In the cryptocurrency universe where people often make significant investments into ideas before the first line of code is ever written, one of the world’s most secure currency projects has already released a major product.
You can’t tell the story of BitBay without providing a brief bio about the developer David Zimbeck. When David started working on BitBay, he had already developed one of the first successful bitcoin based cryptocurrency projects called BitHalo. It provided a solution to remove the middleman from transactions. For the first time in history, Halo tech allowed for counterparties to transact in a truly trustless, peer-to-peer environment, without the need for a 3rd party arbitrator dictating who’s at fault when a transaction goes sour. David’s concept was the final piece to the puzzle of Satoshi Nakamoto’s fundamentals of creating a peer-to-peer currency, removing the demand for intermediaries to keep people honest. Bitcoin posed a limitation on the BitHalo Client, which BitBay is able to overcome. The BitBay Halo Client’s key difference will be to include a revolutionary price stability protocol to remove price volatility – yet still allow fluctuations – through a Client that holds both cold wallet security with hot wallet functionality.
The project is years ahead of any other decentralized smart contract system all in a 100% trustless environment. BitBay has a fully functioning client with so many capabilities it’s best to provide a link to review them: https://bitcointalk.org/index.php?topic=1744745.0
Any arrangement you can come up with can be customized within BitBay’s existing client. Do you want to exchange XMR for ETH without first having to convert to BTC? Are you interested in trading your silver dollars in exchange for gold krugerrands? Want to create a binary option with a trade buddy because you think the price of gold will increase to the US Dollar at a specific time? Want to buy BAY cryptocurrency with EURO? How is this possible? The solution is called Double Deposit Escrow, or Trustless Escrow. Simply explained, each party in the agreement puts up a deposit as collateral to assure the transaction is completed successfully. After all parties are happy, the deposits are returned. This encourages each party to work out any issues and discourages scammers because they have no way to profit. There are no middlemen and no corporate fees… as a matter of fact there are no fees of any kind. It is completely FREE to use.
While there are many enhancements planned for the BitBay client to increase security even more and make it “mom-friendly,” the contract creation system is live and stable. Cold staking, price pegging, and keylogger defense are important and ambitious additions planned for 2017. BitBay’s cold staking feature allows users to create an account by installing two private keys on two separate computers. To break in and gain access to a user’s account, a thief would need access to both systems, then to find the keys hidden in pictures (steganography encryption), and to unlock both keys. The upcoming release of price pegging will create the stability needed to utilize the powerful combo of blockchain and smart contracts in the real world.
There is arguably only one proven method of price-pegging, and it involves the freezing/unfreezing of a currency to control the inflation/deflation of the value. User accounts will consist of both frozen and liquid BitBay coins controlled by a decentralized algorithm along with the built-in voting system. The liquid coins can be used as an asset within the client to purchase, or as collateral for contracts. If the user value protection algorithm calculates the need for the total supply of the coins to deflate, then a portion of a coins in a user’s account will freeze to weaken sell pressure on the exchanges. Even though small portions of your account could be frozen, these coins will still be able to be sold through a time-lock-verify futures market, and therefore can be exchanged for other assets in the market price.
Price-pegging is necessary for BAY within the BitBay client because people need a reliable store of value which will have the same or greater value in the future. On auction sites today, such as EBay, people sell in exchange for dollars or other national currencies, which will likely retain a similar value next week. For a crypto currency to be used in exchange for goods/services and as collateral for contracts, it needs to do the same.
The pegged value of BAY will be decided by voting using the Proof of Stake system already available, so the people with the most at stake will decide the price, which will also result in their personal BAY being frozen or unfrozen. This “rolling peg” will still allow the price to fluctuate somewhat but the extreme volatility we have become familiar with in crypto will not be possible. The price will roll gently like the gentle swells in a safe harbor, instead of being subject to the violent waves common to the vast ocean of cryptocurrency pump and dumps.
