What is BITBASE
BITBASE is the very first coin that has changed smart contracting as a whole and fixed it’s
flaws, BITBASE is the very first coin to allow you to recover your coins in case of a transaction
that goes bad. This could be useful in many ways, along with that companies like
www.escrow.com , www.ebay.com , www.paypal.com and many more can implement it, Why
should these companies integrate BITBASE, BITBASE coin could easily be integrated with their
buyer/seller protection feature.
BITBASE is not just a coin it’s an advancement to the blockchain technology as a whole it
doesn't just end there. BITBASE also offers a unique VISA card that allows users to shop online
with ease and no hassle.
Why we invented BITBASE, in the Crypto industry there are many scammers about with the
current crypto technology, due to that the crypto technology is rising very slowly with BITBASE
technology in place the calculations show that the crypto technology market will attract more
people everyday, since people will not fear losing their coins.
BITBASE team, you will find all the information about the BITBASE team below on this WHITE
PAPER and also on the homepage of www.btibase.io
BITBASE the future of cryptocurrency. Now let's see some advantages of BITBASE
I. You can buy / sell with a piece of mind, you won't lose clients because they won't have
to worry about being scammed.
II. 5x faster than smart contacting.
III. Simple and easy to use system with detailed explanation to accept the coin with the
current payment gateway you are already using.
1)Traditional concept
Traditionally, Person A sends the funds to Person B, and in turn Person B sends item to Person
A to complete the trade.
In a smart contract; there is an additional level of protection, unfortunately it protects the buyer
only. When conducting a trade with a smart contract, Person A sends coins via Escrow feature
(smart contract) where both parties must agree to release the coins to complete the transaction.
However if the buyer does not agree, the funds or coins are returned to the buyer after a time
limit. There is a huge flaw in today’s blockchain smart contracts, because they only protect the
buyers.
In fact today’s smart contracts may very well promote fraud on the part of the buyers. If a seller
has shipped a product or item, and the smart contract keeps the coins held in escrow until both
parties agree to release them, but what if the buyer decides not to release or confirm the
transaction, despite the fact that they received the goods? Any buyer can easily take advantage
of this huge flaw in the so called smart contracts.
If confirmation is not received by both sides, the coins are eventually returned to the buyer, after
a predetermined time limit. In this case the seller losses the product and eventually will be out of
business. We can clearly see that today’s blockchain smart contracts are in fact far from being
smart.
2) Our Difference. The Concept:
In our system, let's assume: we have a group chat. Person A and Person B are trading. Both
ask Person C to send them an escrow identifier, Person C generates one (through his wallet)
and pastes it in the chat, Person C also gets a unique hash password to control the outcome of
the transaction. Once both parties are happy, Person C releases the money. If either one of the
parties is not happy, then the transaction is held in escrow during the dispute process, until such
time that a resolution has been determined. E.G: like Paypal dispute & resolution center.
Person A binds the transaction (coin-cli generate payment [amount] [recipient’s address]
[escrow ID]) to the escrow identifier and gives them the payment hash which can be seen at the
blockchain explorer. Person B sends the item to Person A.
3) Case: Both parties are happy
Both parties ask the escrow to release the funds. Escrow executes the command: coin-cli
release funds [escrow ID] [escrow PASSWORD]
4) Case: Parties are not happy
In case of dispute, escrow decides in favor of Person A, then he/she can execute coin-cli return
funds [escrow ID] [escrow PASSWORD], otherwise if Escrow sides with Person B, then coin-cli
release funds [escrow ID] [escrow PASSWORD]
5) Normal Send/Receive Transactions:
If user wants to send a transaction as a normal payment, user can choose to do so, and it will
just be broadcasted to the network just like bitcoin, but if they want to send via escrow the
concept above should take place this can be done with the existing bitcoin code. You can find
several links and Bitcoin commands at the bottom of this page that will make more sense to
developers.
6) Case Studies:
A programmatically API will help you extend the functionalities of the BITBASE coin!
For companies like Escrow.com and PayPal, they can act as the direct escrow with the
assistance of our programmable node. They will be able to generate escrow ID, process
transactions, release funds all programmatically. This could integrate well with their buyer/seller
protection feature.
Similarly for companies like eBay, Amazon, our smart contract BITBASE technology will allow
any company, business or online website to use the node to generate escrow requests on the
go. They can decide to release the funds after X days after buyer expresses their satisfaction.
They could relatively depend upon the seller's reputation. Good reputation, less time to release funds.
Kindly follow the link down below to get free 50 tokens.
https://www.bitbase.io/?rb=96117
Feel free to vote up for me if you like my post. Have a wonderful weekend ahead CHEERS!