BitShares is a platform that uses open-source, that is public, and of course blockchain-based. This platform provides a decentralized exchange that is very similar to NYSE, but only for cryptocurrencies. The idea behind it is that you don’t have to trust the authorities to handle all the funds. BitShares has its own cryptocurrency token called “BTS” which, as all of the other cryptocurrencies, can be transferred between accounts.
A designer and an entrepreneur, Daniel Larimer, designed this platform that was launched in July 2014. This project has been a part of Microsoft Azure Blockchain since 2016.
Back in 2013, Daniel Larimer came up with an idea of a Bitcoin/fiat exchange that doesn’t require fiat deposits. His idea was to develop a token that is backed up by another token, and both are on the same blockchain.
Charles Hoskinson, co-founder of Ethereum, was one of the first people that Daniel discussed this idea with. He was sharing ideas with crypto-enthusiasts on Internet forum and Hoskinson was one of them, he later helped Daniel to develop his business. Two of them together presented the idea to the Chinese Bitcoin tycoon, Li Xiaolai, who agreed to fund the development. Later in July of the same year, Hoskinson and Larimer founded a company named Invictus Innovations. In October of 2013, two of them together presented BitShares at Atalanta Bitcoin Conference.
On December 8, 2013 it was announced that BitShares is going to use a new consensus algorithm called Delegated Proof of Stake. DPOS is a blockchain model. Intervals, block, transaction fees are all being controlled through a voting system. Each user is being paid for every block the user produces. If, for some reason, the user fail to do so it will be recognized as a malicious node or the user won’t be paid. In order to keep the track, the platform updates the witness list on a daily basis.
Since this is a proof of stake system, it means that it is not possible to mine BTS. Holders of the BTS have 3 seconds window to confirm a block.
In order to buy BTS, the first you are going to need is a digital wallet. It is recommended to use the official web wallet.
To create a wallet, first you are going to need to make an account. Remember, this will be public address that you will send your coins to, so try to make it as less personal as possible, but yet something that you will remember easily. You will be provided with a password that is usually a row letters and numbers. Ensure that you save this password in a safe place because if you lose the password you will no longer have an access to your wallet or your coins.
After creating and setting up your account you will be able to purchase a popular cryptocurrency such as Ethereum, which you can later exchange for BTS.
If you are want to cash out BTS you have some options for that too.
- Using a gateway openledger.io
- Deposit your BTS to an exchange.
What this means is, you will have to buy your BTS for Bitcoin. Withdraw the Bitcoin to the exchange that has USD/BTC pair and sell it after doing so. Usually no one sells Bitshares, investing is more promising. We don’t know how much it will rise, but selling for such low price wouldn’t make a great profit.
Talking about price when BTS launched then it was about $0.009 and today it is $0.72 and recently in flash news we have seen that UN has also backed bitshares however predictions from various site stated that, BTS will reach about $10 within the end of 2018. This is unlikely to happen as users can’t buy it in quantity as limited exchanges have listed it for buy.
You can find a BitShares wallet on their homepage. The great thing is that it is multi-lingual. They support English, Chinese, France, Japanese, German, Spanish, Italian, Turkish, Russian, and Korean. It is very easy to register. After you input some basic information about yourself, you are ready to go. From this wallet you are able to send and receive BTS from exchange platforms or any other source.
Market cap of BitShares is around $415 million, but with such a big market value it isn’t that popular. There isn’t much news that suggests it is going to rise, but with this kind of technology we can’t be sure. The price at the moment is $0.15. It won’t be one of major cryptocurrencies because they don’t use technology like Bitcoin or Ethereum. It can be at the top, maybe top 10, but surpassing these major digital currencies isn’t going to happen.
By using different model of blockchain BitShares stakeholders are trying to make some difference in new technology. Also, they are relying on other big digital currencies to make bigger impact on the world, so the way to success can be easier for them. The whole cryptocurrency world is unstable and no one can predict the future, but when we compare it to other digital currencies, the percent of success is the same. This tech that BitShares use is vunerable, it isn’t safe as blockchain, so that can also be an issue for bigger investors.