David has been working relentlessly for years and all the hard work should soon begin to finally pay off. He has overcome all of the early adversity and delivered everything he promised to the community in the tumultuous early days of BitBay. Rather than struggling to recover the stolen coins taken by the ICO exchange host, the community decided it would be best to keep the decentralization of BitBay intact to maintain the principle of cryptocurrency. For over the last 2 years, Lin Han of Bter, has been dumping his coins to deter investors’ confidence and dishearten David’s ambitions for the project. Without the proper funding due to the ICO thievery, marketing BitBay to the world has been extremely challenging. The good news is that we’ve been tracking Lin’s accounts since the beginning and as our price charts are starting to show, he has run out of his supply, finally allowing for the market to correct to a fair price. At this point the “million dollar question” is the discovery of what the true fair market price really should be!
The Bitbay Team
GameCredits began three years ago under the name Gamerscoin. The coin was established as a litecoin (scrypt) based variation with a total of 84,000,000 possible coins and a blocktime of 90 seconds (for more information you check out http://gamecredits.com/mining-specifications/ ). During those early stages, development focused largely on minor games, and the team didn’t have nearly as many passionate/technical minds behind it.
After over a year, the original developer handed over development to two of GameCredits current team members (Nebojša Maksimović and Aleksandar Mihajlovic).The team changed the name from gamerscoin(GMC) to GameCredits(GAME), and began developing a revolutionary platform for the entire gaming industry. (On a side note, we’ve never had an ICO and have instead been self-funded with over 1.5 million dollars).
Let me briefly describe what GameCredits does before I go further. GameCredits aims to provide blockchain based payment solutions that revolutionize the world of in game payments.
Currently game developers and gamers face a number of limitations due to traditional payment methods. For developers, these limitations include; transaction fees, long payment processing periods (up to several weeks), 30% commission fees on all payments (paid to Appstore, Google play, etc), and chargebacks/fraud. Gamers, on the other hand, have low deposit limits, the inability to transfer money from game to game, low security, and no anonymity.
All of these limitations are bypassed using GameCredits open source platform. Developers simply have to integrate our free API and gamers can begin paying for in game items/currencies with GameCredits in game (for a video on that process click here: https://www.youtube.com/watch?v=yK7S59NAo0Q&t=6s ).
The only fee paid to GameCredits is a onetime fee when you want to cash out (meaning there is no cost for transferring funds between games and using GameCredits in game). In this way we can earn revenue, while also saving everyone in the industry millions.
This is just one way GameCredits can be used. We also have partnerships with companies in the fantasy sports industry and have plans for e-sports. In total, the industry we target has a staggering (and growing) market cap of over 100 billion dollars.
Developments and future
GameCredits has been developing its platform for years, however we just recently launched in our beta test the game Fragoria, an RPG with over 8 million registered users. Fragoria was developed by Datcroft games, a close partner with GameCredits. Soon after launching in Fragoria, we launched GameCredits in Get the Gun, a third person shooter also created by Datcroft. These games are allowing us to test our proprietary payment gateway in real time.
We already have thousands of gamers signed up and using GameCredits as a means of payment. In the coming weeks, we will finish testing in these games, and release our fine-tuned API for public use. Then, we will begin to integrate GameCredits in hundreds of games aiming to reach millions of users. In the very near future, gamers will be able to purchase GameCredits from our wallet using credit card and PayPal.
We believe all of these developments will allow us to continue the fantastic growth we saw in the last year. Since January 2016, GameCredits price has grown from 1 cent to 21 cents, and market capitalization has gone from a small 600K $ to a visible and solid 12M $. These price increases have been very gradual, fueled by hard work, new partnerships, and real progress. Classical hype surrounding crypto-markets has not affected GameCredits, making it one of the most reliable and stable coins to trade. GameCredits is traded on over 10 different popular cryptocurrency exchanges from around the world. To name a few, we trade on Poloniex, Bittrex, Allcoin (Chinese), Yuanbao (Chinese), Jubi (Chinese), BTCBox (Japanese), and more to come.
The GameCredits team is full of passionate members of the cryptocurrency and gaming industries. More than anything, we aim to provide solutions that will solve a plethora of issues within the gaming industry. For more information on the company I encourage people to join our Slack channel http://gamecredits.com/slack.html and ask us questions/join the conversation. You can also visit our website http://gamecredits.com/ .
Very thanks to Blue Magic Capital for letting us share some information our awesome company!
Author: Jack Kuveke (Gamecredits community manager)