Link: https://drive.google.com/file/d/0B1CQhm1knxm4RW1iVmd0RTBnbFk/view
Link to Slack: http://bitbay.market/wp-login.php?action=slack-invitation
Link to Discord: https://discord.gg/sP8b66W
E-Mail: [email protected]
BitBay Frequently Asked Questions
Note: The easiest way to use this FAQ is to use your computer’s built-in search engine by clicking Ctrl+F (for windows OS). Then enter the word or phrase your are seeking in the search field.
Q.) How do I know if my Client is synchronized to the blockchain?
A.) At the bottom of the Home tab or the History tab is a synchronization status bar. If it’s at 100% then you are fully synchronized. You cannot perform transactions until you are fully synchronized. You will not see deposits to your Client until you are fully synchronized.
Staking - Proof of Stake
Q.) How does staking work and why does it generate value?
● A.) Proof of Stake (POS) was originated by Peercoin. It’s an eco-friendly alternative to Proof of Work (POW) coins like Bitcoin. It is similar to POW except that you don’t need mining hardware to mine new coins. You simply have to hold coins in your wallet and keep the wallet connected to the network. To keep staking fair it requires that the coins held in a wallet reach a maturity level before they can begin staking for newly minted coins.In order for coins to mature they must not leave the wallet or else they risk reseting their maturity level. BitBay’s maturity level is roughly 2 hours or (120 block confirmations at 64 second block time) - after that they begin the process of staking for the next newly found block on the blockchain. If they fail to stake the next block they gain miniscule advantage to potentially stake the next block, this repeats over and over until they finally stake a block, after which the coins must wait another 2 hours before they can become mature again.
All of this is automated as long as you hold coins in your wallet and keep you computer online and unlocked (yet still password protected) to the network. The more mature coins you own the better the odds that you will stake the next block receiving the newly minted coins that are associated with that block.
Proof of Stake holds many advantages over Proof of Work - mainly being:
○ Miners in POW always have the fear that their mining hardware will become
obsolete premature of their breakeven point. New hardware can turn existing hardware worthless in just a matter of weeks. With Proof of Stake your coins are the mining hardware, they only risk is that someone wants to buy more coins to stake more than you, yet this creates a scarcity factor and drives the price of the coin up in value which does nothing but benefit your pocket!
○ In cryptocurrencies, any computer that supports a fully synchronized blockchain online is considered a “node” for the network. Currently with most POW coins like Bitcoin, there is no incentive for people to be a node for the network as all incentive goes to the miners. As their blockchain grows in size the number of nodes are diminishing as there is no reward for supporting it. POS coins provides
incentive for people to syncronize to the blockchain which secures the network and helps provide a healthy decentralized atmosphere for the coin.
● BitBay staking schematics:
○ New block added to blockchain every 64 seconds.
○ Coin maturity 120 confirmations at 64 second blocks = 128 or 2 hours & 8
minutes (maturity increases as coins remain untouched with an online wallet)
○ 1% annual increase in coins supply enforced by POS 3.0 protocol (see below)
○ Staking Protocol: POS 3.0 which is cloned from the Blackcoin developer known
as “rat4”. POS 3.0’s whitepaper can be found here:
https://bravenewcoin.com/assets/Whitepapers/Blackcoin-POS-3.pdf
■ It’s main upgrades are that it enforces a true APR of the coin supply.
■ Mature coins can only stay mature if you keep your wallet running. There
is no ‘coin age’ factor anymore.
● This is achieved by providing a block reward proportional to the APR. BitBay currently has a total supply of 1,007,545,000. With BitBay’s 64 second block time that equals 492,750 new blocks per year (60x60x24x365/64), which equals a current block value of 20.44 newly minted coins per block. This amount will keep adjust over time as the total coin supply increases. With this enforcement factor in mind, we can actually create a much higher APR for staking wallets. It’s impossible for the community to stake every coin in the total supply for various reasons - some are locked in contracts, timelock bonds, held on exchanges for trading, etc. That being said, the APR is only rewarded to those that participate. The coin supply will increase 1% no matter what, yet if only 30% of the entire coin supply is staking then that 30% will receive the 1% APR of 1 billion+ coins! We believe the actual APR’s will vary from 2% to 5% a year - not the advertised 1%!
Q.) How much RAM do I need for staking?
