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Bitshares cryptocurrency review

21/12/2018 11:53
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Bitshares cryptocurrency review

BitShares cryptocurrency is a platform that combines the functions of a decentralized cryptocurrency exchange and a bank. It was created in 2014 and is focused on the needs of three billion users who do not have access to the service of traditional banks. To work with the platform, it is enough to take any device, connected to the Internet, create an account and go to operations.
In 2018, BitShares ranks first in the number of daily transactions. This is due to the fact that the exchange excludes intermediaries and, on favorable terms, opens up many useful financial functions to its users: lending, mortgage payments, interest charges on the balance sheet, tokens, secure storage of digital assets and other payment transactions.
We consider BitShares cryptocurrency to be an undervalued asset that can be used for long-term investment. In November 2018, the BTS coin chart is in a downtrend, it is trading within ten cents and in the future can go up to $ 1-2. Now let’s expand into the details and analyze the idea of ​​the project and review its technological characteristics.

Project idea

Problem. In 2013, accounts of the Mt.Gox cryptocurrency exchange were arrested, while Bitstamp wallets were out of order. After that, the media started getting constant reports that some crypto stock exchange had been hacked or stopped working due to an unforeseen technical failure. Usually, this unforeseen failure was explained by the crypto stock exchanges managers by actions of third parties, who affected the operation of the service by their intentional or accidental actions.
Decision. The first problem described was noticed by Daniel Larimer. He immediately began work on a project that is able to provide users with a high level of security. To do this, Larimer decided to combine blockchain technology with banking functionality: blockchain technology protects against hacker attacks and external threats, and banking functionality allows you to get rid of intermediaries and use BitShares as a deposit unit for settlement transactions. 

Technical characteristics

Performance. BitShares is designed on the blockchain Graphene ー multi-functional platform, the source code of which is programmed in C ++. With the help of Graphene technology, BitShares network can increase throughput up to 100,000 transactions per second and reduce the time it takes to generate one block to 1.5 seconds. That means, in terms of performance, that BitShares platform exceeds the total capacity of MasterCard and VISA networks.

Graphene blockchain ecosystem in 2018

Decentralized exchange. Decentralized Exchange or DEX. This is a special platform where cryptocurrency trading takes place without the participation of a third party. The absence of an intermediary means that DEX does not use access keys, does not collect personal data and does not store customers' funds. Due to this exchange BitShares cannot be hacked and made bankrupt.
BitShares exchange  is a platform where parties look for contractors for reciprocal transactions.
Checks below the chart comparing centralized and decentralized exchanges. This analysis does not include additional functionality that allows you to use DEX for earning, protecting assets and issuing your own tokens. We will talk about these opportunities separately.

Centralized ExchangeDecentralized Exchange
Centralized exchanges are managed by specific individuals who primarily seek to make money.
Decentralized exchanges are managed by the community, so all strategic decisions are made in the interests of the project.
All payments are open, known to representatives of the cryptocurrency exchange and can be intercepted by third parties.
Users can change their privacy settings and, if necessary, make payments anonymous. If there is no such need, the money can be withdrawn through the gateways of popular payment systems: PayPal, Nanocard, Ripple etc.
Users must document their identity and comply with other regulatory requirements of the selected site. Without this, it will not be possible to fully work and conduct financial transactions.
Users do not need to provide any documents and comply with any legal requirements. All transactions are carried out through the blockchain, so there is no deception on DEX and there is no paperwork.  
The leaders of the exchange can arbitrarily adjust the size of the fee, set trading limits and restrictions on the withdrawal of profits.
There are no trade restrictions on DEX, the minimum possible commission and unlimited withdrawals apply. This creates equal conditions for all traders.
In the case of a cyber attack, a centralized exchange can be hacked and robbed. Users will be able to rely on compensation only if the leaders of the attacked exchange wish this. If they refuse, no payment will be made.
Users independently control their money. This means that if DEX is hacked, none of the clients of the decentralized exchange will suffer. Losses are possible only when the user forgets access to the account.

Multi-user accounts. In BitShares, you can set such settings so that multiple users can access one account at once. You can configure subscription fees and allow outsiders to connect to your account to withdraw fixed amounts of money. These functions will be appreciated by all companies that automate internal business processes through the blockchain.
Suppose we have a company whose entire accounting is organized through the BitShares platform. If you use a multi-user account, then access to financial statements can be opened immediately to all accountants. In this case, accounting will not be tied to the account of one person who can not close the account, leave and harm the interests of the company.
Referral program. BitShares is a finished product whose value depends on the number of active target audience. A termless referral program is integrated into the platform to gather this audience. It allows any BitShares user to earn money by attracting new members. All you need to do is to browse bitshares.org, find the conditions of the referral program, register, make a subscription fee and go to work.
Projects self-financing. The team has a reserve fund of 1.2 billion BitShares coins. This fund is set up for continuous growth, automatic replenishment and financing of those projects that are necessary for the development of the BitShares platform. The reserve fund money is protected from arbitrary withdrawal and can only be used when the community has voted for the project and the application has been transferred to the status of a smart contract.
The mechanism of consensus. The BitShares Ecosystem is developed and maintained by specially assigned users ー witnesses. They are responsible for collecting transactions, broadcasting, the formation of new blocks and the overall performance of the blockchain. The work of witnesses is carried out on an ongoing basis and paid from the reserve fund and is implemented according to the scheme of delegated proof of interest (DPoS).

