BitShares (BTS) Review – Crypto Coin Judge

Cryptocurrency is picking up the grand momentum, and this commodity will continue to soar to new heights. That is why it makes complete financial sense to invest in cryptos as they can give the most robust returns with time. But with so many cryptocurrencies available, deciding which one is a better than the other is easier said than done.

The recent rally within the crypto market has sure brought a number of altcoins, such as ether, ripple, and litecoin, in the limelight. Among so many altcoins, the one that is showing high-growth characteristics is BitShares. The main feature of this altcoin, which is known as BTS, is its stability that is lacked by many first-generation digital currencies including bitcoins.

Putting stability inside the cryptocurrency landscape

First things first, BitShares is way beyond a simple digital currency. Apart from being one of the most promising crypto coins, this one is even software, a decentralized network, and a distributed ledger certainly not like other available digital currencies such as DigiByte (DGB), Digital Cash (DASH), Dogecoin (DOGE). Well, that is a lot of stuff packed into one single cryptographic wonder.

The team that worked to let this altcoin rise and shine

Put simply, a BTC coin is the result of immense hard work and a few smart moves. The idea of the platform came to a rogue entrepreneur, Dan “Bytemaster” Larimer. He worked hard to invent bit-USD—one of the keys factors that make this crypto coin possible and profitable.

But like every idea needs a bit of refinement, Larimer’s concept too needed some final touches that were provided by none other than the Ethereum co-creator, Charles Hoskinson. So because of these two powerful names belonging to the crypto landscape, it is quite understood that why BitShares is a promising crypto.

A history reflecting the dedication toward crypto

On June 2, 2013, a way was discovered by Larimer to create a Bitcoin/fiat exchange without even thinking about fiat deposits. So, here, the fiat deposits were replaced by tokens that were backed by yet another token in the same blockchain. The idea of this altcoin was discussed, defended, and refined with the help of other crypto enthusiasts, chiefly Hoskinson. Eventually, this revolutionary idea found an investor—Li Xiaolai, a Chinese bitcoin tycoon. A few months later, this idea was presented by both Larimer and Hoskinson in the Atlanta Bitcoin Conference.

ProtoShares

After some research, the founders of this digital currency were driven to develop BitShares ProtoShares (PTS). As a paradigm-shattering tool, PTS was packed with blockchain and cryptographic innovations. The platform was designed to let all the initial investors mine and trade early on. This platform was rechristened to be known as BitShares X—a powerful blockchain that got most of its values from built-in businesses including exchange and banks. PTS was a bitcoin clone, and its tokens were planned to be upgraded to BitShares later on. The early participants on PTS were given a way to take part in the project from the get-go by mining and trading. The first-ever PTC block’s mining took place on November 5, 2013.

Embracing Delegated Proof of Stake (DPOS)

After a few weeks, Larimer concluded that the entire concept of mining was seriously flawed. He believed that the Proof of Work (PoW) could lead to complete network centralization in all those countries where the entry requirement is high and electricity is cheap. Furthermore, PoW made mining nearly impossible and highly unprofitable if it were to be done on an average computer. A month after ProtoShares was released, Larimer stated that all the following projects of this altcoin would not use PoW and would rather leverage DPOS. In his opinion, this PoS derivative—which was developed on December 8, 2013—was just a simple consensus algorithm that could be used by any person with a home computer. Eventually, the BitShares platform was engineered and launched on July 19 of the following year. 

A complete analysis of this cryptocurrency

Explaining BitShares inside out

Programmed on open-source software, BitShares is based on well-built blockchain technology that is very similar to the one that is leveraged by bitcoins. This cryptocurrency was forked using bitcoins, and the total limit of the BTS that can be produced is 3,500,000,000. As it has already been mentioned, this digital currency uses DPOS as its consensus mechanism.

At the time of writing this, the digital currency gets nearly 25.2 hits per day which is a healthy sign. The platforms that support BitShares include Windows, Mac OS, and Linux—so there are no issues regarding this currency’s compatibility whatsoever. This cryptocurrency has a decentralized asset exchange, which is fluid trading platform.

Some other highlights of this digital currency consist of the following points.