A.) 4 GB of RAM should be sufficient for staking BAY. Anything less and you begin to lose potential rewards due to processing power. I tried staking once on a raspberry pi (1 RAM) and couldn’t find a block on a healthy amount of coins even after 6 days of staking.
Q.) Can you mine BitBay?
A.) Staking is just another form of mining. See above for staking information
Q.) How do I stake.
A.) First, the Client needs to be synchronized 100%. Second, you need coin in your wallet to be able to stake. Then you unlock your wallet by going to the File tab of the Client and click on “Unlock Wallet”. For security reasons it’s best to unlock your wallet for staking only.
Q.) How do you install and load the Client on linux
A.) Download the tar.gz file found at the website. Extract the file with an app like Archive Manager
Then open a terminal and navigate to the BitBay directory. At the command prompt type: ./BitBay.sh
Q.) Why won’t the BAY client open properly on my Macbook?
A.) When using a Macbook, BAY operates in WINE rather than as a typical mac program. This results in some issues, as a Mac user myself I have found that BAY will not work properly without “Control Clicking” and then clicking Open. Despite the fact I am using my administrator account, I have found this is the only way to get BAY to work 100%. Don’t worry though, we will address this issue in due time! Also remember to use Control + V for paste instead of Command + V for paste in WINE, it took me a few minutes to realize this myself.
Q.) Is there any way to get around downloading the entire Blockchain through the client? A.) Yes! Check out bitbay.market/downloads and find the “bootstrap” blockchain download. Note: this doesn’t work for Mac users (I apologize, both to other mac users as well as myself!)
Q.) How is the market moderated?
A.) There is only one 'default' marketplace called >BitBay<. Everyone by default becomes a member to this market when they install the Client. This market will be kept clean of any illegal activity like selling drugs.
If you want to create a private market, by all means, create as many as you want. If you create a private market called >Bob's market< then you probably run the risk of it not being so private as anyone else who creates >Bob's market< will also be on that market and can post items on it. Yet if you create a market called >Kskg89f6wDKGU7s9hjs&DKBF78sgjn< the odds are that no one else will know that market exists unless you tell them it exists.
We want this protocol to provide a way for ecommerce to function in a trustless environment on a global scale. Therefore, we want to keep it clean of illegal activity, yet at the same time we can't moderate what we can't see.
We can program this design to anything we desire (majority consensus of course). In the future we could easily set up public markets that are specific to geographics. For example, if there is a country where drugs can be sold legally, then we could create a market eccentric to that country and moderated by the merchants from that market (they could be voted into power by the voting consensus feature built into the Client). So merchants from a specific country could create a market called "BitBay Netherlands" These merchants could sell whatever is legal in the Netherlands to clientele in the Netherlands. It would be up to them to take the risk if they transact with clientele outside of the country that could potentially be illegal elsewhere.
The private markets are decentralized and cannot be moderated if we can’t see them. The public markets like >BitBay< are decentralized for legal commerce and moderated for illegal activity. Moderators can be voted into power by a decentralized voting consensus.
Q.) I can’t get any network connections?
A.) Depending on geographics and your internet connection this can cause some Clients have issues finding BitBay network connections. The best way to alleviate this is to update the bitbay.conf file found inside the bitbaydata folder which is inside your Client’s main directory on your hard drive.
To create or update the bitbay.conf file you need to download a text editor like Notepad ++ or Sublime text editor.
https://notepad-plus-plus.org/download/v7.3.3.html
https://www.sublimetext.com/3
Once the text editor is open paste this info into at the beginning of the file: ____________________________________________________________________________ __
server=1
rpcuser=bitbayrpc rpcpassword=4c80db0bfc751aaadba16bb8ed2c9f050d00952b476b83cc96e24909c06625b3 rpcport=19915
_
Then you can use this link for the most current list of network connections
https://chainz.cryptoid.info/bay/#!network
If you click on “node list” button you will see a list of all the current IP addresses that are connected.
Copy and paste this list under the text script you have created above.
Then save the file as bitbay.conf
So the final configuration file should look similar to:
server=1
rpcuser=bitbayrpc rpcpassword=4c80db0bfc751aaadba16bb8ed2c9f050d00952b476b83cc96e24909c06625b3 rpcport=19915
addnode=103.66.79.11 addnode=103.66.79.46 addnode=104.131.132.223 addnode=104.237.4.33 addnode=104.245.111.33
addnode=105.110.51.175 addnode=103.66.79.11 addnode=103.66.79.46
It’s okay to list all the addnodes you find on the website link - the more the merrier. I’m just saving some space in my example above.
