Source
The Bitshares platform offers a series of financial services that go beyond the simple exchange of assets, then you will know each of them, hoping that you have a clearer vision of banking in a chain of blocks.
What services can you find on the Bitshares platform?
Each service is listed in points, you can find them in the upper right part of the page and each one is explained below:
1.- Crypto-currencies of stable price:
The Bitshares platform offers several crypto-currencies called SmartCoins whose value is backed by an intelligent contract by the platform's native currency, which is known by its abbreviations BTS. The interesting thing about the SmartCoins is that their value is associated with that of another asset such as the US dollar or gold and in times of downturn like the one currently going through all the cryptocurrency, the minimum value that is guaranteed is its nominal value.
2.- Decentralized exchange of assets:
The first advantage is the "decentralization" in the exchange process, this type of transactions eliminates a third party from the equation and this reduces the probability of putting the money invested at risk. Likewise, Bitshares offers a plus in terms of security in what refers to the reward obtained, this is stated with the following text:
"Every dollar, euro, bitcoin and ounce of gold held as SmartCoin in the BitShares exchange is backed by up to double the reserves of traditional centralized exchanges." Source.
Bitshares brings another important element to consider: "the creation of an IOU1 system co-located at 200%, which is called" BitUSD ". Obtaining a BitUSD has as main objective to provide the user confidence in having a cryptocurrency whose value is not so influenced by the volatility of the price of the centralized cryptocurrencies. In the case of the Bitshares platform, it offers in each BitUSD the combination between the properties of the best-known cryptocurrency (Bitcoin) with the stability of the price of the US dollar.
1IOU: its acronyms are the abbreviation of the phrase "I owe you", in the world of the blockchain they are understood as intelligent contracts that serve to support certain situations regarding the price of some cryptocurrency.
For the most enthusiastic "Traders", this platform offers the possibility to borrow bit.USD, depositing the BTS cryptocurrency as a guarantee we can have extra bit.USD to do some business operation with some cryptocurrency, take advantage of it, return the amount of bit.USD and recover our BTS.
This service is free, but there is a risk that if instead of taking profit, we had losses with the dollars they have lent us, we could lose part of the deposit.
3.- Industrial performance and scalability:
These two terms in which BitShares focuses have to do with the type of service it provides to its users, especially those related to the response time or the time it will take you to perform your transactions (even if you have several transactions). in the same account or in several). For this reason, we quote the following textually:
"Bitshares can process 100,000 transactions per second without any significant effort dedicated to optimization. Future optimizations are expected to bring BitShares performance to levels similar to LMAX. "Source
4.- Dynamic account permissions:
This point is related to the previous one, because the speed of transactions is made possible thanks to the dynamic account permission and this is achieved by the technology used that allows multiplicity of signatures involved in the administration of permits, defining these permissions in people or organizations instead of access codes to each account.
5.- Recurring and scheduled payments:
Being part of the Bitshares platform means entering a virtual community that allows not only to buy and sell Cryptocurrencies but to program regular payments through them, just as we do today with fiduciary money, which means that users can authorize third parties to withdraw amounts in their accounts with the intention of scheduling invoice payments and monthly subscriptions.
6.- Reward program by recommendation:
Following the experience of Paypal and with the intention of adding new users, Bitshares rewards users who have recommended others to join the platform. This not only allows you to have more people to support but the experience lived by the service provided is the best guarantee to promote your platform.
7.- Assets Issued by the User:
Quoting the explanation found on the official platform, the explanation of this point is clearly understood in the following paragraph:
"The term refers to a type of custom token registered in the platform, which users can maintain and trade within certain restrictions. The creator of said asset publicly names, describes and distributes their tokens, and can specify custom requirements, such as an approved whitelist of accounts with permission to store the tokens, or the associated negotiation and transfer fees."Source
8.- Financing of the project approved by the interested parties:
For this purpose Bitshares offers payments through intelligent contracts to a small team of workers with the intention of maintaining the network for years. For this reason we speak of two types of personnel or workers, the first type of worker is paid to finance the new blockchain infrastructure and in the second type, called "reimbursement worker" are chosen to minimize expenses on other workers, that saves more funds in the reserve group2 for future projects and therefore the workers' payment budget is not affected.
2reserve group: Bitshares has a reserve fund of 1,200 million BTS (an average of $ 8 million dollars), of which the blockchain is authorized to spend up to 432,000 BTS (approximately $ 77,000 per month), this expense is for the payment of workers indicated above.
9.- Transferable nominal accounts:
It is important to note that to enter and register on the platform, you must have a username, in this sense BitShares assigns each account a unique global name that can be selected by its creator.
This name can not only be used to login or assign a domain but can also be used as an alias to grant permissions to dynamic accounts (point 4 of this post).
Another interesting point is that the chosen name can be transferable, with the particularity that BitShares defines a simple algorithm to determine the rate that will be charged to reserve a new account name. Likewise, names that contain a number, have more than 8 characters or do not contain vowels are essentially free. Otherwise, the name has a price according to its length. Source
10.- Delegate Consensus System "Proof of Stake" (DPOS):
With the intention of reaching a consensus that is transparent, fast and fair on the order in which platform updates should be applied, the "Delegated Proof of Stake (DPOS") is applied. the reason?
Source
Well! DPOS takes advantage of the voting power of approval from interested parties to resolve consensus problems in a fair and democratic manner. All network parameters, from tariff schedules to block intervals and transaction sizes, can be adjusted through elected delegates.Source
Finally we leave the links to official sites:
Download the local version platform, the latest version is 2.0.180526.
We hope that this post has served as useful information to get to know each day more the endless options offered by this new financial world, this time from the Bitshares platform.
**Remember that you have our trails at your disposal **
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