BitBay’s name is a portmanteau of Bitcoin and eBay. In a sense, that’s a useful way to think about what the platform does. It’s a marketplace for users to list items for sale and negotiate prices. Those prices are denominated in BAY, the platform’s cryptocurrency. BitBay is a Proof of Stake cryptocurrency with a 1% APY in staking rewards. BitBay provides many additional tools like smart-contract capabilities, an in-wallet decentralized e-commerce platform, "Pay-to-Email" transactions, asset pegging and more.
The project aims to be the new standard for eCommerce, allowing individuals to trade one-to-one at scale. As a result, BitBay claims it will revolutionize global trade. It’s seemingly a great solution for other niche applications as well, where groups of people aren’t served by existing marketplaces
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