Bitshares is a cryptocurrency that describes itself as "a stack of financial services including exchange and banking on a blockchain." Tokens issued on the BitShares blockchain, such as BitUSD and BitEUR, are designed to be tied to real-world assets, such as the dollar or euro.
What Is BitShares (BTS)?
BitShares is a blockchain technology created by next-generation developers, entrepreneurs, and traders who have a common goal of finding market solutions. The platform claims to be the first Delegated proof of stake (DPoS) blockchain technology with self-governance that aims to complete transactions in just 3 seconds. Delegated proof of stake (DPoS) is an improved version of the proof-of-stake (PoS) consensus mechanism. A voting system supports the DPoS system that chooses nodes to verify blocks. Besides this, the network has an in-built decentralized financial space. BitShares aims to combine innovations, ethics, fairness, responsibility, knowledge, and experience to control a secure, stable, and scalable ecosystem.
Also, the technology aims to expand the blockchain to all sectors that use the internet to offer their services. Additionally, a digital public ledger seeks to enable the creation of distributed autonomous companies (DACs) that provide quality services in every industry. A DAC is a transparent organization that describes rules encrypted as a computer program that is controlled by shareholders.
Additionally, the platform aims to introduce an organizational structure where businesses can work under ethical rules without human interference. These rules are encrypted in an open-source publicly auditable software allocated across the network of companies’ shareholders.
BitShares aims to use distributed consensus technology to build global, trustworthy, transparent, efficient, and profitable companies. Moreover, BitShares claims that this ecosystem consists of its native currency, BitShare (BTS), which is transferable on the blockchain, possesses value, and is secure. Contrary to most cryptocurrencies, the BTS token does not claim to be a currency. In fact, the token considers itself as equity in a DAC. Hence, BitShares claims to have a free-floating market valuation like other equities.
Additionally, holders can use BitShares as a market-pegged asset in financial smart contracts. Pegged digital assets are those that are connected to the certain value of the commodity of currency issued by the bank.
History of BitShares (BTS)
Popularly known as Bytemaster, Daniel Larimer introduced BitShares on 2 June 2013. Daniel has contributed a lot to the blockchain by inventing the DPoS (delegated proof of stake) DAC (decentralized autonomous company).