  • BTS uses SmartCoins that offer the ultimate freedom to the crypto in terms of stability. Which is why, this digital currency’s stability is equal to the one enjoyed by the dollar.
  • Also, the BTS is even used for making a number of scheduled and recurring payments.
  • The withdrawal permissions associated with this cryptocurrency enjoy unmatched flexibility.
  • Also, BTS allows the generation of user-issued assets that compatible with some general regulations related to cryptoasset issuance.
  • BTS, and the entire BitShares platform, is based on a self-sustaining, robust model.
  • For avoiding the costs associated to mining, this cryptocurrency follows a derivative PoS consensus mechanism.
  • Last, the consensus protocol that BTS follows is not only flexible but also robust.

The innovations that this coin brings to the crypto world

Every cryptocurrency is developed to bring a fresh wave of innovation to the crypto world quite like other cryptocurrencies as Decred (DCR), Augur (REP), MonaCoin (Mona) are doing these days . Talking of its innovation, BTS has a range of things that have truly revolutionized the entire crypto landscape. This section summarizes two most important innovations of the digital currency.

Quick transactions

BitShares is developed atop the Graphene high-performance blockchain that is capable of sustaining the existing transactional speed of nearly 3 seconds. Backed by a powerful blockchain, the cryptocurrency can be used as part of 100,000 transactions every second in the time to come. This capability drives the market share of the cryptocurrency and its blockchain to the next level without any hassles.

Smart Assets

The platform, BitShares, supports the creation of Smart Assets that are easily and successfully backed by BTS. The main innovation behind this digital currency is the full-fledged development of different market-pegged assets allowing—within a set of parameters, though—a specific asset to be issued on the BTS blockchain. Because of Smart Assets, BTS will be able to track a traditional asset’s real-world value; this asset can be ounces of gold or US Dollars or anything else.

The real-world problem that BTS is engineered to solve

This digital currency is best represented by its own respective blockchain platform having great fintech and exchange capabilities. So the transactions that happen with a BTS coin can be flexible, fast, efficient, and scalable. Now, here are some problems that BTS is successfully solving.

Decentralized autonomous businesses

The key purpose of BTS has always been to launch a decentralized autonomous company. In such a business, the stakeholders will decide the production and distribution of the profit to the shareholders.

A host of features

When it comes to laying hands on a well-defined crypto, it sure comes down to getting BTS. BitShares digital currency comes with a host of features including price stability, scalability, and smart contracts that let the currency holder solve many key problems.

DPOS rules all the way

This cryptocurrency is derived using DPOS. As per the derivative of the proof of stake algorithm, the power rests in the hand of stakeholders making the consensus mechanism purely decentralized. Because of this, a lot of problems are solved. First off, the miners will have to stay neutral when it comes to mining; if, ever, they hold back the development, then the stakeholders will simply elect a new witness or miner and the old ones will never get paid for creating new blocks.

Here is a rundown on the mining process of this digital coin

BitShares mining, to date, is one of the most transparent processes for generating this specific digital currency. In BTS mining, DPOS is used. Speaking of DPOS, it is a consensus mechanism that never allows the centralization of the entire mining process; that is the problem faced while mining bitcoins.

So, put simply, the DPOS–enabled BTS mining is more of a decentralized process. In DPOS, the stakeholders of the system will elect the miners (nodes) who will be eligible to mine a block in the existing blockchain. Because of this, the process has become more democratic than ever.

Although it may sound a bit risky, the DPOS system of mining BitShares has the best safeguards in place. Because of this, the people who are trusted to sign the blocks on the network’s behalf will be doing the task correctly. Apart from this, every signed block must be verified that it is signed by a fully trusted node.

Unlike the Proof-of-Work (PoW) system where all the untrusted miners will have to verify different transactions before getting the confirmation, the DPOS mechanism brings down the total confirmation time for each node. All in all, the mining process for generating BTS is more transparent and quicker than the ones adopted to mine different digital coins.

Getting a fresh insight into BitShares wallets

This crypto offers three different wallets that have let professional cryptocurrency traders around the world experience a new sense of financial freedom. Here are the top insights into these three wallets.

