Bitshares was developed by Dan Larimer in 2014. It is a decentralized exchange for virtual currencies. Where users can trade without leaving blockchain platform. It has been claimed that exchange is high performance can handle larger trading volumes like Nasdaq exchange.
The user can convert their currencies into stable currencies which can be further exchanged to fiat currencies while staying in the scalable and reliable platform.
Dan Larimer is the founder of Bitshares, co-founder of Steemit, Inc and originated the main idea of DAC (Decentralized autonomous company).
There are multiple development teams who are working on the hourly basis from all around the world.
It uses Delegate Proof of Stake consensus algorithm with maximum 100,000 transactions per second. When it comes to trading there is no limit forced for a user; he can trade as much he wants from anywhere. Bitshares uses BTS token for a number of financial services i.e. banking, smart contracts and decentralized exchanges.
- Being decentralized give more governance to users and enhance transparency in general
- It is faster than any other decentralized exchange; process transaction in seconds
- It is secure because of its SmartCoin which is backed up on the platform
- Comparatively fair distribution of tokens
- The whole process of using exchange is not explained well
- Overall exchange UI is too complex for non-technical users
Bitshares has taken down the previously published papers due to some incorrect terminology mentioned. Currently, papers are under review by market experts and will be published once reviewed & updated.
There are a number of real lives uses cases of bitshares. With foreign currencies exchange, it allows users all around the world to convert currency to other fiat currencies. It is not limited to currencies but also supports trading commodities i.e. bitGOLD, bitSilver etc. Along with trading users can also
The whole network of bitshares was created to assist financial services which are not provided to people who don’t have access to banks. The decentralized platform stood on blockchain technology to serve the unbanked community with secure money storage and conversion.
Bitshares is ready to comply with regulations as it works with smart contract network which hosts apps. App use token to get them hosted on smart contract network.
Following are the investors of Bitshares project:
A very detailed roadmap for 2018 is explained here with a huge list of upcoming features. Each section has its own milestone and completion time period.
Bitshares can’t be actually mined but can be pooled. It works on distributed proof of stake system where users are required to pick a pool mining. BTS holders can elect the witnesses to confirm the blocks. All distribution is fair within specific confirmation time.