Coins characteristics

BitShares has two types of coins: SmartCoin and user assets.
SmartCoin. SmartCoin is the coin associated with other assets. SmartCoin can be backed with gold, silver, fiat currency, stocks, commodity futures, bonds, cryptocurrency, and other valuable resources. Each SmartCoin is programmed in the way so that its value can be matched with the value of the linked asset. For example, the cost of one smart coin BitUSD will always be close to $ 1.
All operations with SmartCoin are processed via smart contracts. At the same time, no contract will be formed if the selected SmartCoin does not have 100% security. All reserves and all transactions are nominated in BitShares ー platform’s original cryptocurrency. In total, these coins are 3,600,570,502 units and  2,669,950,000 BTS are in circulation as per the end of this year. You can choose an official wallet or a balance on the BitShares cryptographic exchange for BTS coins storage.
User assets. User assets are coins that are developed and put into circulation by the participants of the BitShares project. Each user cryptocurrency can have unique characteristics and have its own structure, control mechanism, the number of tokens and the base value of the coins produced. This is governed by the settings of the BitShares platform.

Team

The official site does not have a special section with information about the current project participants. From the history of BitShares it is known that the company is headed by Dan Larimer ー co-founder of  EOS, Steemit, and Cryptonomex. In the early stages, the idea of BitShares was developed by Charles Hoskinson, the co-founder of Ethereum and the founder of Cardano. Together with Larimer Hoskinson has created a project tree and developed a business plan that was approved and funded by Chinese investor Li Xiaolai. From October 2013, Charles Hoskinson ceased to participate in the BitShares project without explaining any reason to the community.

Li Xiaolaiー billionaire, the founder BitFund, the specialist in venture capital investments. Participated in the development of cryptocurrency PressOne and SuperBitcoin. It is considered to be the main cryptoinvestor of China and is characterized by a thorough analysis of the selected investments. Supported BitShares
The media periodically contains information about individuals who give comments on behalf of the BitShares team. The most complete list of BitShares participants is published on github.com ー on the page about the BitShares project there is a “People” tab. In November 2018, seven people worked on the software architecture. Going to the specified site, you can get acquainted with their profile, the number of subscribers and the list of work performed on the BitShares platform.

Roadmap

The Bitshares does not have “Roadmap” section published. There is no information in the blog and technical documentation about how the BitShares platform will develop in the future. The last roadmap was published in 2014 and was calculated for the first quarter of 2016. All its items are completed and need only point improvements in the program code.
According to unofficial sources, after the launch of the BitShares 2.0 network, no new technologies will be added to the platform. The team planned to focus on marketing and popularizing the platform among large technological enterprises. Because of this, it is unclear what events should have been held and for how long their implementation was planned.
An unofficial BitShares roadmap can be made after analyzing the github.com and coinmarketcap.com sites. A list of technical changes has been published on these resources, which by the end of 2019 will be made to the program code of the platform. There is not a word about the marketing strategy and the new functionality that can make BitShares a more commercially attractive project.

Perspective

BitShares is a ready-made platform that has been running steadily since 2014. The billionaire Lee Xiaolai has invested in the coin and AriseBank has announced a partnership with the BitShares project for further implementation of cryptocurrency bank. AriseBank executives consider BitShares to be the standard to which the entire blockchain industry should strive for. In October 2018, China published its cryptocurrency rating, in which the BitShares coin bypassed Bitcoin and ranked to be the 3rd one.
The future success of BitShares depends not on the quality of the functionality, but on the number of platform users. This new number can be increased by a major scandal involving the breaking of some well-known centralized crypto birds. In recent years, the qualification of cybercriminals has greatly increased, so this news can be expected at any time. After such a scandal, many users will not want to risk their money, switch to decentralized exchanges and increase the cost of the tokens of these sites.
We believe that BitShares cryptocurrency will increase to $ 1-2 by mid-2019. This is our opinion with which you might disagree. Before making any investment decision, carefully study the project, evaluate its weaknesses and only after that make decisions. Write in the comments if you plan to include BitShares in your cryptocurrency portfolio. 

Advantages Disadvantages
The throughput of BitShares is 100,000 transactions per second. This exceeds the maximum throughput capacity VISA payment network 4 times.
The BitShares team did not pay enough attention to marketing. Therefore, the project is slowly progressing and finds only narrow areas of the application so far.  
Users have access to the DEX secure exchange, which is characterized by its decentralization and private keys.
BitShares is a finished product, which will not add new functionality, focused on the mass market.
There are special settings that allow multiple users to work with one account on the BitShares network.
BitShares has a complex ecosystem, the design of which many users do not like. Because of this, the audience leaves and selects platforms with a simpler interface.
A referral program has been developed to attract new users. BitShares has got tech and financially secure competitors with whom you need to fight for the market. Now it is Komodo, Waves and other projects.
Participants can issue their own tokens via BitShares platform.
The site has no official data on the team, investors and project consultants.
BitShares has a reserve fund designed for project improvement
Large cryptocurrency platforms (Binance) began to create favorable conditions for decentralized trade. If their technologies are OK, then the need for decentralized exchanges may disappear.  
Instead of an incomprehensible set of characters in the BitShares wallet, the names of the system participants are used.The coin has experienced an active phase of investment inflow; therefore, even with successful development, there are no prerequisites to expect explosive growth in the cryptocurrency rate.
Due to the DPOS consensus model, all the important parameters of the blockchain change only the votes of the BitShares network participants.
Charles Hoskinson has left the project at its early stages. He developed a concept, received funding, and refused to implement the idea for some strange reason.

The world of cryptocurrency is constantly developing and brings something new, so stay with us and remember to subscribe to our pages in FacebookTelegram news feed channel and YouTube channel to stay in touch about all updates of cryptocurrency world!

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