BitShares is a decentralized platform designed to offer a more efficient exchange and payment network globally. It\u2019s majorly used to secure trading cryptos without third-party intermediaries making it easy for hackers to compromise the exchange.<\/p>\n
This BitShares review unveils the potentials of this original decentralized exchange, how the exchange works and what makes it unique. In addition, it explained the BTS token, the BitAssets, and what makes the exchange secure.<\/p>\n
Contents<\/p>
- 1<\/span> What is BitShares (BTS)?<\/a><\/li>
- 2<\/span> The Origin of BitShares<\/a><\/li>
- 3<\/span> How does BitShares Work?<\/a><\/li>
- 4<\/span> What Makes BitShares Unique?<\/a><\/li>
- 5<\/span> Benefits of BitShares<\/a><\/li>
- 6<\/span> Governance and Delegated Proof of Stake (DPoS) in BitShares<\/a><\/li>
- 7<\/span> BitShares (BTS) Token<\/a><\/li>
- 8<\/span> What is BitAsset?<\/a><\/li>
- 9<\/span> Buying and Storing BitShares (BTS)<\/a><\/li>
- 10<\/span> How is BitShares Secured?<\/a><\/li>
- 11<\/span> Conclusion of BitShares Review<\/a><\/li><\/ul><\/div>\n
What is BitShares (BTS)?<\/span><\/h2>\n
BitShares is a decentralized exchange that seeks to eliminate the need to convert coins to fiat money, thereby losing your anonymity. It\u2019s a decentralized platform that is designed to provide a fast and more efficient global payment network.<\/p>\n
The primary purpose of\u00a0 BitShares is to secure trading cryptos without the need for a third party or an intermediary. The project team of Bitchares established BTS crypto with the value pegged to a real-life asset.<\/p>\n
Pegging BitShares currency (BitAssets-BTS) to fiat money fixes the anonymity problems. It also helps to eliminate the price volatility issues. The price volatility issue is very common for almost all cryptos in the digital market.<\/p>\n
Eliminating price volatility means that your investment will be held in stable assets during the periods of volatility. By transferring your money into fiat paying fees, you may not necessarily need to lose anonymity.<\/p>\n
The BTS token is the utility token that powers the BitShares platform. You can use it for many purposes, including creating smart coins-BitAssets with various parameters that represent reward points.<\/p>\n
You can also use it to create IOUs and collateralized fiat-pegged tokens.\u00a0 A decentralized autonomous company DAC manages BitShares. It allows the holders of BTS tokens to govern the platform.<\/p>\n
The BTS token holders have the right to decide on the new feature and future of the platform. The project team first launched the BitShares exchange in July 2014 as ProtoShares (PTS) and later rebranded it to Bitshares(BTS). BitShares was relaunched as of January 2021.<\/p>\n
It’s undergoing major changes and runs an open-source blockchain implementation, the Graphene. It has a processing speed of 100,000Transactions\/Second, which makes it faster than VISA and MasterCard combined.<\/p>\n
This feature may give BitShares the advantage of taking part in the market share from traditional institutes.<\/p>\n
The Origin of BitShares<\/span><\/h2>\n
Daniel Larimer and Charles Hoskinson co-founded BitShares in 2013. They are among the biggest names in the cryptocurrency industry. Daniel Larimer is an accomplished software engineer and one of the leading innovators in the crypto space. Larimer co-founded many other prominent blockchain projects, which include Block. one, Steemit, and EOS.IO.<\/p>\n
Currently, he is the CTO of EOS.IO and built Bitshares based on proof of work mining flaws due to network centralization. Larimer came up with the concept of Bitshares to overcome these flaws. He also developed a new consensus DPoS algorithm. The Delegated Proof of Stake (DPoS) consensus algorithm is more efficient and gives Bitshares greater speed and flexibility.<\/p>\n
The co-founder Charles is an entrepreneur, a mathematician, and among the original co-founders of the second top blockchain platform Ethereum. He is currently the CEO of IOHK (Input Output HK), a research and development company behind Cardano (ADA).<\/p>\n
The Bitshares core team members are made up of 17 permanent and dedicated workers as of January 2021. They include Ryan Fox, Alex Megalokonos, Fabian Schuh, the CTO, and four other key executives.<\/p>\n
Over 60 long-term contributors with vast experience from a wide range of disciplines also support the team. They include legal, economics, system administrators, and highly skilled developers with grounded experience in the crypto industry.<\/p>\n
How does BitShares Work?<\/span><\/h2>\n
It’s fast and easy to create an account with BitShares, unlike with centralized exchanges that require extensive user’s personal information. Privacy-conscious users find BitShares very attractive due to the elimination of the need to provide your personal information.<\/p>\n
Furthermore, your data is not stored on the network, not even on any centralized server; this secures the platform. In addition to securing the platform, BitShares also eliminates volatility from the crypto exchange.<\/p>\n
BitShares exchange makes use of a SmartCoin known as a Stable coin which distinguishes it from other cryptos. It was designed as an exchange with tokens pegged to real-world assets, other than becoming a peer-to-peer currency.<\/p>\n
This is related to the Bytom or Polymath projects, even though it’s been functioning for years now. Hence, you can stabilize your BitShares holdings by converting them to stable crypto assets pegged to fiat currency.<\/p>\n
