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 mnemonic seed. Buyers can add an email address to receive notifications, but doing so is not a requirement. For sellers, it is important to provide an Ethereum address to receive payments. It is a bit unclear if this address can be changed to avoid blockchain analysis firms from uncovering one’s identity. Such a functionality would certainly be appreciated by a lot of potential EthBay users.
The EthBay platform works similarly to eBay in some respects. There is an auction and bidding option, which tends to make things a bit more exciting. All platform transactions are protected by escrow, which ensures sellers can’t scam buyers and vice versa. This system is quite common when it comes to cryptocurrency-oriented marketplaces, but it is unclear if EthBay will come up with a way to decentralize this particular aspect in the future.
The EBY Token Explained
Most people would expect EthBay to issue its own token. That is exactly the case, as the project will use the EBY ERC20 token. Its exact use case remains a bit unclear, since the platform will mainly involve completing transactions with Ether, rather than EBY tokens. Even so, the token will play some role of importance in the future.
The Road Ahead
There is still a lot of work on the horizon for the EthBay team. For the time being, the main focus is on preparing the beta launch of this platform, which is scheduled to occur in November. An alpha main launch won’t happen until February 2019, with the mobile apps following a month later. By July of 2019, the EBY tokens will be fully integrated.