BitBay, the cryptocurrency with the world’s first DECENTRALIZED MARKET, is going to release its new CLIENT VERSION on NOVEMBER 1ST. This milestone marks the BitBay Client as the first wallet in the world to feature advanced ‘Exotic Spend’ options based on incorporating Bitcoin developer, Peter Todd’s, ‘checklocktimeverify’ protocol built into the Client’s UI.
The BitBay Halo Client is built upon a trustless smart contracting platform, and the addition of these ‘Exotic Spend’ features further solidifies BitBay as the leader in providing its users with the most advanced and reliable cryptocurrency features the current industry can provide.
These new ‘Exotic Spend’ features include:
*Freezing Coins – Some users may wish to freeze coins in order to prevent spending them so it turns into a long term savings account. Also they may wish to send coins to someone else with a delay. Users may even wish to pay interest to other users who freeze coins in order to protect the market price. This will also be utilized after the decentralized dynamic peg is implemented so that exchanges can trade a liquid and a futures market (frozen coins)
*Dead Man’s Switch – What you might know formally as a “will”. A user may want funds to go to a relative in case anything happens to them. For example, imagine a trust fund account setup to release funds to a son or daughter the day they turn 18 years old. A Dead Man’s Switch is also useful for “green addresses” which allow them to spend quickly using a trusted third party or deal with multisignature exchange and still maintain their security in case the exchange loses their key. For example, if two business partners were locked in a trustless joint account, and one partner suddenly vanishes, their joint account could potentially be locked forever since each partner holds 1 of 2 keys to activate the account. Yet by use of a Dead Man’s Switch, joint account business partners can have the funds change ownership at a later date – most likely back to themselves. It is also completely free to use.
*Advanced Timelocks With Hash Puzzles –
Users can create a before and after scenario using Hash Puzzles. The address before the date has exclusive ownership and the address after a date triggers will have non-exclusive ability to spend from the account which they will likely do immediately when it triggers exactly like Dead Man’s Switch. However, you can give either party a “hash puzzle” or a password to unlock the payment. This means you can create an Atomic Trade which unlocks with a password. This can be used for decentralized exchange between two blockchains.
All of this is with built in notifications as well for the payments. It is worth pointing out that this feature will start off as exclusive to BitBay but at a later date be enabled in BitHalo, so users can execute trustless OTC trades between Bitcoin and BitBay. This will provide an invaluable tool in the future when BitBay implements its dynamic peg and Bitcoin traders can hedge free of any service fees through use of the Halo Client. Hash puzzles are also a clever way to protect your own payments so you have additional security for them. Of course, you must always remember your password and not use the same password twice because the solution shows up on the blockchain. Hash puzzles can also be payments that unlock contingent on external information perhaps due to a bet or futures contract with a centralized 3rd party service. Both the recipient before and after can have their own unique puzzles.
*Basic Notary and Burn – People tend to like to burn information into the blockchain. We now allow the ability to burn a simple message which might be useful for proof of ownership like notaries, links, torrents, messages or hashes.Using this feature, you can burn the hash of a set of documents used in the case of real estate transfer. This can be used to show intent of transfer of ownership of things in the real world which could be registered with a public notary and your BitBay address. A user could then leverage the software to show intent of transferring the property as the new recipient would receive a new set of hashed documents. Although it is worth pointing out this would require the user has some cursory knowledge of Blockchain security.
Some of these features are necessary for the implementation of BitBay’s ‘Dynamic Peg’ protocol, which is scheduled to be released in Q2 of 2018. The Dynamic Peg protocol will provide stability to the coin’s market price through the use of a decentralized voting consensus built into the Client. Coin holders can vote to freeze or liquify coin supply based on the supply and demands on the exchanges. Market price can still fluctuate yet with less volatility. The ‘Exotic Spend’ features will provide the tools necessary to begin development of the ‘Dynamic Peg’ by providing the ability for BitBay to proportionally balance a ratio of frozen and liquid coins. Frozen coins will still be tradable on the exchanges yet in a separate ‘futures’ market with timelock restrictions. With the peg in place, BitBay can better facilitate cryptocurrency adoption for merchants and consumers alike within stable, decentralized, trustless marketplace for goods and services without the need for any middleman in the process.
BitBay aims to provide a decentralized trustless hedging currency for traders seeking refuge when the markets become extremely volatile. Since BitBay’s dynamic peg will be 100% trustless, there are no delegates or custodians to have to trust to back the coin’s value – a first for the crypto industry. Incorporating a ‘futures’ market of sellable yet undervalued ‘frozen’ coins next to a standard liquid market will allow BitBay to become one of the most lucrative trading designs for investors and speculators alike. Since BitBay’s peg value is not ‘hard’ and can fluctuate, this will allow for traders wishing to hedge their trade capital with the potential to gain compounding ROI after they buy-in or sell-out if they time their decisions ahead of the swings in other markets. For example, if an investor speculates that Bitcoin is going to drop in value, he’d sell out his Bitcoins for BitBay; if his speculation was correct others would follow suit to hedge their capital while Bitcoin drops in value. This increase in demand for BitBay will cause the price of BitBay to rise; now the investor has gained even more ROI before he can speculate on a re-entry point into Bitcoin in hopes of being ahead of market sentiment.
BitBay is leading the crypto industry in innovations – no other decentralized cryptocurrency wallet has more features than the BitBay Halo Client. BitBay is not a vapourware cryptocurrency, these features are functional and can be used as soon as one synchronizes to the blockchain. Just recently, two BitBay users completed the sales of a 5 acre piece of real estate in California. Through the use of the BitBay Client’s automated double deposit escrow protocol, the counterparties can transact 100% ‘trustlessly’. And if no middleman is needed then no fees or regulations are needed either.
Investments in BitBay are already backed by proven technology and will soon be backed by a price stability feature that will allow investors to invest with a little more peace of mind knowing that price manipulation now has an adversary. And why not? Cryptocurrency IS designed to be programmable money after all! BitBay intends to capitalize on this and become the first currency in history to successfully peg (dynamical peg) its value based on supply and demand by programming the peg in ways in which fiat cannot possibly achieve. Thus, we can avoid the historical failures hard-pegged fiat has shown in the past. Expect the BitBay Dynamic Peg whitepaper to be released within the next 2-3 months.