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Imagine you want to auction a valuable item, such as a high-end laptop, or even a 55-inch Smart TV. You’ll most likely turn to eBay to list your products and look for buyers. Unless you’re one of those who have already been scammed in the past decade.
There have been countless reports of people buying a product and never receiving what they paid for — they either receive a cheap knockoff, a much older item or nothing at all.
Ethbay, however, is set to disrupt the online auction market with its safe and reliable platform, built on a blockchain. In practice, it works very similarly to eBay — sellers can auction whatever product they wish, as long as it’s not illegal, and buyers can bid on whatever they want, offering an amount of their choice.
Registration is as simple as it gets — no user information required. Buyers and sellers may choose to add their email addresses to be notified of any changes in the products they’re bidding on or selling, but it is not required. Two-factor authentication is also available and users can opt between using a QR code or a text message confirmation. Again, this is not required.
The biggest game-changer for Ethbay is the way the team ensures the protection of everyone involved. In cases where the item advertised doesn’t correspond to the item received, both parties will be given a chance to resolve the matter amicably.
When no resolution is reached, the Ethbay team will then intervene and assess all the details regarding the case. Thanks to the blockchain technology, the resolution team will have the power to reassign the funds back to the buyer, if needed. In the future, this resolution process will transition over to a decentralized process which will not require human intervention.
Unlike traditional online auction platforms, Ethbay does not charge any listing fees which means you can auction as many products as you want. A 1% fee is charged only once the auction is completed. However, the fee is shared among all token holders, instead of reverting to the team.
The platform will run on its own token, the EBY token. With Ethbay’s ICO currently running until August 7, investors can acquire one of the available 80 million EBY. During its ICO, 1 ETH will give you 5000 EBY. Until June 14, investors will receive an additional 15% bonus, while purchases made after that date and until June 21 will award 10% bonus.
Ethbay will begin its marketing campaign in August in which members will have a chance to win EBY rewards. The beta launch of the platform is planned for November during which Ethbay will be holding a bounty hunt program. Only 3 months later, the main launch of the platform is expected, for February 2019.
The platform has bigger plans than becoming the blockchain eBay, though. Once its platform is established, Ethbay plans on reaching out to other markets which will benefit from using blockchain technology.
Come April 2019, finding a freelance gig will be easier and safer than ever with the launch of Ethbay Services. The team plans on launching a marketplace platform to allow users to receive Ethereum payments in exchange for services — something along the lines of Upwork and Fiverr.
As it happens with its auction platform, this section will allow freelancers and employers to establish contracts with peace of mind, knowing the Ethbay team can intervene at any time.
At a later stage, token holders will also have the power to participate in decisions regarding the project. All those who hold over 200.000 EBY will also have the right to submit proposals to be voted by the community.
All in all, Ethbay is set to change the way online peer-to-peer transactions are done, giving a solution to a decade-long problem. About time, I’d say, and I’m sure many of you will agree, too.
To find out more about the Ethbay platform and it’s ongoing ICO, visit www.ethbay.co