Ethbay is a blockchain-based platform that wants to change the way the traditional online marketplaces operate and for that it is going to implement its power of decentralization. It is almost similar to eBay when it comes to allowing the users to buy or sell non-tangible products. However, there is a small difference. On ebay, transactions are allowed through cash payments and credit cards whereas Ethbay accepts Ethereum (ETH) as the mode of payment and charges only 1% fee for a transaction which is much lower than those charged by eBay or similar other online marketplaces.
eBay dominates the online marketplace as of today. Its first-quarter results for 2018 revealed that the service connected 25 million sellers with 145 million buyers. However, the blockchain-based implementations of Ethbay are soon expected to introduce a new change in the industry with its decentralization power.
Ethbay To Offer EBY Tokens
According to reports, Ethbay is planning to launch its first official ICO in June this year. Users will get the EBY tokens of the blockchain-based online platform at 5000 tokens per Ethereum. Around 100 million EBY tokens will be produced and 80% will be made available to the public for sale. The platform will be open to all the users across the world for registration and no personal information will be asked. However, it will be up to the users to enter their email id in the case they are interested in receiving notifications regarding purchases, offers, and sales.
The sellers will have to enter their Ethereum address where they would like to receive the payment in the case they sell anything on Ethbay. The buyers will release the escrow to the seller once the buyer receives the product and is satisfied with it. Ethbay is based on blockchain technology and hence offers 100% safety and security to both the sellers and the purchasers during transactions.
Ethbay Tapping E-Commerce Segment
With the introduction of cryptocurrencies, a lot of things have changed in the finance world. Virtual tokens are now considered valid by many countries for value exchange. The digital currencies are now accepted for buying and selling tangible and intangible items. Ethbay is well aware of the massive potential of an e-commerce venture and wants to combine it with the cryptocurrency boom by using ETH has the most preferred medium for the transaction on its platform.