OpenLedger Wallet

OpenLedger is a completely decentralized exchange that acts as a P2P platform; that is, when the investors will get a wallet using the OpenLedger, they will be able to leverage the power of thousands of computers that will guard their BTS coins; this, however, is not the case with a centralized wallet service-providing company. One other thing is that SmartCoins stored in the OpenLedger Wallet can be easily withdrawn to cash.

BitShares Munich Mobile Wallet

This mobile wallet will bring the complete power of BitAssets on an investor’s Android-enabled phone. With this wallet, the investors can pay BTS anytime, anywhere. Bitshares.munich.de. is responsible for the development and maintenance of this wallet. For downloading the wallet, the users will have to search “Munich mobile wallet” on Google Play Store.

Cold storage or paper wallet

This is by far the safest wallet as it is offline. Being offline, this wallet can be accessed by the investors anytime, anywhere even without an internet connection. Also known as cold storage, this wallet is designed to provide high-level security for protecting the stored BTS coins. This wallet needs to be stored in a highly secured place and should not be connected via the internet.

How should an investor buy BTS coins?

Once the investors buy BitShares, they will be able active on BitShares DEX. There are multiple market-pegged assets that can be bought using BTS coins. Now, here is the process of buying this digital currency.

Centralized crypto exchanges

Buying BitShares using a crypto exchange is perhaps one of the simplest ways to get this digital coin. As BTS is one of the most talked-about projects in the entire crypto world, many leading exchanges have allowed trading in this digital currency. Some reliable exchanges include Poloniex, CHBTC, and Bter.

Decentralized portals

However, those buyers who do not want to buy and store the BitShares in a centralized system can trust a number of other decentralized solutions. Some of the top decentralized platforms that can be used for buying and storing the BTS crypto coins include OpenLedger, Rudex, and Blocktrades.

BitShares versus bitcoins: The real deal

It is all about making fresh money

Unlike the BitShares, bitcoins do not produce a healthy income stream for its owners. As is the case with BitShares, these coins can be leveraged for launching a number of Decentralized Autonomous Companies issuing shares and producing and distributing profits to the shareholders.

The difference lies in the mining

Bitcoins are mined using the PoW consensus mechanism, and it sure gives rise to more centralized form of mining. So when it is about centralized mining, the chances of profit sharing go down to an all-time low. However, in the case of BitShares, this is not the case. The mining of BTS crypto coins is done with the help of the DPOS consensus mechanism. Here, the approach is more of a decentralized one where profit sharing will never be deprioritized and where shareholders will get the returns.

News that shows where BTS is headed to

BTS coins rise by 18.27 percent on December 19

In a matter of just 24 hours, this cryptocurrency has risen to 18.27 percent on December 19. As this fresh news comes in, the future of this digital currency looks very promising and investor friendly in the time to come. Catch the complete story right here.

BitShares pricing: Getting the values right

At the time of writing this, a single BTS coin will cost an investors USD 0.541391. With a market cap of USD 1,410,615,906—that is equivalent to 79,637 BTC—this crypto currency looks promising in the time to come. Now, it is about time to analyze the future of this crypto coin.

What is next for this digital currency?

A few months ago—somewhere in the mid of 2017—this digital currency saw a whopping 120-percent rise. Now, that is quite a lot to make this currency pass the test of sustenance and have a stable future. Now, it is about time to view a six-month chart of the pricing of this specific crypto coin.

The pricing stats that matter the most

In the sheet below, there is a tabular representation of different values that are associated with this digital coin.

DateCloseVolumeMarket Cap
July 10.22789136,725,000641,710,000
August 10.13034441,287,900321,719,000
September 10.16932960,662,100382,578,000
October 10.0816895,604,440222,142,000
November 10.0638207,607,650193,013,000
December 10.14739211,363,100353,942,000

 

After analyzing these statistics, it is apt to state that this digital currency is all set to rise in the time to come.

The final word on BitShares

With so many exciting features, this digital currency is already becoming a great investment commodity. The main highlight of this digital currency is its blockchain and the associated protocols based on the DPOS consensus mechanism. So when all is said and done, it is best to begin investing in BTS and to start revolutionizing the crypto landscape.

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