One of the reasons why I keep writing articles about BitBay is because I believe in the technology being developed by David Zimbeck. Decentralized markets are a very promising prospect for cryptocurrency in general. As a result of this disruptive way of doing business online, David has come up with some interesting ideas in order to filter out illegal goods and services.
The original plan was to create a filter sifting out illegal goods and services through the creation of a whitelist. In order to do so, all of the market traffic would be channeled through a server in David’s control, and users would be granted access to decentralized markets based on good behaviour.
Unfortunately, this method means decentralized market traffic would have to pass through a centralized server, which kind of defeats the purpose. On top of that, this method would not scale properly for other businesses. Granted, there would be a speed advantage, but it’s not worth the trade-off when compared to David Zimbeck’s new idea.
After some brainstorming, David came up with the idea to require users to put their IP address inside the order when it goes to market. Encrypting this IP address would be a possibility, so only Halo can read it. This method would provide a log of IP addresses to refrain people from posting illegal goods and/or services.
While this idea might sound controversial to some of our readers, keep in mind this method is being used by most websites already. Whenever you access a website, or send an e-mail, or pretty much do anything on the Internet, your IP address is logged.
Furthermore, BitBay’s main selling point is the fact they are doing decentralized markets in a transparent and legal way, so why hide anything at all? The same goes for the products to be sold on the decentralized marketplace, as only legal goods/services will be allowed for sale, why hide it?
Of course, an actual layer of protection would still be required to filter IP addresses in real time, and flag illegal orders in a decentralized way. David Zimbeck will be working on developing this layer of moderation, and more details will be announced over the next few weeks.
The implementation of whitelists is still on the table as well, which is a feature that can be added at any time in the future if there would be a need for it. We will probably not see whitelists when the decentralized markets are being demoed though, as it shouldn’t be needed at that stage.