Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 46. (Read 541982 times)

We have some of the smartest people on the planet here. Wow
All innovators and entrepreneurs. Exciting times.

David, you were right to build the entire ginormous back end FIRST (only 5 brutal years) - now the foundation is totally in place.
The average investor has NO IDEA what bay has to offer and can do right NOW; and will be doing in the very near future.
https://bitbay.market/wall-of-features

...Just waiting (HODL) for things to go boom!

Exactly, not everything needs to be on the chain. The data for markets or p2p networks can be handled by the users themselves. Why should a disinterested party handle someone else's messages? Nodes can run to do this anyway and be motivated because they run the network or because there is stake donations or something. Besides, large amounts of data can still be hashed/signed and notated on a blockchain as well.

It's going to make things interesting for sure.

You've got entire platforms that are gambling on creating web 3.0 on a blockchain.

And now that there are alternatives along with alternative concepts in development, it could create some competition.
I'm going to gamble on the easiest solution will be the winner. Sure ethereum has smart contracts included with it's web 3.0.
But as we are going to prove, you can add smart contracts to off-chain decentralized web networks as well.

So I can't wait to see how things fall into place.

Hi so one way to acquire BAY is just use our markets. There is a coins for cash template and if you let people know you want to buy they can either acquire them for you or sell direct. You can even do a custom contract. That's the advantage of P2P markets is sellers and buyers. Just remember to let our community know either here or one slack about the contract.

Also the solution for the web markets is pretty simple but I haven't seen a system like it yet. Zeronet probably doesn't let data expire or is best for serving static pages. In that case github would be fine for serving pages for free.

As for the web markets and any decentralized site, my solution has a few steps.
* All major logic is run client side in javascript. Because users should validate their own transactions and verify data and prices
* Blockchain data can be verified client side on chainz and other services as well as with nodes running the site directly
* External data can be scraped from third parties like coinmarketcap
*Nodes that run markets do so voluntarily. They share the data with a master/slave system and it is not blockchain based.
*If the master node (the node that updates the database from slaves) goes offline a new one is automatically selected
*A user connecting connects to any of the nodes or several and that's OK for trivial data. Just make sure all nodes sync with master
*All user data has an expiration date, even personal data and its ALL encrypted using their private key therefore if the master node messes
  with this data it will not be able to be decrypted! Nobody has access but the user
*Messages P2P is end to end encrypted again preventing tampering
*All requests and messages are signed with private key making SSL not as important and login much safer
*Messages with expiration date vary (from months to years depending on data type)
*Images can be stored on sites like IMGUR with a bundle of API keys used client side or anonymous pastebins
*Publicly shared data (such as offers) share a common decryption key and are signed by users making tampering almost impossible
*Master nodes that tamper with data will obviously be replaced by slaves who prove it was tampered (perhaps using master signature of hash)
*DDOS is stopped easily by traffic limits per node or progressive POW or "proof of time locked funds per KB" the more messages sent.
*Database size is contained by the fact that most data is trivial, users can back up data and hash it, nodes may also archive with hash

The above system lets anyone join without the concern of data issues or trust. It also allows anyone to serve the data with big servers.
It's possible that Zeronet, IPFS or even DPOS databases have a design close enough to the above but some of the things in the required specs are pretty specific. If this is designed by our team we can probably open source it and increase contributors to our github.
I've not had the time to research any alternatives but if they can do the above with a few modifications that saves us a lot of work.

If for whatever reason, any trust of nodes serving is involved a list can be periodically updated on github by reputation. Also stakers can potentially vote them in or out and even give them incentive by a stake donation so I don't see those things as issues for trivial data.
Contracts can at least have very important info backed up on chain by a hash or a small encryption of minimal critical data(for example a disposable key). If you really wanted to be fancy, use stenography to store data into images on 3rd party services

And thats it, I think the design itself is pretty simple... it just needs to be coded and I really dont want to have any of the above features missing (except perhaps a variation in how nodes group together or something)

Hopefully this makes sense.  

