In the world of online marketplaces, there is a notable lack of competition. For most people, eBay is the default marketplace. Other than a few localized efforts around the world, alternative platforms are in short supply. EthBay may offer a solution in this regard, as it will serve as a decentralized peer-to-peer marketplace solely focused on Ethereum payments.
The Idea Behind EthBay
For the EthBay team, the objective is fairly simple. They want to build a new peer-to-peer marketplace where Ethereum payments play a very big role. It is very different from existing projects such as OpenBazaar, but it provides an interesting alternative. So far, there is no evidence decentralized peer-to-peer marketplaces will ever become a big success, even though there is some promising progress being made.
How Does it Work?
EthBay will allow users from all over the world to register on the site. A centralized platform is not necessarily truly decentralized, but it remains to be seen how the EthBay team will decide to tackle that issue moving forward. There is no need to submit any specific personal information, although an account ID will be generated on one’s behalf.
Passwords remain integral on EthBay, and they will be protected by a 12-word
Categories: Crypto Currency Portal