Though Bitcoin and other crypto currencies are continuing to rise in popularity, there is still some concern over transactions with these currencies. However, one new startup thinks there needn’t be. BitHalo has built a P2P exchange/bartering platform for Bitcoin and BlackCoin transactions. We had the chance to ask the BitHalo team a few questions about their platform:
What does BitHalo do?
We develop smart-contracting and P2P exchange/bartering software (2 so far, one if for BlackCoin and it’s called BlackHalo and then one is for BitCoin which is the BitHalo client/interface)
Who is your target user?
The entire crypto currency community and all the future new comers as adoption grows. Anyone who wants a safer eBay as well or a safer escrow especially for large ticket transactions or exchanges
Why did you build these platforms?
David Zimbeck, the head developer and founder, had the idea for quite some time but knew it was right the day Mt. Gox disappeared with $364M worth of bitcoin over night.
What makes BitHalo different from what is already available?
There’s nothing out yet that does this electronic deposit/collateral based 2 person contracting. A lot of people are talking about projects but most still use some sort of 3rd party such as an arbiter, which still leaves the door open for collusion.
Tell us your founding story. Was there an “ah ha” moment?
Yes! Mt. Gox really sums it up as the ah ha moment. David the founder, thought this was so important he switched from a focus in chess to learning code, he taught himself what he hadn’t already known in just a few weeks and was so driven he coded the entire BlackHalo interface in about 2 and a half months alone.
Tell us about the founders and their backgrounds.
David Zimbeck (founder and lead developer) – business, some SEO and web design, chess, acting, commercial production and physical labor too to make ends meet having refused to ever go to college and conform to societies “plan.”
Sean Donato (First person David reached out to as a strategic partner and consultant. Also head of marketing and PR) Background is similar, just over 5 years of cold call sales for a few different random industries, from finance to ink and toner, did my share of physical labor too, also small business owner and entrepreneur. some college where I majored in Economics
Jon Patore – Newest member to team but the 3 of us make up some what of an autonomous organization at times. Jon has a past in CRM development and implementation, he’s known to be brilliant at coding and also as a savvy business man in the “crypto community.”
What’s next? What do your short-term goals look like?
Still releasing other versions, such as the Linux and Mac compatible clients, of the first released BlackHalo as well as Bitcoins version called BitHalo. Besides that we spend a lot of time figuring out new ways to improve and help people understand the software and implement in areas such as finance, currency exchange, free-trade, micro-trading. It’s very cool software, any type of contract can be made safe and unbreakable by each depositing a predetermined and agreed upon amount on to their clients as collateral. They both have a 2 private keys (multi-sig) and a time limit is picked and implemented. If the time limit is breached the contract is as well and the deposits are lost for both parties. THIS is what acts as the motivator to remain honest, it removes the need for trust. If We also have some very cool projects that utilize Halo as their engine, so to speak, too that I am excited to announce soon too but is still confidential.