Why I’m Bullish On BitShares: Pt. 2
It’s been a few months since I wrote “Why I’m So Bullish On BitShares” and with all that's happening in the ecosystem I thought it’s probably about time I started putting together an update about what’s been going on.
One thing I have recently been trying to put together is a list so that people can easily see how many projects and companies are using the BitShares blockchain to reach their goals. Whilst putting this list together I found a few projects I wasn’t aware of, which is great! That was the whole point of the list! So here it is, check it out, I bet there’s a few you weren’t aware of either!
Whilst putting this list together the first thing that struck me was the amount of exchanges (DEXs) utililising the BitShares blockchain. I couldn’t believe it! 16 exchanges! This then got me thinking, BitShares really is the go to place if you want to start up your exchange. There’s no need to create a backend, all the order matching is done on chain. You don’t need to build a front end from scratch, you can just use the BitShares DEX reference wallet and customise it with your own branding. The best thing is, from a users perspective, you only need one account (BitShares Wallet) to access them all and its completely permissionless due to it’s decentralised nature.
A lot of people think of BitShares as just a DEX. That’s actually incorrect. BitShares is a powerful blockchain with a DEX as its native app or software. The DEX is just one of many possibilities and as time goes on more and more software will be created that interacts with the blockchain. Two relatively new pieces of software that interact with the blockchain are DEXBot and Beet.
DEXBot is a trading bot or market making software to be precise. It can be used on any market on the BitShares blockchain which means it can be used on any of the exchanges listed above. Market making can be quite profitable and any of you who follow me will know I’m a very keen market maker. We have over 800 users in the Market Makers Community Room and new people join everyday. DEXBot is being worked on and improved constantly with regular new releases, I highly recommend anyone to give it a go, you can find all required links in the google sheet at the bottom of this page.
Beet is the BitShares companion. Before Beet any interaction with the blockchain for a lot of functions required you to use the DEX, voting for example. This can be quite a needlessly complicated process for beginners and Beet solves that. Beet is a standalone key-management/signing app that allows two way communication between authorized applications, allowing them to use Beet to sign digital signatures for the blockchain and authenticate with your identities. This includes any desktop application running on your computer as well as any website inside of your browser. With the example of voting in mind, you can see Beet in action below interacting with a website. This opens up many possibilities, now we can create social media style voting websites for users to showcase themselves as proxies or where people can show off their worker proposals and the community can easily vote for them! Of course there are many more possibilities that Beet now makes possible.
So lets talk about some of the projects that are utilising BitShares, some we covered before in Pt.1, some are new!
PalmPay. A chain-agnostic Point-Of-Sale Dapp, allows merchants to accept crypto as a means of payment, for free, with their cool Android software.
Invoicing can be handled in the app and support of over 100 languages is available to choose from. Merchants can have the crypto that they receive automatically sent-to and converted at their Fiat Gateway/ Exchange account of choice. Currently the options are: EasyDEX, Quintric, Rudex & Spark (All utilising the BitShares blockchain).
As you can see from the image below PalmPay is being used throughout the world and there are many ambassadors helping to increase it’s adoption. Free, easy, readily available, point of sale software is something the crypto industry needs much more of to gain widespread adoption. I’m glad PalmPay is built on BitShares.
EasyDEX. This exciting team of developers plans to create a whole ecosystem of dapp specific chains that interlink with each other and the BitShares blockchain. Each chain & dapp will have its own currency and will be tradeable on BitShares. The ecosystem will be called “EasyLife” and the first chain/ dapp to be announced is “EasySocial” which will be a social media platform. EasyDEX so far benefits from a FIAT gateway and a password recovery system which will appeal to many who perhaps aren’t so confident in key management. They also have their own Portfolio Builder token which you can purchase to get a share of trading fees and receive airdrops of newly listed assets.
NowCoin. Through an exciting investment and market game, NowCoin have created a fun social ecosystem. By creating an ecosystem of actively engaged users, all paying attention to the NowCoin information portal, momentum and opportunity builds for merchants to join the ecosystem and offer their products/ services. This is a brilliant and fun way of creating a prosperous community from the ground up.
Spark. (Previously known as BitSpark) are a remittance company who seem to be making significant progress and have launched their own exchange called SparkDEX. You can trade the usual cryptocurrencies, Bitcoin & Ethereum, they also intend to add more further down the line but what’s really interesting are the plans to add 180 stable coins as part of their remittance business. In the Forex world the main currencies such as USD, GBP & EUR are easily available with minimal slippage. This is not the case for countries where the majority of remittance takes place, Spark intend to change this and help users “convert cash to cryptocurrency globally, without banks”.
Spark also have an Android app called Sendy that allows users to top up and send money between friends and family around the world. Sendy can payout to various countries including the Philippines, Indonesia, Nigeria, Vietnam, Ghana and Nigeria. Multiple Payment Channels are supported such as Banks & Cash Pickups and over 100,000 Payout Locations are available.
I should probably point out, this isn’t just some ICO idea stage project. Spark are in the remittance business, they are processing transactions already. Moving their services to the BitShares blockchain is a means of becoming more efficient and allows them to offer more to their customers and by doing so they will be moving their current liquidity and transactions to the BitShares blockchain with an eye on increasing the numbers.
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So, there’s a little update for you of a few things going on, I couldn’t possibly fit everything into one article. If you want to find out more I’ve created a google sheet with lots of handy links for projects in the ecosystem, I’ll post the link below along with a link to the BitShares GitHub BSIPs section (Check out the atomic swaps stuff, BSIP44) and Blocktivity where the below chart is from. With all that’s going on it’s no wonder that BitShares is one of the most active blockchains in the industry and from what I can see, there are no sign of things slowing down.
Sheet1 BitShares Ecosystem Info List This list is a work in progress. If you hover over the project name you will see a…docs.google.com
BitShares Improvement Proposals and Protocols. These technical documents describe the process of updating and improving…github.com