What is Bitshares Coin (BTS Cryptocurrency)?

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What is Bitshares Cryptocurrency | A Quick Summary

Bitshares is a trustless Cryptocurrency Exchange that acts like NYSE.

This real-time, decentralized, open-source, and public blockchain based exchange allows anyone to exchange and has its own BTS token.

History of Bitshares

Dan Larimer (Creator of Steemit and EOS) started on June 2nd, 2013 with a new concept for a fiat/bitcoin exchange… without fiat.

This would take place in the form of a Cryptocurrency backed by another Cryptocurrency which could be swapped and traded.

On July 4th, 2013 Dan and Charles Hoskinson (co-founder of Ethereum) started a company called Invictus Innovations and released the concept of Bitshares a few months later.

What started with a concept then moved to Bitshares PTS (prototype shares) which would be a Bitcoin clone, later planned to be upgraded to Bitshares.

On November 5th, 2013 the first Bitshare PTS was mined.

Although, he sought to move to another concept for consensus thinking that mining was a flawed mechanism.

Leading the release on December 8th, 2013 of Delegated Proof of Stake.

Then on January 2015 Bitshares upgraded to Bitshares 2.0 or the graphene update.

The Purpose of BTS Cryptocurrency

The problem with most exchanges is that they are centralized.

On top of that, their gateways almost always come about from fiat currency being transferred to Cryptocurrency...

Often people want to exchange Cryptocurrency or fiat for a Cryptocurrency unavailable on an exchange.

That’s where bitshares comes in.

Bitshares was invented to be scalable to the masses, allow for cryptocurrency exchanges like the New York Stock Exchange, and make it easy for the user.

It was one of the first cryptocurrencies backed by a business rather than technology or a meme (Dogecoin).

Thus, the bts coin was born.

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The Features of Bitshares Coin

Industrial Performance and Scalability

With Bitcoin, there can be issues of a congested network and slow transaction speeds - which leads to higher costs.

Although, BTS operates a bit differently.

After the Graphene Update, BTS Cryptocurrency can handle up to 100,000 transactions per second.

While a provider like Visa only handles 25,000 transactions per second.

Price-Stable Currencies or “Smart Coins”

These smart coins always keep their value algorithmically adjusted to some other store of value like the “US Dollar,” gold, or a company's shares.

The value of the currency on the Bitshares platform is always backed by BTS Coin.

And a user can always take a smart coin and turn it into bts instantly.

Decentralized Asset Exchange

Their fast and fluid exchange allows users to trade on a decentralized platform.

This means that DEX (decentralized exchange) can’t be shut down or hacked, as their information is stored throughout the users with their delegated proof of stake model and no storing of private keys.

Delegated Proof-of-Stake (dPOS)

As we’ve talked about before, proof-of-stake is a model of consensus.

Although, delegated POS acts a bit differently.

Using a voting system model, Bitshares has its users vote on transaction fees, which nodes run what, how many active nodes there will be, block sizes, etc.…

Allowing for one second transaction times.

This POS model contains block producing nodes called “witnesses” which when creating blocks correctly get paid.

And when they fail to produce a block they get nothing.

Keeping a form of punishment to malicious attempts within the program.

Transferable Named Accounts

Similar to usernames on different internet platforms, users can name their wallet publicly.

These names can then be used to transfer funds.

Dynamic Account Permissions

Accounts are set up for corporate or business model structures.

That means that an account can control multiple other accounts.

This can then create a similar real-life organization structure format which is less prone to hacking or theft.

Referral Rewards Program

On BTS, there is a native referral program.

Not only does this help with growth, but also incentivizes more and more traders to use BTS Coin as a platform for trading.

Stake-Holder Approved Project Funding

With the BTS community, there is a reserve pool that collects transaction fees.

The funds in this pool create a self-sustaining funding model, where any user can propose a project.

The community then votes on whether the pool's funds are best used for this project.

Making bitshares not rely on external funding.

User-Issued Assets

With smart coins able to be tied to anything, users can create their tokens.

They can be tied to specific assets, shares of a company, etc..

The issuer gets to decide the name, amount, trading fees, description,  and purpose - allowing people to hold and trade them for other cryptocurrencies.

What We Think of BTS Coin

While Bitshares isn’t currently part of our portfolio, it is a great Cryptocurrency.

Dan Larimer and his teams always produce excellent results, and we do hold Dan’s other currencies.

This is one that we are watching as it runs faster than almost anything else, is buildable, and is trying to achieve admirable work.

If you liked this review and want to help support the academy donate some Ethereum or ERC20 Tokens below!

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February 22nd 2018, 23:14