BitBay is a decentralized cryptocurrency market protocol which allows its users to trade goods and services freely. Transactions between users are secure and anonymous, with liquidity and price stability controlled by a dynamic rolling peg algorithm and wallets secured with multi-signature authentication. The market also has a double deposit escrow system to provide a trustless way to transact without the need for any third parties. Before initiating any transaction, users must first agree on an amount of collateral that will be used to keep either party from being dishonest (because they will lose the collateral if they are). Virtual contracts are used to power all these features. Users can also send payments, barter, vote, and more on the platform.
BitBay (BAY) is the token of the BitBay market that is used as collateral in transactions.