WOW! What an overview (above) cr197. Incredible...

Yes, when I saw Bay/BayR I said "Hmmmm".
GREAT Work Bay Team.

Yes, the Sovereign Stable coins themselves will be as worthless as fiat if they don't peg to a commodity like DELIVERABLE Au or Ag in the end; otherwise who would be foolish enough to trust them - you can't.

And, actually Sovereign run blockchain will be the Mark of The Beast System come to life.  
Real Marketplace Decentralization, like BAY offers, is the only way to truly BE FREE!  

BAY - Trade and Sell Anything - With No Middleman, No Fees and Anonymously if you so choose.
https://bitbay.market/wall-of-features

I knew this would happen. It was just a matter of time before sovereign stablecoins enter the arena. Decentralized stablecoin solutions are the only way to break free from the status quo.
There's roughly 400 stablecoins in development.

Of which, about 90% of then are private, centralized, hard-pegged, fiat-backed stablecoins.
When sovereign coins become the norm. How many of these private coins will still be standing?

The road ahead is looking brighter and brighter.



https://blockpublisher.com/bank-of-france-is-on-the-verge-to-lunch-its-own-stablecoin/

Thanks for the kind words. It's a lot of info, which is why we will make some "How To Quick Guides"

Most people will simply want to know:

1) How to stake for extra returns
2) How to navigate through their coin inputs efficiently so they can continue staking extra returns.


The real winners for the peg will be those who own Bay before the fork.
Because we will start the peg index at 0% reserve. So current Bay investors will be able to freeze as many of their liquid coin inputs as they want into "Voluntary Frozen Liquid"

So the initial investors will be maximizing their stake ROI. Cause once the peg kicks in, I'm sure most will agree, it's time to wipe our current price manipulator off the grid.
We might have to vote to increase peg index to 150-200 range in order to do so.

The point I'm getting at is that when that happens there will be less and less liquid coins available that can try to earn higher stake rewards. As long as initial investors never move their frozen liquid they will keep staking 40 coin inputs. But the rest of the network will have better chance of staking a max of 20 coin inputs.

It could take months before we ever see another peg index "0" value before it would allow others to finally take full advantage of that opportunity again.

I hope you liked the google spreadsheet.
Since the index is based on percentages, it literally gives us the power to wipe out any liquid coins a manipulator owns in as little as 10 days! The key is that they have to constantly sell in order to manipulate. Which is why they only take about 10 days!!
But we can manually vote as well and if he backs off his sell pressure, the majority could say, "We don't think he's done yet" and just keep deflating just to add insult to injury.

There are so many trade game possibilities with this, it is ridiculous.
Some won't even show themselves until it's trading in real time.

BAY/BTC
BAY/ALT
BAY/FIAT
BAYR/BTC
BAYR/ALT
BAYR/FIAT
BAY/BAYR

I'm excited to see how BAY/BAYR plays out. it has some very interesting possibilities for those that are in disagreement with price action. Bulls and Bears could find some very lucrative trade opportunities presented to  them.
One thing is for sure, trade bot programmers are going to make some money when their employers ask for a revised bot to trade BitBay.



Can't wait for it to get here. Almost show time!

@dzimbeck, cr197 & The Entire BAY Team,

Been going through ALL 25 pages of the Dynamic Peg QT Wallet Gui VERY carefully.
Let me say this - You guys and the team are AMAAAAAZING!

Wow... I'm a MD with patents around the globe and do a little programming; let me say this - The Smartest People in The World Ain't Got Nothin' On YOU!  lol
Again - it's amazing the concepts and programming you folks gotta do.
Just sayin' - Cheers

From cr197
Hey guys we are making good progress with peg documentation.

The new QT GUI guide is coming along just fine.
Still a couple more hours of work to get everything I want on it - including some "How To's"

We'll get it all formalized when we finish. But for now if you are interested in checking out the new QT GUI:

https://docs.google.com/document/d/1g25erk3zt5ZVzGYYwe74Zp1gw4nfgxJTWjMIvqzhwgs/edit?usp=sharing

...Doc says - BOOM!

