BitShares is one of the most ambitious projects in the blockchain field with the goal of creating a fast and user-friendly decentralized platform for trading various cryptocurrency assets. In 2013, Dan Larimer, together with Charles Hoskinson (co-founder of Ethereum) and Chinese investor Li Xiaolai founded the company Invictus Innovations and presented the idea of creating Bitshares at a bitcoin conference in the United States.
The developers create the Protoshares platform and mine the first PTS block. According to the creators, ProtoShares tokens should later be updated to BitShares tokens. They switch from the PoW (Proof-of-Work) block verification algorithm to DPoS (Delegated Proof-of-Stake). In November 2014, the platform received its current name – BitShares and became a universal project with the following set of functions:
• Cryptocurrency
• Decentralized exchange (DEX)
• Distributed database
• Payment network
• Blockchain platform
From the very beginning, BitShares set itself a number of ambitious goals:
• Decentralized exchange: Creating a platform for trading various assets without the participation of centralized intermediaries.
• Stable coins: Developing algorithmic stable coins tied to the value of fiat currencies or goods.
• Decentralized autonomous organizations (DAO): Creating tools for managing decentralized organizations.
One of the key features of BitShares is the use of Graphene technology. It allowed the creation of a high-performance and scalable blockchain platform capable of processing a large number of transactions per second.
Uniqueness and advantages of the BitShares platform:
• High transaction speed. Up to 80 thousand transactions per second (comparable to payment systems Visa and Mastercard).
• Ability to issue your own assets. With the help of the platform, users can create their own tokens.
• Simple address. Unlike hard-to-remember sets of letters and numbers, the Bitshares network uses anonymous nominal accounts (for example, johnsmit).
• Using the DPoS algorithm. Allows for greater accessibility of the platform for all network participants.
• Using smart coins. Smart Coins are digital tokens that are free from volatility. This means that on cryptocurrency exchanges, bitUSD, bitEuro or bitGold will always be traded at approximately the level of the dollar, euro or gold. This allows you to minimize risks during market price fluctuations.
BitShares played an important role in the development of blockchain technologies. It was one of the first projects to demonstrate the potential of decentralized financial systems. Many ideas and technologies developed within BitShares were used in other projects, such as EOS and Steemit.
BitShares continues to develop and improve, adding new features and capabilities. It remains an important player in the blockchain market and inspires many developers to create new innovative solutions. BTS coins are an excellent tool for long-term investment. BitShares provides an excellent basis and is a host for creating decentralized exchanges. Due to its technical characteristics and flexibility, it allows developers to create convenient platforms for trading cryptocurrencies. Currently, the platform hosts a number of promising projects that have independent value and development potential: EVRAZ DEX, GDEX, XBTS DEX, ioBanker DEX, DelionDEX, PirateCash DEX. EVRAZ is a global network of electronic payments and a decentralized exchange, it is a modern and user-friendly tool. The EVRAZ electronic money network provides fast payments around the world. The decentralized exchange is a platform for buying and selling cryptocurrencies at fair prices with blockchain guarantees. The rapid scaling of the project contributes to the rapid growth of the asset value, making it attractive for both long-term investment and trading with a guaranteed profit on a decentralized exchange.
Considering that the BitShares blockchain operates in the field of decentralized finance and has a built-in full-featured cryptocurrency exchange, i.e. it is a direct and effective competitor to traditional financial organizations and centralized exchanges subordinate to the authorities, targeted efforts are being made to slow down the development and consign this project to oblivion. The project is completely ignored by centralized media.
Therefore, development is proceeding solely due to the efforts of the crypto enthusiast community, without serious investments and information support. Nevertheless, the convenience and ease of use of the platform, the security of storing funds, the ability to trade on a decentralized exchange and other advantages attract true supporters of decentralization who understand the technological advantages of the blockchain. The blockchain platform continues to develop dynamically as a people's project.
