What Is EthBay?

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EthBay

By Mason Harris

The name pretty much sums up what this token is about. EthBay is a dApp project intending to decentralize the online marketplace with their smart contract technology powered by the Ethereum network. The items can be as intangible as the platform itself or as physically substantial as houses, and most likely Lamborghinis since cryptocurrency folks seem to love their Lamborghini selfies.

Ebay is a top influencer in the online market for physical products, where EthBay breaks the mold and offers something the internet giant does not is in personal privacy and near complete anonymity. Hate signing up for yet again another account for another one of the many sites you visit? At EthBay you don’t have to provide user information, an ID is automatically generated for you and all you have to do is save it in a safe place, or two. Next step is to direct sales to your Ethereum wallet address and your pretty much on your way. As usual, you will have to create a password for the account and your financial assets will receive extra security with a 12-word mnemonic phrase that get you into your account if (like me) you are terrible about remembering passwords.

You have two basic selling styles, you can select to go with either the traditional fixed price listing for the seller that knows what they have to get for their goods, or a standard countdown auction for the seller that likes to live dangerously, martini in hand. Buyers can either buy an item for the price if it is at a fixed rate or in the case of auctions they can make a bid, essentially just like Ebay. But EthBay has an interesting bidding feature that should intrigue auction participants.

On EthBay if you bid higher than the current highest bid, you then become the highest bid but the highest bid price inches up only just enough to win the top spot. This means that you can overwhelmingly bid above the last bidder and not be locked into paying anymore than the minimum required to take the highest bid position. The cost savings should easily entice regular auction watchers, while benefiting sellers by encouraging more liberal bidding behavior from buyers. On top of that, both parties can rest easy knowing that the final step goes through an escrow address for further mutual protection.

Can EthBay Survive Its Competitors?

Boasting that they take no listing fees and only charge an astounding 1% of the sale price or winning bid, if they can accomplish this while achieving profitability it could make some big waves for its predecessors. In addition to the previously mentioned benefits, sellers enjoy advanced identity protection through state-of-the-art anonymity while buyers and sellers equally enjoy the safety of a trustless transaction by a smart contract escrow secured on one of the two highest rated blockchains in the world.

There seems to be more and more tokens cropping up, and among dApp projects based on the Ethereum smart contract platform this seems to be doubly true. However, when we look through the collection of tokens we see many copycats and cookie-cutter designs, but that’s not true with EthBay. It’s true that we can say Ebay was before EthBay, but EthBay is a clear innovation that the decentralizing economy very much needs.

Boasting that they take no listing fees and only charge an astounding 1% of the sale price or winning bid, if they can accomplish this while achieving profitability it could make some big waves for its predecessors. In addition to that they have future plans to open up a services platform and a regional classifieds, so they may be less of an EthBay than an Ethmazon. Either way, if this project advances well it could revolutionize the environment of online sales globally.


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