A lot of things have changed in the recent times, including the status of cryptocurrencies. The virtual tokens are now considered a valid medium of value exchange. Valid in the sense that it can be used to buy and sell tangible or intangible items. Ethbay knows this very well and is tapping into the e-commerce segment as an online marketplace that uses Ethereum as the preferred currency for buying and selling.
Taking all matters of excessive fee for transactions and listing, security, and lack of loyalty rewards into consideration, Ethbay has set the charges to a minimum by including a mere 1% transaction fee and offers free listings for sellers. Security wise, they have a secured Ethereum smart contract Escrow solution that ensures all transactions are safe and secured. Additionally, Ethbay also has a unique system that does not require personal information on registration. It comes with an encrypted messaging service that is private and anonymous in nature.
So How Does Ethbay Work?
Ethbay is a simple, easy-to-use platform. Once the user registers on the platform, they will be issued an Account ID. Following which, they can access their profile after setting a password for their account.
Being a cryptocurrency driven ecommerce platform, sellers can list their products for two different selling modes – as an auction or for a fixed price. The auctions will have a start and end date and time, while the fixed price listing remains constant unless manually updated by the seller. The seller will be required to include their Ethereum wallet address, on their profile, so that proceeds from sales can be credited to the rightful owner.
For buyers, this will mean sorting through seller listings for items of choice and bid on them. Being an auction, the bids will be competitive and the highest bidder will receive the wallet address to which they will have to send the ETH equivalent of the winning bid amount. Once the transaction is confirmed, the product will be shipped to the bidder. However, when it comes to the fixed price listing, users can just pay with ETH for the product they wish to purchase and get it shipped to wherever they want.
The payments made on the Ethbay platform are first stored in an Escrow account, to be released once both the parties are satisfied with the trade. Any conflict with respect to the trade will be subjected to mediation by the platform’s experts before deciding to release the funds held in escrow.
Though optional, a user may want to add their email address for purposes of notifications on their orders.
The best part of Ethbay includes entitling holders of the EBY token to receive shares of fee generated from the platform. Unlike the ecommerce giants, the decentralized marketplace allows users to conduct transactions without having to divulge their personal/private information like credit card number etc. And the best part is the option to use cryptocurrency (ETH) to purchase goods and services.
The Ethbay platform is powered by its native EBY tokens, which will be soon listed on multiple cryptocurrency exchanges. In addition, Ethbay will also integrate its own onsite exchange within the platform, to accept a wide variety of other cryptocurrencies and tokens which will be exchanged for Ethereum when transferring the funds to the seller.
In the near future, Ethbay will add additional features to its platform such as the ability to buy and sell services as well as classifieds for buying and selling products and services locally, using Ethereum as the base currency.
More information about the Ethbay platform is available at –