BitShares is an industrial-grade decentralised platform. By implementing blockchain technology, it can provide a free-market economy aimed at both businesses and individuals.
What is BitShares?
The blockchain is based on the open source MIT-licenced Graphene technology and was launched in 2015. Before this, BitShares was formerly known as the community project ProtoShares.
Today, the BitShares blockchain and its dApps have been maintained and developed by workers using a stakeholder consensus mechanism. This team of workers consists of 30 skilled professionals, all with the aim of developing the blockchain to improve it and create better rewards and outcomes.
BitShares does for businesses and organisations what Bitcoin did for money. By utilising a distributed consensus, it is able to create companies that are global, profitable, efficient, and trustworthy.
How does BitShares work?
The Delegated Proof-of-Stake (DPoS) algorithm on BitShares is split into two separate parts: one that elects a group of block producers and one that schedules the production. The blockchain then designs permissions around different accounts and cryptography for easier use.
Any user that wishes to interact with the blockchain can do so by carrying out transactions. These transactions are then authorised by the BitShares workers and team. Users are also able to create their own cryptocurrency tokens by listing a User-Issued Asset on the BitShares blockchain.
BitShares aims to extend the innovation of blockchain to all industries that rely on the internet to carry out and provide their services. This can include banking, stock exchanges, music, voting, and lotteries.
The blockchain is then able to help with the use of its digital public ledger as it allows for the creation of DACs (Distributed Autonomous Companies). These DACs are able to provide services at a fraction of the cost of traditional counterparts.
The blockchain has many features available to users. These features include:
- Low fees – BitShares is a blockchain, so like all other blockchains it has the ability to provide much lower fees. However, its fees are even lower than average blockchains, with 80% cashback for lifetime members.
- Security – Another feature of the blockchain is its security. BitShares uses DPoS, which is virtually impossible to hack, making the platform very safe and secure.
- Processing speed – BitShares also has fast block confirmation times, meaning all transactions get written to the blockchain under three seconds. This makes it a great tool for those wanting to transfer their assets around quickly without hassle.
BitShares has a global network of people who all share the same goal. Its community is set on creating and participating in different DACs. This community centres around the BitShares team and the third parties who use the platform to create their own DACs.
BitShares has the potential to be used by the next generation of investors and developers who share the desire for a free-market solution. Since 2015, it has taken many steps forward, and it will be exciting to see which path the blockchain will go down in the future.
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