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What Is Bitshares ?

Bitshares is a crypto platform run by the BitShares community. The goal of this open community is to bring universal access of the smart contracts technology to the masses.

It aims to use innovative approaches in their philosophy to their advantage. For this purpose, they are hoping to bank on the philosophy of “Smart coins” to introduct much needed stability into the coin market.

Now what is a smart coin?

Smart Coin is a coin whose value is pegged to that of another asset that makes it much more stable. The asset is usually a fiat currency or gold. BitShares has announced that its BTS coins are backed by fiat currency like Dollar and therefore they are at least valued at their face value no matter what happens to the coin market. In most cases it is going to be more than the face value but if everything fails, the face value is always going to be there as a safeguard.

Team

BitShares is the brainchild of an open community. There are a number of people who contributed to it. They include

Dan “Bytemaster” Larimer-ex-Co founder and CEO

Charles Hoskinson- ex-Co-Founder

Li Xiaolai-Chinese investor and owner

Practical Uses

BitShares also provides a high-volume high-performance decentralized exchange platform. It offers an alternative to the centralized exchanges that are operating around the world but it offers a much higher volume possible with the ability to handle the trading volume of NASDAQ itself! This is decentralization at its best.

Its platform has industrial-level scalability and performance. BitShares is designed to grow intrinsically and eventually handle more transactions than VISA and Mastercard combined. Using its proof-of-stake algorithm, the BitShares platform can confirm transactions in just 1 second only. It also offers dynamic management of corporate environment, flexible withdrawing options and regulation compatible crypto asset issuance.

Mining

BitShares is one of the few coins that are running proof-of-stake system. There is no resource intensive mining as compared to the proof-of-work systems like bitcoin. You just need to hold enough coins and each witness has a window of 3 seconds to confirm a block. This allows the distribution of the new coins among coins holders on a more fair basis and keeps in check the mining process.

Notes for Investors

The BitShare might be a worthy platform and currency for the future. In many ways, it is like Ethereum that offers a lot of services inside its blockchain that is primarily focused on the running of big companies.