The world of electronic transfers is now full of coins. However, most people only remember a few familiar names such as Bitcoin, Ethereum, Litecoin, .. But forget that there are many other potential coins. For example, Bitshares Coin, a cryptocurrency launched on an advanced protocol network, promises to explode in the future.
What is BitShares?
BitShares formerly known as ProtoShares (PTS), is a “crypto-equity” encryption technology, BitShares uses Peer to Peer peer-to-peer network protocol, with distributed ledger and network based on the DPoS algorithm. . The project was created in 2014 by Dan Larimer (“Bytemaster”), co-founder of Steemit, EOS, and Cryptonomex.
BitShares is based on Graphene consensus, an open source C++ blockchain implementation protocol. Graphene is used by a number of other projects such as the Steemit.com social network and the PeerPlays.com gaming website, demonstrating real-world usage of the BitShares platform.
In addition to being a virtual currency project, BitShare is also a cryptocurrency exchange that allows conversion between coins.
What is the project trying to achieve?
Bitshares was created to assist those without their own bank accounts, the more than 3 billion people globally who do not have access to financial services. In other words, it became their own bank. To create a Bitshares account, all you need is a device that can connect to the internet. Once a Bitshares account is created, the platform provides users with a number of financial services.
On Bitshares, you can trade two types of assets: Smartcoins and user-issued assets.
- Smartcoins: are coins that are tied to an asset with a specific value, such as a commodity or currency. These coins are programmed so that they always have a value close to the value of the underlying assets (volatility can cause temporary differences). They are backed by a complex system that leaves no room for fraud.
- User-issued assets: are assets issued by users of the Bitshares platform. Any BTS owner can release their own content, and it's entirely up to them how they shape it, the degree of control (if any) they want to maintain, and the value/money they have. determined.
What is unique selling point?
The BitShares platform does not use Bitcoin's Proof of Work security algorithm but uses DPos to make transactions almost instantaneous, with extremely low transaction fees with an expanded infrastructure equivalent to VISA, Paypal, and Payoneer.
With BitShares you can easily exchange a variety of assets as a virtual currency.
Smart Coins generated by BitShares such as bitUSD, bitEUR, bitGOLD, bitCNY, and bitSILVER can be referenced to the value of their respective coins, meaning that 1 bitUSD will be equivalent to 1 USD at the time of transaction. With Smart Coins, you can enjoy all the advantages of a blockchain payment platform.
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