Cryptocurrency continues to make headlines every day with new blockchain applications. Another new and exciting crypto property is not just a cryptocurrency. In fact, it does not even fall into the same league. It may be better referred to as a crypto platform than a cryptocurrency. BitShares may do to the world of business what Bitcoin has done to the world of money – and this could very well be the cusp of something incredible. BitShares is a software company which works on a number of financial solutions built on a Blockchain, including decentralized asset exchanges, banking, project funding, and others. It has its own cryptocurrency token, BTS, which is used to power its network
Noteworthy is the lightning fast blockchain with 1.5 second average block times and throughput potential of 100,000 transactions per second. This amazing performance capability allows BTS the bandwidth to successfully take market share from the traditional fiat financial platform and banking sector. To truly understand the magnitude of this potential capability, imagine a network that could carry out more transactions than the VISA and MasterCard networks combined are able to process.
The huge throughput potential combined with minimal transaction fees and the decentralized exchange offers powerful advantages over traditional brokers, and will likely see unprecedented adoption by the financial sector over the next year. Even with this system in place, BitShares still has sufficient reserve funds to allow several years of continuous development.
Another unique aspect of BitShares is that it’s not in competition with anyone or anything in the cryptosphere – it is merely filling a space that allows the world of crypto to decentralize the modern economy. Also unique is that it’s free from counterparty risk yet still has a loan backed by collateral. This is achieved by allowing the network (and software protocol) to secure collateral and perform settlements.You can trade a variety of Crypto based instruments and other derivatives like silver, gold, oil, and other crypto-based derivatives including stocks, bonds, and other market baskets. These pairs can be traded against each other so you could trade silver to gold or bitUSD to BTC.
BitShares has successfully managed to peg its currency, BitAssets, to traditional stores of value through a wide range of digital tokens representing these assets. This has effectively eliminated the price volatility that we have seen running wild in the crypto space. For example, you could invest in bitGold and know that it will always trade near par value for gold on any exchange. This is something that has not been available before in the world of crypto. The result is unparalleled stability that enables us to HODL (hold on for dear life) during periods of volatility that we’ve seen in earlier cryptocurrencies like Bitcoin.
The BTS ecosystem works as participants of BitShares are voted in as witnesses. All of those who own BitShares can vote for witnesses and those with the most votes receive a witness position. The witnesses do the work and their responsibilities include packaging transactions into blocks and validating them (done automatically through a cryptographic algorithm), maintain a consistent blockchain and verify every other witness’ blocks for consistency, publish price feeds and improve the ecosystem through code development, marketing, design and other roles.
Witnesses and workers are paid by the blockchain. Most importantly witnessed are held accountable by published statistics, news of their marketing and other efforts and if a witness misbehaves or fails to deliver they are voted out by Bitshares holders.
What makes BitShares truly unique is that it’s not in competition with anyone or anything in the cryptosphere – it is merely filling a void that allows the world of crypto to decentralize the modern economy.