Note that you don’t need to convert your crypto holdings to fiat currency, thereby maintaining your user anonymity. BitShares offers the following features BitShares token, and Bitshares exchange, and blockchain.<\/p>\n
You can convert the BitShares token to BitUSD pegged to the US dollar at the ratio of 1:1. This pegging helps to stabilize the BitShares token value, retain assets on the blockchain and protect users against volatility.<\/p>\n
The BitShares has a scalability feature and can process transactions faster via Graphene, an open-sourced implementation, and blockchain consensus mechanism.\u00a0 Steemit also uses Graphene, and it can handle 100,000 TpS, which is above the combined speed of Visa and Mastercard.<\/p>\n
BitShares also offers a multi-currency wallet available on android, desktop, and web. However, based on Google play reviews, the Android version is a bit buggy, while the web and desktop versions are okay.<\/p>\n
What Makes BitShares Unique?<\/span><\/h2>\n
This section outlines the BitShares features and attributes that make it unique and distinguished from its counterpart. Check the explanations below.<\/p>\n
- \n
- BitShares is an integrated decentralized exchange (DEX) and a crypto platform that allows users to trade on regular cryptos. It also enables users to trade more traditional financial instruments through BitAssets without a third-part or middleman.<\/li>\n
- It\u2019s mostly referred to as the world\u2019s first Decentralized Finance and capable blockchain. This can be traced down to its support for synthetic assets (BitAssets) and native DEX.<\/li>\n
- BitShares allows BTS holders to decide on the rules governing its ecosystem via a voting procedure and secure proposal. This is achieved by using BitShares distributed autonomous companies (DACs) to produce a self-financing and self-governing system.<\/li>\n
- The platform is among the blockchain platforms that eliminate the need for addresses. It differentiates users with simple memos. Hence, it’s among the popular crypto platforms that are easily accessed.<\/li>\n
- A popular referral program is used to design BitShares to incentivize its growth. BitShares distributes the upgrade fees among the network users and the referrers.<\/li>\n
- The network was recorded as the first blockchain platform to use a self-governed DPos (Delegated Proof of Stake) technology. Its transaction processing time is three seconds which currently makes it one of the fastest operating blockchains.<\/li>\n
- The Bitshres platform passed through a hard fork in September 2020, which led to the development of New BitShares (NBS). The NBS is simply a derivative project though not affiliated with the main BitShares. But as a result of this, BTS holders airdropped the NBS token at the ratio of 1:1.<\/li>\n<\/ul>\n
Benefits of BitShares<\/span><\/h2>\n
You are entitled to a lot of benefits when you sign in with the BitShares exchange. These benefits \u00a0are below;<\/p>\n
- \n
- Decentralization:<\/strong> The decentralized BitShares exchange ensures that your security is guaranteed. Hacking the platform is almost impossible, and the cryptos are highly reliable.<\/li>\n
- Transaction Speed: <\/strong>The transaction speed of BitShares\u2019 blockchain is high. It takes less than five seconds to process a transaction.<\/li>\n
- Real Value: BitShares<\/strong> offers other services like a trading platform and also makes asset value prediction easier than others like Bitcoin. BitShares is not like other cryptos that have no backing.<\/li>\n
- Minimum Commission: <\/strong>BitShares\u00a0offers very fast and cheap transaction sol One of the main objectives of developing the exchange is to offer reduced transaction commissions.<\/li>\n
- Increased Throughput: <\/strong>The technical capability of the BitShares trading platform allows for up to 100,000TPS, unlike Bitcoin and others.<\/li>\n
- Referral Rewards:<\/strong> BitShares adopts a referral reward mechanism that drives mass adoption. Opening a BitShares account is currently free, but you will be charged $100 for a lifetime members account. You will earn a discount fee of 80% and a reward of\u00a0 $80 for registering another lifetime member.<\/li>\n<\/ul>\n
Governance and Delegated Proof of Stake (DPoS) in BitShares<\/span><\/h2>\n
The major challenge with the Proof-of-Work consensus is that it’s highly resource-intensive; a lot of people believe it won’t last. Another major shortfall is the centralization that happens with the Proof-of-Work protocols.<\/p>\n
These shortfalls gave rise to the development of the Traditional Proof-of-Stake, where users earn more coins for their holdings. The Delegated Proof of Stake includes adding a governance layer to the Traditional Proof-of-Stake mechanism.<\/p>\n
Users in the\u00a0 Delegated Proof of Stake are allowed to pass on or transfer their stake to others. This requires electing various witnesses that will create blocks, verify transactions and broadcast the blocks to the system.<\/p>\n
- Transaction Speed: <\/strong>The transaction speed of BitShares\u2019 blockchain is high. It takes less than five seconds to process a transaction.<\/li>\n
- Decentralization:<\/strong> The decentralized BitShares exchange ensures that your security is guaranteed. Hacking the platform is almost impossible, and the cryptos are highly reliable.<\/li>\n
- 2<\/span> The Origin of BitShares<\/a><\/li>
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