It has been about a week ago since we did our introductory article about BitBay, a new decentralized marketplace for cryptocurrency enthusiasts. Ever since their ICO ended a few days ago, there have been a lot of questions on how the funds will be used, and open sourcing the client source code. We have the news, so keep on reading
BitBay ICO Funds Distribution
Perhaps the most pressing question on the mind of both investors and digital currency enthusiasts alike, is how the BitBay ICO funds will be distributed. As there is plenty of work to be done, both on the coding and marketing side, let’s take a look at which steps are next for the team.
The first share of the ICO pie , which is worth 500 Bitcoin, would be released by Bter once the ICO had ended and the initial client was released. Both of these events have taken place, and these 500 Bitcoins have been sent over to the BitBay developers’ wallet(s). I would also like to point out the downloadable BitBay wallets have been certified by Crypto Certify.
So what will this funds be used for, you wonder? Up first on the road to completing the BitBay project and making this the success it potentially could be, smart contracts will have to be integrated into the wallet. This sounds like a job right up David Zimbeck’s alley, as he is the project manager and will have to make sure this feature is developed to its full potential.
Once the wallet with integrated smart contracts has been coded, tested and released to the general public, the second slice of 500 Bitcoin will be sent to the BitBay developers’ wallet(s). And that funds, combined with whatever may remain of the previous 500 Bitcoin will be used for…
Well, developing the actual decentralized marketplace of course! Not only is the marketplace the key element of BitBay, it’s also the main reason a lot of people invested in the ICO. It will be interesting to see how long the development of the marketplace will take, as the team will also be working on making deals with manufacturers and suppliers.
By the time the BitBay decentralized marketplace is released and approved by all of us, the developer team will receive the final slice 500 Bitcoin that was raised. Any additional Bitcoin remaining will be sent over once the marketplace has been up and running for at least 60 days.
This final day of “payments” is not significant for its monetary value alone, as the digital currency community will be treated to BitBay’s phase two roadmap on that date. No word yet on what we might expect to see on that roadmap, so your guess is as good as mine.
If you have any ideas or input on what you would like to see on this development roadmap, make sure to leave a comment below!
Open Sourcing The BitBay Client
As is the case with any altcoin being released these days, everyone wants to inspect the source code for themselves. This is a trend I can only applaud though, as we have all been burned one too many times over the past year or so. If you are interested to vet the BitBay source code for yourself, head on over to this GitHub link.
Meet The BitBay Team
When developing not just a new cryptocurrency, but an entire ecosystem which could benefit the entire world of digital currency and altcoins, being transparent is key in order to gain trust and credibility in the community. The BitBay team members decided to unveil some of their personal information, which you can read more about here.