I agree with what Munti said.
There are many different types of securities. But I'd group them into 5 main categories.
1) Hack-proof security
2) Marketplace security
3) Anonymity security
4) Price volatility security
5) "An exchange without the exchange" security
BitBay has all 5 of those as high priority! The coin's features should be complete hopefully by the end of 1st qtr 2017. And the current price of it is just too low to miss out on buying it now before David completes all the features.
1) Hack-proof Security - As Munti mentioned the BitBay Client utilizes 2 private keys and each can be encrypted with a different passphrase. They also can be hidden within an image (steganography). This multi-signature feature allows for a lot of extra perks over a coin with a standard Bitcoin QT wallet clone. David's next update will include the cold staking feature and a timed virtual keyboard (and other features). BitBay will transition to Blackcoin's Proof of Stake 3.0 and with the cold stake feature you can mine new coins on 2 separate computers. So in order for a hacker to break in you your system (if it's even possible) they'd first have to potentially and simultaneously hack into your 2 computers, find your private keys that you hid in 2 separate images (1 in each computer), and then find some way to gain access to each passphrase to each key (without the use of a keylogger). That's got to be one hell of a feat to accomplish!
2) Marketplace Security - With David's Double Deposit Escrow, there is finally a way to completely remove the middleman out of the equation. It's the very definition of 'trustless'. No other exchange or marketplace can truly claim the term 'trustless'. All the other competition includes some sort of tweaked out 3rd party entity that is nothing more than a middleman. The only people that will ever know the truth in a disputed market transaction are the counterparties involved. Anyone who tells you different are lying to you. With double deposit escrow, the cheaters cannot profit from cheating you, so there is no reason for them to use the system. Counterparties have to work with each other to make a smooth transaction. There will always be unforeseen circumstances that could happen, but for the most part it's dishonest people trying to cheat honest ones and Double Deposit Escrow removes them from the equation.
3) Anonymity Security - David's Halo client utilizes bitmessage protocol to run the engine 'under the hood'. Bitmessage is arguably more anonymous than Tor and with a method David's recently constructed, there is a way to utilize the bitmessage network to broadcast BitBay transactions. This will work for any coin supported by Halo tech including Bitcoin and Blackcoin. With Bitmessage broadcasting transactions, there is no real way for anyone to trace the creator of the transaction's IP address. The other bitmessage nodes do the broadcasting for you and can't be held liable. It's a brilliant construct, and for all those die hard Bitcoin fans out there, it will work for BitHalo as well which runs off the Bitcoin network.
4) Price Volatility Security - One of the biggest weaknesses to Bitcoin adoption by merchants is price volatility. Most merchants who accept bitcoin as a payment option, immediately sell it for fiat because they simply can't take the risk of losing profit due to price volatility. BitBay will be the leader in a revolutionary 'rolling peg' protocol that will help damper price volatility in a decentralized way. It won't be pegged to anything but it's own current supply and demand on the exchanges. This won't keep the price at a flat rate by any means. The price will still be able to fluctuate but with security and peace of mind knowing that it wont pump and dump either. This is key for mass adoption by actual users of the technology. Merchants demand stability; their clientele demand stability! This "User Value Protection" (UVP) will change the way everyone views crypto. BitBay will be the first to implement this protocol.
5)"An Exchange Without The Exchange" Security - The BitBay Halo Client Marketplace can be utilized as a trustless means for buying and selling good, employment, bartering, bloat-free python programmable smart contracts, etc., you can use it to trade coins-for-coins or coins-for-fiat with anyone in the world in a trustless environment and without the need for a middleman exchange to hold your coins for you and take a cut in fees. With BitBay you get to dictate the fees you want to charge a trader. The best part about the exchange is that you can use it with ANY crypto-coin; you'd just need the equivalent amount you are willing to trade in BitBays to power the Double Deposit Escrow. Sure you lose speed, but at the same time look at how many different exchanges have been hacked. It will happen again and again and again, until people wake up and give up on these small little perks that exchanges have to offer in terms of speed and convenience.
There are so many more features not mentioned but that's a good start for now. And best of all you can buy BitBay at an extremely low price right now. Who ever has been selling at this price will eventually run out and I can't wait to see the fireworks when it happens. Either way it won't matter once the coin is pegged. Everything should be complete hopefully by the end of 1st qtr 2017.
Hope this helps!
There are many different types of securities. But I'd group them into 5 main categories.
