't play the game they will never reach public view. Everyone is just looking for the dumb money nowadays.
I think the new NightTrader exchange will help with exposure.
- It will have a multisignature wallet.
- Guaranteed withdrawal safeguard in case of force majeure
- Low trading fees to entice volume
- No KYC for traders trading under 10,000$ volume (this is huge)
- Only list sound projects with real product and merit instead of vaporware
Re: Bitbay? what do you think. Does it really offer more than all other alts ?
The above explanation is very interesting. It is obviously an ingenious design.
It removes reliance upon a centralized party to hold collateral that provides the guarantee of assured value.
Is the reduction of liquid supply rapid or aggressive enough in your opinion?
It removes reliance upon a centralized party to hold collateral that provides the guarantee of assured value.
Is the reduction of liquid supply rapid or aggressive enough in your opinion?
As the recent bitbay twitter tweet would explain that the last bitcoin dump could have mitigated its losses. Bitcoin dumped around 16% in just 28 hours.
The dynamic peg would have allowed bitcoin holders the ability to freeze 24% of supply if it had the dynamic peg integrated into it.
There is no telling how this could affect the price of bitcoin. It's never been tested on a high volume scale. But it will once it is discovered.
Just imagine how much support could be found by people waiting on the dips when you have a protocol that can enforce protecting a store of value that suites the majority consensus needs.
https://twitter.com/BitBayofficial/status/1332063147012853763
Re: Bitbay? what do you think. Does it really offer more than all other alts ?
This thread seeks to establish is whether or not Bitbay offers more technically than any other alt outside of the top 100 or top 50? Even the top 25. This is not an attemp to claim it is the best project out (although it may be)and to unfairly criticise other projects. I want to hear why any members feel it is not.
What I wanted to do was have a transparent and fair comparison the design and technical advantages that each project has and how those designs open up opportunities for real world applications and use cases.
I've not heard any other criticism other than people are not aware of it. That is entirely irrelevant for this thread.
I want to know what projects if there are any out there offer more than Bitbay outside of the top 100 or even top 50.
I am also a huge fan of ethereum and several other very large projects but I want to locate and invest in lower cap projects for obvious reasons.
So far I see no member suggesting a project that comes even close to offering what Bitbay does for anywhere near this price range. Take into account it is the only plausible fully decentralized peg out there and DDE market place that exists.
The use cases for this are enormous. The elegant design is quite unique.
What I wanted to do was have a transparent and fair comparison the design and technical advantages that each project has and how those designs open up opportunities for real world applications and use cases.
I've not heard any other criticism other than people are not aware of it. That is entirely irrelevant for this thread.
I want to know what projects if there are any out there offer more than Bitbay outside of the top 100 or even top 50.
I am also a huge fan of ethereum and several other very large projects but I want to locate and invest in lower cap projects for obvious reasons.
So far I see no member suggesting a project that comes even close to offering what Bitbay does for anywhere near this price range. Take into account it is the only plausible fully decentralized peg out there and DDE market place that exists.
The use cases for this are enormous. The elegant design is quite unique.
If you can stabilize a price then you can utilize it as a medium of exchange. This is vital to allow crypto to succeed in achieving mass adoption.
But at the same time stabilizing price into a hard pegged value has more disadvantages than advantages.
Allowing price to continuously discover fair market value is a win win for both investors and speculators.
Never before has crypto been able to provide investors with mathematical certainties about price.
We know the floor price is set to 0.20$ per liquid coin.
We know that the majority consensus of voters can enforce this price.
We also know that there is a fixed amount of coins and they hold a memory that never changes. (however, due to staking supply adjusts - which only adds 1-3% to the supply every year - not enough to hurt price)
And since we know that the price can be enforced and the supply can be determined, then we have all the variables needed to complete a mathematical equation to determine support levels.
Floor Price + Liquid Supply Support + Peg Index Level = Sustainable Market Cap
There are roughly over 1 billion coins in circulation. With a floor price of 0.20$ we can determine that the cost to hold BitBay completely liquid will require about 200,000,000$
With that support level in place, it would be impossible for someone to sell under 0.20$!!!