For the Client you need to save this file in your BitBay directory in the bitbaydata folder.
For the QT wallet you need to save it to your >username</appdata/roaming/ BitBay folder.
If you are having trouble finding the folder for the QT wallet you can refer to this youtube tutorial on how to find a bitcoin folder. To find your BitBay folder it’s the same procedure.
Q.) My Client is loading and responding really slow, how can I speed it up?
Answer: Check your free RAM while using the Client. Recommended RAM amount for
solid performance: 4 - 8 GB. Also refer to the FAQ above and create/update your bitbay.conf file.
Q.) Is there a feature list of BitBay Client somewhere?
A.) Yes. You can find the latest feature list at
http://bitbay.market/walloffeatures/
Q.): Is there a way to generate paper wallet for Bay?
A.) Yes. And the beauty of it - there’s no need for 3rd party software! Just print out your key1.private and key2.private files. Easy to follow video tutorial:
https://
www.youtube.com/watch?v=MmjW0lp6hCE
Q.) My client is loading and responding really slow, how can I speed it up?
Answer: Check your free RAM while using the Client. Recommended RAM amount for solid performance: 4 - 8 GB. Also refer to the FAQ “
Q.) What will be the price of 1 Bay in x time?
A.) No one knows for sure. Bay team does not speculate on price. Bay is one of
the safest long term holds you can find. Many projects are priced based on roadmaps. And you can never know if they will be fulfilled. We have already developed more than most other coins have on their roadmap.
Q.) Is there a block explorer for Bay?
A.) Yes. We recommend using https://chainz.cryptoid.info/bay/ in the future we plan on adding another owned by the BitBay Core Team.
Q.) What is a rolling peg?
A.) Think of the rolling peg like a stabiliser. It will make the price of Bay behave
much more like a big mature market like commodities, blue chip stocks, forex. This is done by controlling the coin supply. If there is too much sell pressure, we freeze a certain % of of the coin supply proportional to everyone’s account balance
If there is to much buy pressure we liquify frozen coins. Munti will add more to this in the future
Q.) After the release of the rolling peg, is it possible to sell frozen coins?
A.) Yes
Q.) Will selling frozen coins create a futures market?
A.) Yes, the rolling peg will create one of the most lucrative trading games in the entire exchange industry! This will create a great opportunity for speculators and investors to buy cheap coins in hopes that upon maturity, the time-locked coins will reward profits.
Q.) Can I migrate from the QT wallet to the Market wallet?
A.) No. You need to install the Market client, sync it, and send your coins from your QT wallet to your new account you create in your Client. The Client does not utilize the wallet.dat file found in the QT wallet to backup your account!
Q.) How do I backup my QT wallet.
A.) Everything you need to know about backing up your QT wallet can be found here:
Q.) I downloaded the Client or I downloaded the QT wallet and sent coins to the address inside the wallet, but my balance is not showing any coins received.
A.) The Client and the QT wallet both need to be synchronized 100% to the blockchain before balances will show correctly. Think about it for a second - if you send coins through the network then the transaction is going to be stored on the most recent block at the moment of the transaction. If you are syncing up to block 50000 yet you made to the transaction on block 1,200,000 how is the Client or QT wallet supposed to know you made the transaction on that block. It still needs to catch up with all the transactions.
Q.) I have coins in my Client account, yet it won’t let me withdraw them.
A.) Make sure your blockchain is synchronized 100%. The Client won’t be usable until it’s synced 100%. Check to see the status of the synchronization bar found on the Home tab of the Client. If this bar says disconnected, close down and restart the Client.
Halo Client software to the founders of the coin. When they abandoned the coin and took all their bitcoin funding, David proceeded to take full control of the coin as the new lead developer. Not only did the founders leave with the ICO funding, they also proceeded to dump all their BitBay on the exchanges for nearly 2 years. This is why BitBay was left hiding in the dark from the rest of the crypto community. Their main intention was to dump coins in hopes David would give up and abandon the project. Little did they know David is not a quitter. No matter how hard we tried to gain some marketing traction, the founders would dump on top of it squashing investor confidence. Thankfully through the grace of blockchain technology, we were able to track the remaining coins the founders controlled. They ran out out of coins in January of 2017. We use to be traded on the exchange called, Bter. Bter was the host of the ICO and the owner Lin Han was the main theif of the ICO scam. He proceeded to delist us from his exchange in January of 2017, thus confirming our suspicion that the founders were finally all out of coins - he had no use for us anymore! If you look at the price of BitBay on the daily timeframe chart, you will see this to be the truth. Now the market can finally begin the process of determining ‘true market value’, this takes time, yet as you can see the market is determining that BitBay is still undervalued!