1) Hack-proof security
2) Marketplace security
3) Anonymity security
4) Price volatility security
5) "An exchange without the exchange" security
BitBay has all 5 of those as high priority! The coin's features should be complete hopefully by the end of 1st qtr 2017. And the current price of it is just too low to miss out on buying it now before David completes all the features.
1) Hack-proof Security - As Munti mentioned the BitBay Client utilizes 2 private keys and each can be encrypted with a different passphrase. They also can be hidden within an image (steganography). This multi-signature feature allows for a lot of extra perks over a coin with a standard Bitcoin QT wallet clone. David's next update will include the cold staking feature and a timed virtual keyboard (and other features). BitBay will transition to Blackcoin's Proof of Stake 3.0 and with the cold stake feature you can mine new coins on 2 separate computers. So in order for a hacker to break in you your system (if it's even possible) they'd first have to potentially and simultaneously hack into your 2 computers, find your private keys that you hid in 2 separate images (1 in each computer), and then find some way to gain access to each passphrase to each key (without the use of a keylogger). That's got to be one hell of a feat to accomplish!
2) Marketplace Security - With David's Double Deposit Escrow, there is finally a way to completely remove the middleman out of the equation. It's the very definition of 'trustless'. No other exchange or marketplace can truly claim the term 'trustless'. All the other competition includes some sort of tweaked out 3rd party entity that is nothing more than a middleman. The only people that will ever know the truth in a disputed market transaction are the counterparties involved. Anyone who tells you different are lying to you. With double deposit escrow, the cheaters cannot profit from cheating you, so there is no reason for them to use the system. Counterparties have to work with each other to make a smooth transaction. There will always be unforeseen circumstances that could happen, but for the most part it's dishonest people trying to cheat honest ones and Double Deposit Escrow removes them from the equation.
3) Anonymity Security - David's Halo client utilizes bitmessage protocol to run the engine 'under the hood'. Bitmessage is arguably more anonymous than Tor and with a method David's recently constructed, there is a way to utilize the bitmessage network to broadcast BitBay transactions. This will work for any coin supported by Halo tech including Bitcoin and Blackcoin. With Bitmessage broadcasting transactions, there is no real way for anyone to trace the creator of the transaction's IP address. The other bitmessage nodes do the broadcasting for you and can't be held liable. It's a brilliant construct, and for all those die hard Bitcoin fans out there, it will work for BitHalo as well which runs off the Bitcoin network.
4) Price Volatility Security - One of the biggest weaknesses to Bitcoin adoption by merchants is price volatility. Most merchants who accept bitcoin as a payment option, immediately sell it for fiat because they simply can't take the risk of losing profit due to price volatility. BitBay will be the leader in a revolutionary 'rolling peg' protocol that will help damper price volatility in a decentralized way. It won't be pegged to anything but it's own current supply and demand on the exchanges. This won't keep the price at a flat rate by any means. The price will still be able to fluctuate but with security and peace of mind knowing that it wont pump and dump either. This is key for mass adoption by actual users of the technology. Merchants demand stability; their clientele demand stability! This "User Value Protection" (UVP) will change the way everyone views crypto. BitBay will be the first to implement this protocol.
5)"An Exchange Without The Exchange" Security - The BitBay Halo Client Marketplace can be utilized as a trustless means for buying and selling good, employment, bartering, bloat-free python programmable smart contracts, etc., you can use it to trade coins-for-coins or coins-for-fiat with anyone in the world in a trustless environment and without the need for a middleman exchange to hold your coins for you and take a cut in fees. With BitBay you get to dictate the fees you want to charge a trader. The best part about the exchange is that you can use it with ANY crypto-coin; you'd just need the equivalent amount you are willing to trade in BitBays to power the Double Deposit Escrow. Sure you lose speed, but at the same time look at how many different exchanges have been hacked. It will happen again and again and again, until people wake up and give up on these small little perks that exchanges have to offer in terms of speed and convenience.
There are so many more features not mentioned but that's a good start for now. And best of all you can buy BitBay at an extremely low price right now. Who ever has been selling at this price will eventually run out and I can't wait to see the fireworks when it happens. Either way it won't matter once the coin is pegged. Everything should be complete hopefully by the end of 1st qtr 2017.
Hope this helps!
Couldn't agree more with these points.
When the new templates are released and people start to see what is possible with bitbay I think many people will be rather impressed in what an all in one complete solution bay is.
