BitShares Blockchain and Decentralized Eco-System

A high level overview of the BitShares Blockchain

The Decentralized Autonomous Cooperation: “BitShares DAC”

BitShares was the first project based on Graphene (MIT) blockchain technology. BitShares was originally started as a community experiment in 2013 and called ‘protoshares’. This was renamed after significant upgrades to the core software, being released as BitShares 2.0 on the 13th October 2016.

The Graphene (MIT) technology used by BitShares evolved to address problems faced by other blockchain systems. BitShares blockchain came along with the DPOS (Delegated Proof of Stake) mechanism and built-in smart contracts. BitShares is both a free market, and industrial grade blockchain. It leverages globally decentralized consensus and decision-making. Bringing a technology layer for businesses to utilize in all manner of services. You can also use the BitShares Token Factory to create smart assets or UIAs (User Issued Assets).

Independently, businesses or individuals can join the BitShares community to build and promote their product. Within the eco-system, leverage the resources available, engage actively with the community members, even offer rewards and bounties for particular behaviors and actions.

Free Market Economy

The businesses or services built on BitShares Blockchain have an unlimited scope of compelling use cases. BitShares blockchain makes it possible to create decentralized companies. It replaces the need for independent adjudicators or centralized power, with a fair voting system to reach consensus on decisions.

Security and Compliance

In BitShares, all stores of value can be accessed only by password or ‘keys’ the account owner must retain. (at the time of writing, there is no account recovery option). Users obtain or possess BTS tokens in order to perform actions on the network. The BitShares ‘Token Factory’ provides creation of KYC and AML, regulatory compliant, cryptocurrency tokens with several options available. These tokens are the equivalent in BitShares, to the more commonly known ‘ERC-20’ tokens of the Ethereum blockchain.

Decentralization Means Speed and Efficiency

In a Decentralized Network there is no single entity in control. The token itself represents ownership of the blockchain and network. Decisions about core changes are secured by consensus of the committee members. In DPOS (Delegated Proof of Stake) networks, trusted known delegates are voted in by the shareholders to run the ‘witness’ nodes. Witnesses are rewarded to take turns validating transactions and write new blocks. There is no mining. Witnesses get their position through becoming known and trusted contributors in the community, perhaps by offering other services. Full and partial history (RPC) nodes can be added to the network anywhere on the planet, resulting in a blazing-fast, high-throughput blockchain.

The BitShares Blockchain exists in its entirety on many computers around the world. 21 witnesses form a single order book, which all transactions must pass through (yet for speed, transactions must only reach the closest witness – not all nodes). Even attacking many nodes at once would be futile as they are all in sync. One bad actor is immediately rejected by the others. The blockchain is also self-healing, because many valid copies exist at any one time around the world.

Setting New World Records

BitShares processed 1,513,024 transactions in a single day on May 1st, 2018 – Placing at the #1 spot for Blockchain activity worldwide. BitShares still has vast spare capacity for handling more transactions.  Graphene-based blockchains have the ability to process transactions as quickly as the Worlds fastest private (centralized) networks.

See https://blocktivity.info/ for real-time reporting on the busiest blockchains in the World.

Built In High-Performance Decentralized Apps

APAsia.Tech is a business moving into the future with BitShares and Graphene technology. In March 2018 Cryptonomex gifted the custody of the BitShares.Org domain to Move Institute (a non-profit), who in turn rely on us for the technical services and management of the project.

Bitshares blockchain has been a successful running project for years, yet remains little heard about.  Community members and stakeholders run the BitShares blockchain. They submit expenses to the BitShares blockchain in the form of ‘worker proposals’ for approval by the token holders. All proposals that recieve enough votes get approved automatically. Witnesses are left with little incentive for deception, since they get paid for securing the network. Making BitShares a high-speed, secure, efficient, and reliable global payment network and means of exchange.

” [BitShares Blockchain] … looks to extend the innovation of the blockchain to all industries that rely upon the internet to provide their services. Whether banking, stock exchanges, lotteries, voting, music, auctions or many others, a digital public ledger allows for the creation of distributed autonomous companies (or DACs) that provide better quality services at a fraction of the cost incurred by their more traditional, centralized counterparts.”