Q.) What is a sat or a satoshi
A.) A satoshi is a unit of value based in bitcoin. It is a fraction of a bitcoin. Bitcoin can be divided up into 0.00000001 units. Each of these units is called a satoshi. Some people mention to it as ‘sat’ for short form or ‘sats’ for plural short form.
55,000 satoshi = 0.00055000 bitcoin
75 satoshi = 0.00000075 bitcoin
Q.) What is a smart contract?
A.) There is not one definition that everyone agrees on. But "a contract that executes itself" is one common definition. BitBay does not require the need for a 3rd party escrow service for the marketplace to function. The “Double Deposit Escrow” system in BitBay is control solely through the Client’s protocol. Without the middleman needed anymore - everyone wins! Double deposit escrow shares similarities with old game theory ideas like Nash equilibrium, mutually assured destruction, ultimatum game, etc. But it had never in history been accomplished in a way that people could use it until now!
Q.) Is BAY the sole coin that has double escrow deposit?
A.) David is the creator of the Halo Client, which is the only software to date that utilizes an escrow system that doesn’t require a middleman to manage. He first began the project by working on BitHalo (Bitcoin based) and BlackHalo (Blackcoin based). When BitBay was created he was to license the Halo protocol to the original founders. After they abandoned the coin David took full reigns of developing BitBay. All new features to the Halo Client will be exclusive to BitBay. BitBay will be the only coin to implementing the decentralized rolling peg.
BitHalo will only utilize the contract templates and receive bug fixes
BlackHalo will only utilize the Custom Contract & Buy/Sell Coins template, and they will receive any bug fixes. All other features will be exclusive to BitBay. Halo is still the ONLY protocol in the world that does smart contracts
Q.) Does BitBay scale well?
A.) Scalability is probably the most important aspects of any cryptocurrency. Ethereum’s blockchain currently increases by 1.25 gigs a day and that number is growing by the week. At this rate they could surpass Bitcoin’s chain before ethereum reaches its 2nd year in existence. Ethereum currently has no solution to scale their system in a decentralized manner, yet investors believe it to be worth over a 30 billion dollar market cap. One of the main aspects of cryptocurrency is to provide to the world with the ability to transact with others in a decentralized environment! David foresaw the dangers of blockchain bloat before he even began to code Halo. He is a firm believer that the blockchain should be utilized only as an accounting ledger. Therefore, when he was coding Halo, he devised a way in which he utilizes the bitmessage protocol https://bitmessage.org to carry the weight of hosting the marketplace. Bitmessage is trustless and decentralized and more anonymous than tor. This way we can keep our blockchain bloat free from unnecessary items that have no reason to be stored on the blockchain. As cryptocurrency technology evolves the issue of blockchain bloat will become less of a concern. The segwit lightning network is a perfect example. With the lightning network cryptocurrency can now complete transactions off the blockchain. Granted there are a few security issues that still need to be addressed, but for the most part, in the near future we will see this technology evolve to a point where it can help crypto remain under the Moore’s law principle (except for Ethereum :).
In the future, BitBay will also have the potential to utilize frozen funds to scale off chains.
Q.) Will BitBay run into the same political gridlock issue that Bitcoin is currently facing?
A.) No - BitBay is the first coin to implement a user friendly decentralized voting consensus built into the Client. The majority vote can dictate the future of the coin, since it utilizes the staking protocol by attaching votes to stake rewards, the majority vote is determined by the most powerful mining consensus, therefore, there is no fear of a fork being created by the minority and disrupting the coin just because they got their panties in a wad. :)
Bitcoin can only dream of this technology!
https://twitter.com/gavinandresen/status/854743112928956417
- gavinandresen
@gavinandresen
@cyounessi1 And I'd like to know why Core won't give their users the tools to express their opinion on consensus-level changes.