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BTS
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BitShares
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About BitShares

What is BitShares (BTS)?

BitShares is a decentralized platform designed to provide a more efficient global payment network, and is commonly used for secure cryptocurrency trading without any intermediaries.

It was originally launched in July 2014 under the name ProtoShares (PTS), but was renamed BitShares (BTS) less than a year later.

The platform works with the BitShares token (BTS), a built-in utility token that can be used for multiple purposes, including the creation of smart coins known as "BitAsset", which can have many parameters, and can represent almost anything, such as bonus points, secured tokens linked to a fiat currency, and IOUS.

The BitShares platform is managed by a decentralized autonomous company (DAC), which allows BTS token holders to determine the future of the platform and decide which features to add next.

It runs on an open-source blockchain implementation known as Graphene, which is reportedly capable of processing up to 100,000 transactions per second (TPS), making it faster than MasterCard and VISA combined.

As of January 2021, BitShares is in the process of restarting, and will undergo several major changes in the future.

Who are the founders of BitShares?

BitShares was created in 2013 under the auspices of the largest names in the cryptocurrency industry:

Daniel Larimer is an experienced software engineer and co-founder of several other well-known blockchain projects, including EOS.IO, Block. one, and Steemit. Larimer is a respected name in the cryptocurrency industry and is considered one of its leading innovators.

Charles Hoskinson is an entrepreneur and mathematician who is one of the first eight co - founders of Ethereum, the second most successful blockchain platform (after Bitcoin). Today, Hoskinson works as the CEO of Input Output HK( IOHK), a Cardano research and development company (ADA).

As of January 2021, the core team of BitShares consists of 17 full-time employees, supported by more than 60 long-term participants covering a wide range of disciplines, from economics and law, to system administrators and highly qualified developers.

What makes BitShares unique?

One of the main distinguishing features of BitShares is its integrated decentralized cryptocurrency exchange platform (DEX), which allows users to trade conventional cryptocurrencies as well as more traditional financial instruments (via BitAsset) without intermediaries.

With built-in DEX and support for synthetic assets (BitAsset), BitShares is often positioned as the world's first DeFi-enabled blockchain.

As we mentioned earlier, BitShares uses Distributed Autonomous Companies (DACs) to create a self-managed and self-funded system that allows BTS holders to set the business rules governing the BitShares ecosystem through a secure offering and voting procedure.

BitShares is also one of the few blockchain platforms that completely eliminates addresses. Instead, it uses simple notes to distinguish users, making it one of the most accessible crypto platforms. It is also built on the popular referral program, which is used to encourage network growth by distributing upgrade fees between referrals and the BitShares network.

It was the first blockchain to use self-managed Delegated Share Confirmation (DPoS) technology, and the transaction processing time is ~ 3 seconds, making it one of the fastest blockchains currently in operation.

In September 2020, the BitShares platform underwent a hard fork, leading to the creation of New BitShares ( NBS), a derivative project unrelated to the original BitShares.

How many BitShares (BTS) coins are in circulation?

As of January 2021, there were just under 3 billion BTS in circulation. This is equivalent to 83% of the maximum offer of 2,994,400,000 coins of $ {base_shortname}.

With a market capitalization of 130,882,230 USD, and a 24-hour trading volume of 15,144,887 USD , the value of the BTS token is currently 0.043709 USD.

How is the BitShares network protected?

BitShares uses a consensus mechanism with configurable Delegated Share Confirmation (DPoS) to protect its network. It uses a combination of witnesses and decentralized voting processes to create a more democratic consensus system that avoids the possible negative consequences of centralization.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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