What Is Ethbay?
Ethbay is a decentralized marketplace where users can buy and sell goods and services using Ethereum as the only base currency. Additionally, the blockchain market will have a trading fee of 1% to the seller regardless of the amount. The concept is in contrast to what most of the online marketplaces offer, which usually ranges from 10-15% fees. The platform is also a first of its kind since it is a pioneer in the existence of genuinely anonymous marketplaces. Ethbay users won't have to sign up with their personal information to participate in the platform. You only register and start trading online.
How Ethbay Ethereum Bidding Marketplace Works
First off, registration does not require anyone to give their user information. Additionally, the framework is open to all nationalities who can register onto the site. An account ID is the only significant detail that you can use. The ID comes with 12-word mnemonic phrase password that is easily retrievable in case you forget it.
The leading marketplace comprises of a decentralized structure where buyers and sellers can participate in all kind of trades so as long it is legal. Sellers provide an Ethereum address when it comes to receiving payments for any of the deals. For the buyers, they can seek out from the categories and choose the item they want to purchase.
The purchasing takes place through a bidding portal with each buyer giving their quote. That is in similarity to how eBay operates. If your bid wins, you receive an escrow address to send the Ethereum. The escrow portal guarantees the security of the transaction and will charge a 1% fee from the sale amount once the funds get to the seller. Any proceeds from the escrow fee go into a fair distribution among the token holders.
Those who wish to add Ethbay to their portfolio will enjoy several advantages of using the decentralized marketplace. These benefits include
- Low fees- the costs of using Ethbay is almost negligible compared to our traditional systems of trading.
- Autonomy- there is no central authority to dictate the marketplace and only token holders and the users are responsible.
- Safety and security- the use of Ethereum blockchain assure the users the complete anonymity of their identities. Additionally, the escrow service is an excellent way of safeguarding the funds during the transaction.
- Bonus- early investors are set to get a 25%, 15% and 10% bonuses during the initial ICO launch.
- Passive income- as a token holder you get to earn from the platform’s trading fees. The profits will be on a monthly basis through a self-executing smart contract.
Ethbay EBAY ICO Details
The Ethbay ICO will begin June 7, 2018 and end August 7, 2018. You can invest using Ehereum. The total available EBAY token supply is 100 million EBAY. Of this number, 80 million EBAY or 80% of the available total will be reserved for platform investors during the ICO, while the remaining 20% will be reserved for the Ethbay team.
How Does Ethbay Differ?
Honestly, it is a challenge to judge the project from its initial stages. However, Ethbay does show potential with the extra safety feature of complete anonymity. That single aspect is what I would rank as the difference from other platforms. Still, there are some underlying pointers that I do not like about the whole project. For starters, the project has little to show in term of their development. Additionally, their bonuses and other incentives seem more edged toward promoting the platform instead seek to solve a challenge. As such, it is not a worthy project to get in your portfolio.