The API facilitates transactions, commissions, affiliate sales and user profiles and messaging, as well as an auctioning system. It’s a bit like eBay in an API for Bitcoin developers.
Most interesting, however, is BitTrust’s ratings and reviews system. One of the biggest features of Bitcoin is that it provides a certain level of pseudo-anonymity, but it’s also a liability when you’re buying from untrusted, anonymous sellers.
BitTrust has the lofty goal of providing a feedback system much like eBay’s, in which traders and retailers are rated and reviewed by buyers. The seller doesn’t have to be identified and can retain their anonymity if they wish, with the system working off their chain of transactions and the ratings provided for those transactions.
It seems like a great first step towards providing verifiability and trust in such an unregulated economy. The strength of the system is that the ratings aren’t fragmented; all developers will be able to access the same ratings for sellers whether they were rated through another application or not.
Despite persistent trouble over the last couple of months, Bitcoin is still around and kicking, and the emergence of platforms like these bodes well for its future — even if it ends up being a future in a niche.
Visit the BitTrust website for more information and details on how to get into the beta.