Bitshares is an open-source blockchain-based platform. It was launched on 19th July 2014 by Dan Larimer. Its main function is exchanging cryptocurrencies without neglecting the blockchain.
Bitshares’ main purpose was to change the traditional way of trading cryptocurrencies on global marketplaces. The creator claimed that it was destroying the anonymity of digital currencies and blockchain platform. So, Dan Larimer wanted to introduce in platform the real name of assets. For example, if you exchanged USD into Bitshares’ tokens they will be called BitUSD.
Bitshares’ tokens are named BTS.
The innovation of Bitshares
Before the platform was created, the databases were controlled only by exchange platforms. A user must verify his or her account with his passport information or driving license. It was disturbing.
Bitshares designed BitAssets. This one is a coin associated with a real name asset and its value is compared with the real one. Sounds confusing? Well, it really is, but the principle is simple. As you can convert your Bitshares’ tokens into BitUSD for example, you can exchange the same amount of Bitshares’ tokens into USD. All these steps will be realized on the same platform, called blockchain.
The advantages are that the holder is anonymous, the costs are lower, respectively the fees for transactions are almost non-existing.
How can I send money with Bitshares’ platform?
Making transactions with Bitshares is the same thing as with other cryptocurrencies’ platforms. You will need to create a public wallet, then introduce in the system your personal address. After these steps, all you have to do is enter the amount of BTS you want to sent, and click on the button with the same title.
The transfer is received immediately and is being verified in just some minutes.
The Advantages of Bitshares’ platform
– Bitshares is one the few platforms that provides a decentralized asset exchange. You do not need traditional platforms such as Poloniex or Bittrex to exchange the cryptocurrencies. The platform allows users to control their digital money by themselves;
– Bitshares is a scalable platform. It works with a unique algorithm called Graphene. Due to this technology, the platform is capable to support over 100.000 transactions per second;
– The Bitshares platform operates with transactions faster than Bitcoin does;
– You can use Bitshares’ tokens to buy even smaller items that costs nothing;
– Developers can build their own Smart Contract with Bitshares’ platform.
The Disadvantage of Bitshares’ platform
– Unfortunately, there are not so many traders on the marketplaces that use BTS tokens. You can transfer them only between users who accept as an exchanging or a payment for products and services.
Bitshares was the first decentralized exchange platform. During its existence, the BTS’ value was fluctuated. Don’t forget that the Bitshares’ assets have approximatively the real value of fiat currencies. For example, you can exchange the BTS into BitUSD as well as BitUSD into USD.
To stay updated with news about the eccentric cryptocurrency called Bitshares follow their official website.