BitShares is an open-source, public, blockchain which is based on the real-time financial platform. It provides a decentralized asset exchange with few international trading facilities. Bitshares provides a cryptocurrency token called “BTS” that is transferred between accounts and is utilized to collect fees for network operations and for loans. It is utilized to launch Decentralized autonomous companies (DACs).
Bitshare is planning to produce profitable companies i.e. the people making their own share and create huge returns for shareholders. The first DAC was launched through this process and named as “BitSharesX”. Decentralized autonomous companies issues shares, produces profit and distributes profits to their shareholders. BitSharesX is decentralized asset exchange based in Hong Kong. Basically, Bitshares is a decentralized exchange platform for trading cryptocurrencies. It aims to diminish the method by exchanging currencies. The algorithm used in BitShares is “SHA-256”. The token symbol of BitShares is “BTS”.
- “Daniel Larimer” an American programmer and entrepreneur launched “Bitshare” in the year 2014.
- Larimer aims to design Bitshare X, a blockchain platform which splits its value from a built-in business that is decentralized bank and exchange with few technical innovations.
- He knew that the development of Bitshare would take a lot of time; he created Bitshares PTS which is known as “ProtoShares”. It is bitcoin clone whose tokens are used to be upgraded to Bitshares.
- The first “Protoshare” block was mined on November 5, 2013.
- After launching protoshare, he announced his following project which was a derivate of “Proof of stake”. It was a simple algorithm which is used by anyone on their computers.
- The latest version 2.0 of Bitshare was launched in October 2015. It is also known as “Graphene”. It is an open source C++ blockchain implementation that acts as a consensus mechanism. It is utilized by several other projects like Steemit.com and Peerplays.com which includes real-world usage.
- Decentralized Asset Exchange: – Bitshares provides a high-performance decentralized exchange. It gives robustness against the failure. The centralized exchange consists of millions of dollars and thousands of users are smashed. In this decentralized system, any attack or failure impacts to a single user and their funds. The users are in control of their own security that is a centralized entity.
- Speedy transactions: – Bitshares executes transactions within few seconds like a centralized website interface. The transactions are fast and secure.
- Secure: – Each and every currency held by BitShares exchange is supported by twice the reserves of traditionally centralized exchanges. The user can maintain reserves; he can assure that BitShares is solvent in every market. All these reserves are kept as BTS held on the blockchain and can’t be stolen as there are no private keys which can be comprised to steal the reserves.
- No limits: – The user can trade any amount at any time from any place without withdrawal limits. The users who wish to exceed the standard limits must provide invasive levels of documentation. Bitshares doesn’t need approval for any third person, he has complete financial freedom.
- Low fees: – Bitshare has cheapest exchanges all over the world. Many exchanges charge a percentage of the transaction volume. The traditional exchanges like E-Trade or Scottrade charge over $ per trade.
Bitshares platform is operated and maintained by the BitShares Community. It is an open conglomerate of individuals’ members and organizations whose are committed to providing universal access to the power of smart contracts. Bitshare is associated with SmartCoins, a digital currency whose value is pegged to another asset like US Dollar or gold. These smartcoins have 100% more value supported by the Bitshare’s token BTS. These tokens are being converted at any time at an exchange rate set by an exchange market.