take your markets back.
Bitbay allows people to trade online simple and securely, by running their own decentralized markets. This means savings for both sellers and buyers, by cutting out the middle men. Products and services can be listed for free and traded under unbreakable contracts.
Bitbay features an in-wallet marketplace much like Amazon, Alibaba, Freelancer and eBay which will utilize it´s own crtptocurrency (like Steemit but a decentralized marketplace). Not only can users buy and sell goods, but they are able to barter anyhting, make unbreakable agreements, employ people, and buy and sell coins for cash peer to peer with no middle men or fees right within the open source software.
The Bitbay project weaves together Smart Contracts, Multi-Sig technology, and Reputation Vetting all tied into a unbreakable marketplace located off the Bitbay Blockchain. Therefore, this system can scale to large volumes thaks to Halo´s system reducing bloat and peer to peer smart contracts. The power of such a marketplace has no boundaries. This is revolution of free trade.
Multisig
What is Multi-Sig, and how does it work?
Multi-Sig is a way to let two or more people share control of a wallet. Each person will get their own key, and the wallet can only be accessed if the preset amount of key-holders unlock it.
Multi-Sig can also be used to increase the security of your wallet. For instance, you could set things up so you have to log on from two different computers, or require two separate keys which you store separately. Just always remember to back up both of your keys. Our wizard will guide you through the process.
Smart Contracts
What is a smart contract, and how does it work?
The term “smart contract” is widely used now. The only definition of the term that we accept is a contract that is enforceable without middlemen. A smart contract should also be able to "auto-execute" and be able to sign on your behalf in certain conditions.
Basically, it makes use of the multisig function and/or timelocking. The way we use it on the market place is that both buyer and seller lock a certain amount of Bay in a joint account. If the deal goes well, the parties release the locked Bay. If it goes belly up, both parties loose their locked bay, because one or both will refuse to release the deposit. Once the time runs out, the funds are destroyed and nobody wins. This gives a strong incentive to fulfill your end of the bargain just like when you use an escrow (but without the cost of escrow).
We are at the very beginning with smart contracts, and believe we will see them used in a lot of new ways, like work contracts and the internet of things.
More info here https://bitcointalk.org/index.php?topic=890531.0 or in the web http://bitbay.market/