At that point, they only thing that can happen is that the price will have to go up in value if demand continues to buy!!!
This puts pressure on the price algorithm to increase the floor price value.
The current algo that voters use is very simple. In the future we will allow for custom algo's for voters to use.
The current algo will increase the floor price once the market price increases 3x the floor price for a set amount of time. And then it increases the value of the floor price by by 1.5 times.
So if the market value stayed above 0.60$ for a set amount of time (I think it takes 2-3 days), then the floor price of the algo would increase from 0.20$ to 0.30$
At 0.30$ the equity needed to support a full liquid supply of coins would be roughly 300,000,000
This new value is protected by the majority consensus of voters. It is enforceable!!!
So an investor that decided to provide support of 200,000,000 could eventually see the value of his investment increase 50% with the guarantee that he owns the majority consensus and could protect his equity by voting.
This investor would have literally bought out the bottom with no fear of someone trying to undermine his investment in the future!
Again, we can finally apply math to the price of a cryptocurrency. No one else gives this same kind of guarantee other than hard pegged stablecoins. Which can only provide small ROI by buy low sell high tactics on the spread.
Here is a google spreadsheet that shows how the dynamic peg can freeze liquid coins into reserve coins and let investors determine what market cap is need to support the floor price at a specific peg index level.
https://docs.google.com/spreadsheets/d/1mam-OhRuhbgQWhOPTObBX-cJBEjvK4OexPtgnJF9FKU/edit?usp=sharing
Re: Bitbay? what do you think. Does it really offer more than all other alts ?
The exchange being constructed is going to be very interesting. Bittrex delisting and cryptopia failing was not good but having your own independent exchange will be a huge step forward.
With the Bitbay base code, can other 3rd party teams built services on top of it? It seems ideal for futures or sports betting, and you could have hosts of independent fully automated stores with auto escrow for high value items like bullion.
With the Bitbay base code, can other 3rd party teams built services on top of it? It seems ideal for futures or sports betting, and you could have hosts of independent fully automated stores with auto escrow for high value items like bullion.
Yes it can. In the future the community will be able to create a library of both open source and closed source dapps.
These smart contracts can run "under the hood" in any website that wishes to integrate BitBay as a payment option. And since BitBay is already providing a price stabilizing mechanism, it gives us that much more appeal to be used as a payment method!
The automated escrow is key to keeping the contracts trustless. And when you no longer need a middleman to host the contract, you can cut out the fees associated with them.
This puts more money back into the pockets of the users!
Re: Bitbay? what do you think. Does it really offer more than all other alts ?
I've been looking at this project Bitbay for several months. It does appear to offer an incredible feature set and is fully functional.
Was it actually the first alt to offer smart contracts? I have some dash, eth, eos, cardano , and few others from way back and some Bitbay. Who here has researched Bitbay thoroughly? Why is this project not more widely known?
I'm looking to hear from those that have actually studied Bitbay.
What's the catch? Are there more advanced projects around at a sub 300 market cap?
Was it actually the first alt to offer smart contracts? I have some dash, eth, eos, cardano , and few others from way back and some Bitbay. Who here has researched Bitbay thoroughly? Why is this project not more widely known?
I'm looking to hear from those that have actually studied Bitbay.
What's the catch? Are there more advanced projects around at a sub 300 market cap?
Apparently Bitbay did not reach the acceptance that ETH, ADA, XLM or TRX has had.
But it is a good promise, its future is not yet known.
I for now put more for these altacoins ...
BitBay was actually top volume maker on Bittrex for multiple days back in 2016-2017.
Back when Bittrex was top exchange.
Bittrex would not give a straight answer as to why they wouldn't incorporate code for dynamic peg. So they delisted BitBay.
Latoken.com was the only exchange we could find to help list BitBay.
BitBay dev's are currently working on creating a new revolutionary multisignature exchange (for 3rd party) to host bitbay. And they will eventually be added to BlockDx, which is a truly decentralized atomic swap exchange.
