What is BitShares?
BitShares, formerly known as ProtoShares (PTS), is a decentralized cryptocurrency exchange that is part of the Microsoft Azure blockchain. The platform was established in July 2014 by visionary Dan Larimer (“Bytemaster”), the co-founder of Steemit, Cryptonomex, and EOS.
BitShares is based on Graphene, which is an open source C++ blockchain implementation that works as a consensus mechanism. It is used by various other projects like Steemit.com, and PeerPlays.com (gaming site and token PPY) registering real-world usage.
Online exchanges are centralized systems, and the database is stored on servers managed by the exchange alone. Users require to create verified accounts to utilize its services, normally including scanning passport or driver’s license. Bitcoin and altcoins are still comparatively fresh concepts and yet experience from wild fluctuations. For this cause, there remains a requirement for a way to convert cryptocoins into a stable asset usually USD. Exchanges work this need by enabling users to buy and sell cryptocoins by converting from and to USD, EUR, and most other universal fiat currencies.
BitShares’ answer is BitAsset. It is a coin pegged to a real-life asset. Its value follows that real-life asset’s value. For instance, the BitAsset BitUSD follows the value of USD. In this way, users can convert BTS into BitUSD, the same way it would convert BTS to USD, without neglecting the blockchain itself. It preserves users anonymity and is immediate, costs less in transaction charges.
BitShares Lending Service
BitShares extends the capacity to loan BTS holdings with customizable reserve levels with a minimum of 200%, touching as high as 1000 or even 2000%+ reserves. BitShares integrates with any stock, commodity or currency pair given there are price feeds accessible. Also, bitAssets like bitGold, bitSilver, bitOil, and other crypto centered commodity pairings can even exist in this way.
It’s a working, dynamic “smart” economy which adapts to the requirements of the market. To help maintain price stability, large collateralized loans (10-20x) can be formulated enabling loans to last almost continually.
The BitShares Team
BitShares was founded in 2014 by Daniel Larimer, an American programmer, and entrepreneur, who was also responsible for the making of the Steem blockchain and is currently operating on the highly awaited EOS blockchain. Although Dan Larimer isn’t as well-known as Ethereum’s Vitalik Buterin or Litecoin’s Charlie Lee, he is still an influential brand in the world of cryptocurrencies, seen as an exceptional visionary who minds about the project and not just the immediate collection of funds.
BitShares is known as an open, scalable decentralized exchange and fintech platform with Smart Coins, which are a great tool for everyone from critics and savers to traders and entrepreneurs. Their services are just excellent, and notwithstanding all of these risks and difficulties mentioned, the team endures, grows and continuously irons out complications.
The BitShares blockchain has been around for several years, and it gives a toolset with which innovators can test to find optimal currency solutions utilizing free market discovery. BitShares has been under continuous development, gives a lot of functionalities and can be used for a wide array of purposes.