Bitshares: A Blockchain Packed with Features
When Bitcoin broke onto the scene in 2009, blockchain was seen as leading a currency revolution. Cryptocurrency is fundamentally changing how we define and use money. This monetary overhaul is still ongoing, but as the technology develops it is becoming clear that blockchain can offer so much more than a simple unit of exchange.
Blockchain technology is seeking to transform many industries including journalism, cloud computing and banking.
One blockchain is trying to drastically improve how the world does business by creating a decentralized and trustless environment that is efficient and fair. Bitshares is focused on finding free market solutions by leveraging the power of globally decentralized consensus and decision making.
Bitshares offers a full suite of financial services with a wide range of utilities and applications. This article will breakdown some of the greatest features Bitshares has to offer.
Price-Stable Cryptocurrencies — SmartCoins provide the freedom of cryptocurrency with the stability of the dollar
A SmartCoin™ is a cryptocurrency whose value is pegged to that of another asset, such as the US Dollar or gold. SmartCoins™ always have 100% or more of their value backed by the BitShares core currency, BTS, to which they can be converted at any time at an exchange rate set by a trustworthy price feed. Pegging these assets to fiat currencies allows users to circumvent some of the volatility associated with other popular cryptocurrencies.
SmartCoins such as bitUSD are a great tool for traders, savers and entrepreneurs who have the opportunity to create their own custom SmartCoins.
Decentralized Asset Exchange — A fast and fluid trading platform
The decentralized exchange is arguably the greatest feature of Bitshares. Traditional centralized exchanges are infamous for being a dangerous place to hold your funds. The Mt Gox incident is perhaps the most high-profile case of customers losing their funds. In a decentralized exchange, users are in control of their own security.
Not only does the decentralized exchange offer improved security but also improved performance. Fees are low and Bitshares claims it “can handle the trading volume of the NASDAQ, while settling orders the second you submit them.”
Industrial Performance and Scalability — Graphene is capable of 100,000 TPS when we pay for the network to go with it
Scaling has become a hot topic in the industry lately as Bitcoin continues to struggle with its scaling debate. Bitshares, which is built using Graphene technology, can confirm transactions in an average of just one second.
Dynamic Account Permissions — Management for the corporate environment
Bitshares allows for multi user control significantly increasing the level of security of your funds. Multi user controls allow for customizable permissions tailored to your organization.
Recurring & Scheduled Payments — Flexible withdrawal permissions
Bitshares allows for recurring payments using four parameters including the start date, end date, withdrawal limit per period and period length.
Referral Rewards Program — Network growth through adoption rewards
Bitshares has a referral program built directly into the software. The goal of the referral program is to help grow the network and continue to build out the infrastructure needed for the ecosystem to thrive.
User-Issued Assets — Regulation-compatible cryptoasset issuance
It is becoming increasingly popular for businesses to offer their own custom tokens to grow their company. Bitshares allows individuals and companies to issue their own custom tokens that suit their needs. There is almost an endless number of applications for these tokens with everything from event tickets to reward points.
Stakeholder-Approved Project Funding — A self-sustaining funding model
Bitshares was designed to be self-funding and self-sustaining.
“BitShares has a reserve pool of 1.2 billion BTS (about $8 million dollars) that automatically grows as transaction fees are collected and the share price rises. Each day, the blockchain is authorized to spend up to 432,000 BTS (about $77,000 per month), which is enough to hire a small team to maintain the network for years, even with no price appreciation.”
Self-sustaining business models will become increasingly important in the blockchain industry as the networks continue to grow and mature while seeking to maintain fast and simple consensus.
Transferable Named Accounts — Easy and secure transactions
Every Bitshares account is assigned a unique name that is selected by the user. Using named accounts allows users to more easily remember and access their accounts. Account names can also be transferred between users.
Delegated Proof-of-Stake Consensus — A robust and flexible consensus protocol
There are a variety of approaches taken by blockchains to reach consensus, however Bitshares believes the Delegated Proof of Stake (DPOS) system they use is superior.
“(DPOS) is the fastest, most efficient, most decentralized, and most flexible consensus model available.”
Bitshares (BTS) is packed with features that allow both individuals and companies to leverage the power of the blockchain to meet their needs. There are almost endless possibilities to how Bitshares can be used.
Labeling BTS as a cryptocurrency does not do it justice, it is so much more. It is a robust and flexible network that is many things. It is an exchange, currency, bank, company and ledger. As other blockchains struggle to reach consensus and scale, Bitshares is growing, developing and proving itself to be a dominant force in the FinTech sector.
If you want to learn more about Bitshares and the amazing graphene technology with which it is built, check bitshares.org. The Bitshares website has detailed information regarding all of the exciting features discussed in this article. I encourage everyone to take some time to visit the site and educate themselves about this amazing technology.
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