Lot's to look forward to!
Re: Bitbay? what do you think. Does it really offer more than all other alts ?
I've been looking at this project Bitbay for several months. It does appear to offer an incredible feature set and is fully functional.
Was it actually the first alt to offer smart contracts? I have some dash, eth, eos, cardano , and few others from way back and some Bitbay. Who here has researched Bitbay thoroughly? Why is this project not more widely known?
I'm looking to hear from those that have actually studied Bitbay.
What's the catch? Are there more advanced projects around at a sub 300 market cap?
Was it actually the first alt to offer smart contracts? I have some dash, eth, eos, cardano , and few others from way back and some Bitbay. Who here has researched Bitbay thoroughly? Why is this project not more widely known?
I'm looking to hear from those that have actually studied Bitbay.
What's the catch? Are there more advanced projects around at a sub 300 market cap?
As far as I know, David Zimbeck, was the first person to create a peer-to-peer smart contract. This was taking place back around July of 2014.
https://www.youtube.com/watch?v=oS56CqCR-oU
He first worked with Blackcoin and also created BitHalo (a bitcoin based decentralized marketplace) before becoming lead dev of BitBay in early 2015 (after the community takeover).
Early on, his passion was "knowing" the importance of stability of price. He had a vision of a decentralized protocol that could stabilize price. Without the need for collateral or promising a hard peg value to uphold.
Meanwhile our only competition at the time was Tether, because they were the only other smart ones who realized the importance of stability back then.
For BitBay, it took years to develop the truly decentralized stability protocol called the Dynamic Peg. This is because it takes no short cuts! Tether took short cuts and still is the king of stability coins but it is the most dangerous and centralized one to choose today.
Now that we have released our technology, we just simply need to grow awareness that we have a true alternative to Tether.
How it works...
It simply allows the majority consensus to alway be in control of supply. This happens with simple Proof of Stake technology - the technology that ethereum is trying to transition to. We simply attach votes to the stake reward transactions. Voters are incentivised to vote because it gives them the power to control supply - which allows them to vote to attempt to protect their equity invested. No other coin offers this technology!!
The majority consensus completes a vote interval every 200 blocks. That means the vote restarts every 200 blocks. The average block height is 64 seconds. So, roughly every 3.55 hours the vote restarts.
At the end of each voting interval, voters get to decide:
Increase the available supply min 1% - max 3%
Or they can vote to keep supply the same
Or they can vote to reduce available supply min 1% - max 3%
When the feds adjust supply, it might take years before results take into affect.
With us, we are adjusting every 3.5 hours. Always trying to let supply equalize with demand.
It's done by enforcing a supply of coins. This supply can ONLY increase in value by stake rewards going to the coin holders that protect the block chain (adds about 1-3% increase a year in supply).
The dynamic peg simply gives every coin a memory. The coins never lose their memory. They have 2 states, they can either be a liquid coin or a reserve coin.
This can all be done proportionally through a simple curvature graph.
The voters (majority consensus) decide how many coins can be liquid and how many coins can be reserve.
Liquid coins have no limitations, hold the most voting power and have the potential to provide the highest ROI from stake rewards.
Reserve coins can only transact with a 1 month timelock applied to the receiver. This means that the receiver will not be able to move the coins on-chain again until the time lock expires. This simple delay mechanism creates a sub-premium quality to the coin.
I recently created a google spreadsheet that tracks how the dynamic peg index functions.
I added a new column to it that shows how much capital is needed to hold a supply level at a specific price.
It's important to realize that our true strength doesn't come from an altcoin bull rally created by bitcoin.
Our true strength comes from realizing that you don't have to leave crypto with your profits after the bull rally ends.
With BitBay, you can park your equity with a protocol that fights to enforce the floor price.
This makes trading it a breeze. The current floor price is 0.20$ It's optimum to place orders around 0.19$ - 0.21$
If supply is willing, it will sell into those levels.
If more supply is needed then voters can agree to increase supply.
If too much supply drops price, then voters can agree to decrease supply to get it back to floor price.
Wash, rinse and repeat.