BitBay will eventually be listed on blockdx.
But I'm guessing not until after we fork for peg.

What are some decent exchanges that don't require KYC?

Is your solution similar to this: https://zeronet.io/ ?

Another question now that Cryptopia went fucked is there any place where is possible to acquire some BAYs
without going trough this bullshit KYC procedure?
All listed markets on https://coinmarketcap.com/currencies/bitbay/#markets
requires KYC.

Thanks.

Extremely ambitious! but getting there. Yes, the architecture requires only integrity material and proofs be published on a blockchain. I'd appreciate your help when i need to consult. I'm prioritizing privacy and user convenience. And since a lot of ad platforms restrict advertising anything to do with crypto, I want to encourage it on my platform and allow payment in crypto only.

Hey guys we are making good progress with peg documentation.

The new QT GUI guide is coming along just find.
Still a couple more hours of work to get everything I want on it - including some "How To's"

We'll get it all formalized when we finish. But for now if you are interested in checking out the new QT GUI.

https://docs.google.com/document/d/1g25erk3zt5ZVzGYYwe74Zp1gw4nfgxJTWjMIvqzhwgs/edit?usp=sharing

We will get there Doc! One way or another buddy. All that is left now is to get this peg up on a couple exchanges with decent volume and it's game over! Or is it just the beginning? 

I see, your project looks pretty ambitious. Well if all of it is going to be open source then I can recommend how you would go about doing decentralized "servers" because we have a design for it that is pretty bullet proof. The cool thing about crypto is almost everything can be client side other than the database where data that doesn't belong on the blockchain is stored. (although it can be hashed on the blockchain at predefined intervals if you want to keep it's integrity)

Also it's probably a good idea to make everything web based(except of course your full nodes). This is something I've learned over the past 5 years of development that end users won't really appreciate what's under the hood. They just want a viable product (even when something as serious as their own security is concerned)

Glad to see the cryptos in a bit of a Bull run.

Newbies: Find a coin out there that has more features than BAY. You can't...
https://bitbay.market/wall-of-features

Also - Check out a real cool video that explains a lot of the theory behind the upcoming Dynamic Peg:
https://bitbay.market/decentralized-marketplace

What is BAY?
BitBay is a suite of free-to-use, multi-platform applications including the world’s first fully-functional Decentralized Marketplace.

Powered by Unbreakable Smart Contracts and a Proof of Stake 3.0 cryptocurrency, BitBay enables you to buy and sell goods and services securely and anonymously, without the need for middlemen.

BE FREE

This is for my project. :- https://bitcointalksearch.org/topic/xequium-social-network-alpha-testing-now-5141975

I intend to add support for all actively used and developed coins/assets.

Thanks will get a direct link on the site

Hi there, is this for the Markets client or QT? Both are at my github. github.com/dzimbeck

The markets client (which contains all peg logic in Python) is also there in the Halo github with Bitmessage. It has a link to the obfuscated source code and so does our main site bitbay.market

Hi,

Just a suggestion. Please put clearly marked links to your source code. I had trouble finding it with a cursory look. Currently trying to compile and sync.

Hi there, absolutely! We are always happy if a merchant gives back. There is a donate option in the client actually. We would not need a smart contract for a kind gesture. If anything we would hope you can sell your shirts and be successful as that helps the market move. If you get on slack or discord or even here on bitcointalk, there are many community members who would love to walk through contracts with you either on the client or web marketplace just to run some tests. The best part about being decentralized is you don't need anyone's permission! We hope this platform and it's users see that this is truly 2 party peer to peer escrow. We don't take fees, we don't have servers, we just want to see users and want to see them protected from fraud and escrow scams. My goal ever since 5 years ago was to popularize unbreakable contracts aka double deposit escrow. That's what brought me into Bitcoin and that's what made me stay.

 

The most important thing we have to do now is get exchanges to add our peg code since trade balances will fluctuate as supply does. Some exchanges have already taken an interest and all we need is one to start kicking some tail.