Hope this helps some with the inquiry!
Here is the link to the google spreadsheet that shows how much capital is needed to enforce a specific peg index level
https://docs.google.com/spreadsheets/d/1mam-OhRuhbgQWhOPTObBX-cJBEjvK4OexPtgnJF9FKU/edit?usp=sharing
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
I have an web (Mobile) Wallet and it show me no Coins. What happend with my coins?
Does your address load up on screen?
If so, enter your address in the search field of the chainz block explorer
See if your coins are showing on the block explorer
https://chainz.cryptoid.info/bay/
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
@Piston Honda - The joke was very funny! I had a good laugh.
I have actually felt that way many, many times over my 3.8 year involvement with BAY.
Its been incredibly painful at times (lol); but, we are still here.
Oh Well - Persistence, determination and a great product will eventually rule the day - I believe.
Winners never quit; and quitters never win. Again, BAY a GREAT product.
Once this resonates with a few more key people who have the following to make it go - BAY will do quite well.
It's still one of the greatest creations on Blockchain; but no one knows we are here.
We need a benefactor and/or sponsor to provide the liquidity and exposure we need to roll.
I think all we need is $3-5m (not much) - and we would have this thing humming.
I might be able to provide the liquidity myself if all goes well after this Corona Virus hype is over.
My Conclusion: This Peg David Z created is simply ahead of its time. It's kinda complicated; but its not...
Let's face it, BAY is also trying to legitimately make it in a deregulated, highly suspect arena that touches at the top of all that is. Banking.
TPTB are not going to cheer for us - since they are not involved.
Solution: We may have to create our own exchange for consistency (using some of the $3-5m grubstake); and populate it with BAY and only top tier, non-scam coins.
It's too bad we have had our starts and stops with LAToken, as I am super grateful for their participation.
This Peg is cutting edge, is brilliant and unfortunately has another layer of complexity for the exchanges that they simply don't have to worry about with other coins.
BAY is soooo wide open (it's ready to go - here & now) for what people are actually clammering for in a decentralized market place coin - Freedom and elimination of the middleman.
I'm stunned we are not in the top 10 coins.
I have actually felt that way many, many times over my 3.8 year involvement with BAY.
Its been incredibly painful at times (lol); but, we are still here.
Oh Well - Persistence, determination and a great product will eventually rule the day - I believe.
Winners never quit; and quitters never win. Again, BAY a GREAT product.
Once this resonates with a few more key people who have the following to make it go - BAY will do quite well.
It's still one of the greatest creations on Blockchain; but no one knows we are here.
We need a benefactor and/or sponsor to provide the liquidity and exposure we need to roll.
I think all we need is $3-5m (not much) - and we would have this thing humming.
I might be able to provide the liquidity myself if all goes well after this Corona Virus hype is over.
My Conclusion: This Peg David Z created is simply ahead of its time. It's kinda complicated; but its not...
Let's face it, BAY is also trying to legitimately make it in a deregulated, highly suspect arena that touches at the top of all that is. Banking.
TPTB are not going to cheer for us - since they are not involved.
Solution: We may have to create our own exchange for consistency (using some of the $3-5m grubstake); and populate it with BAY and only top tier, non-scam coins.
It's too bad we have had our starts and stops with LAToken, as I am super grateful for their participation.
This Peg is cutting edge, is brilliant and unfortunately has another layer of complexity for the exchanges that they simply don't have to worry about with other coins.
BAY is soooo wide open (it's ready to go - here & now) for what people are actually clammering for in a decentralized market place coin - Freedom and elimination of the middleman.
I'm stunned we are not in the top 10 coins.
Well spoken!
It takes a lot of patience, but in the end it will pay off.
And when the foundation is finally receiving a steady income from our 2 projects that will generate it, then we can really kick development into high gear.
And finish completing the foundation/community governance system.
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
Is this bootstrap https://github.com/bitbaymarket/bitbay-bootstrap/releases still valid? Just making sure that it will put me in the right fork. Thank you
Yes it is still valid. It automatically updates itself with latest blocks