Bitshares
Intro
2014 saw the release of a new crypto exchange platform called Bitshares, and it is a financial, public, open-source, blockchain based platform. The purpose of this platform is to make available, an asset exchange that is decentralized.
Type of Blockchain
The program is based on the implementation of an open-source C++ blockchain (Graphene). Bitshares functions as a ledger system which offers efficient services compared to the traditional paper system of banks and financial institutions. Bitshares’ ledgers have the highest levels of transparency, consistency and the latest and highest grade of cryptography.
Features
•Smartcoins
•Dynamic Account Permissions
•Referral Reward Programs
•Decentralized Asset Exchange
•Scalability and Performance
•Stakeholder-Approved Project Funding
•User-issued Assets
•Delegated Proof-of-Stake Consensus
Decentralized Exchanges (DEX) Protocol
The consensus protocol upon which the Bitshares platform was built is known as the Delegated Proof of Stake protocol. This protocol also known as DPoS for short was created to mitigate the problems that riddle the better-known Proof of Work and Proof of Stake protocols. Unlike the former protocols, DPoS is a protocol that consumes the least amount of energy in keeping its network safe, while ramping up the number of transactions per second, up to 100,000 transactions in some instances.
The core working principle of DPoS is in the fact that unlike proof of work where a certain exclusive club run the network to the detriment of the majority. DPoS gives every stakeholder a say without slowing the network. A number of elected witnesses are delegated to keep the network safe and create new blocks. The operation and performance of these elected witnesses can be monitored by every stakeholder on the network no matter how small their stake is, and at any moment when an elected witness is seen not to be discharging their duties as they should, the stakeholders hold them accountable by withdrawing their votes, and essentially firing them to replace with new witnesses.
Here are some benefits of the DEX:
•Gateways: They are usually operated as portals that are trustless so that different assets get traded and are on the Bitshares blockchain. The coin is bought by a gateway bus and then sent to the user’s wallet.
•Open Ledger: Users are allowed to buy different open assets which represent IOUs, just like other Gateway coins.
•Dex Eliminates Trading in High-Frequency: The Dexmakes it easier for users by leveling the platform for making transactions, by making it impossible to manipulate the system.
•Trade different Cryptos and others crypto-based derivatives: Different things like precious metal (silver, and gold) and other derivatives, most especially bonds, oils, gold, silver, and to further make It interestingly attractive, the pairs of each crypto can get changed for each other.
•Low fees and Zero Trading Limits: On most exchange platforms, users are always put through the whole process of supplying bills, tax paperwork, and any other data involved. BitShares DEX still maintains its near-zero fees, no matter the amount being transferred.
•Security: Transactions and funds are secured using military-grade cryptography, this prevents anybody from gaining access to your funds unless you grant them access. Furthermore, the security can be strengthened by allowing users setup multi-signature systems and escrow.
•Quick: Unlike other decentralized systems, the BitsharesDEX makes it possible for users to enjoy real-time trading at instantaneous speed.
•Collateralized Smartcoins: The platform operates using smartcoins like bitEUR, bitUSD, bitCNY, etc. To make it convenient for users, the assets are tagged USD, CNY, EUR, etc. within the wallet.
•Matching Algorithm for Provable Orders: With the DEX, users will always be able to verify with proof that a given set of orders have been matched/paired correctly.
•Power Separation: Because of its decentralized nature, it is impossible for a 3rd party to get involved. This simply means the DEX protocol is responsible for processing the order book and issuing IOUs.
•Decentralized
Pros
✓ Liquidity.
✓ Fast Transactions.
✓ Intuitive user interface.
✓ Low fees.
✓ Prevents front running.
Cons
✗ Fiat Currencies.
✗ Slightly Centralized: This is due to the fact that there is delegated proof of stake.
✗ Decline of the system due to knowledge gap (Main developer left, no interest from other developers), and this poses a risk to users as the system becomes susceptible to attacks.
Status
The Bitshares exchange is currently under development, however, the exchange is still functioning normally with a few issues. The platform operates using its own BTS tokens, but there are bridges for the exchange of crypto like Bitcoin, Ethereum, Doge, Peercoin, Litecoin, Steem, and some fiat currencies. At the moment, there is no cross-chain.
Your comments and feedback are very appreciated.
I look forward to discussing by your fellow steemian @papotus
You have received a @GrumpyCat flag because you or someone else sent money to buy votes from an irresponsible non-GrumpyCompliant service.
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I did not buy any votes! you are making a mistake and it is not appreciated!
fuck these losers they cant write a real post so they flag people for fun, its not worth trying to understand!
Of course, this has nothing to do with you sending money to @sneaky-ninja.
It wasn't me so you are out of line Mr. @GrumpyCat and this is very aggressive. I will be paying back in kind. you have no business commenting here.
First sentence.
Wasn't him but was someone he just recently sent 300SBD to. :P So, it probably was him.
BTS was a good hold from the atart
We enjoyed the detailed information on this post. It is unfortunate that some leave their projects, especially those that are exceptionally good. Although, all members have done a great job without the main developers, isn't this the idea of decentralised networks? Get all users involved and have a 'community' of sorts. Blockbasis believes that the issue of scalability will be the next big solution in this revolutionary technology of decentralisation. Hopefully there will be a solid answer to the issue in the nearest future such as the Lightning Network and the Raiden Network
Great post. Do you know why the developer left? Knowledge gap is becoming such a big problem with these new technologies.
not specifically no, but a decentralized organization does depend more on adoption and should by definition rely more on the community it supports to develop and evolve it to where it needs to be. I think it is normal for people to contribute as much as they can to something and move on to the next and allow for others to add their touch and that is how the platforms evolve with the needs of their users or they die. eventually all developers will leave their projects and so it is important to assess at an early stage if the project is dependent on 1 developer or a community and decide what matters more to you. Satoshi left Bitcoin a long time ago...
I guess am just seeing this post now. I don't know if this will not also come like bitcoin that people rushed into it to invest and later were discouraged with the low outcome. Maybe I need more explanation on how to go about it.
I am just writing about the dex characteristics. This is not investment advice. I am NOT an advisor AND I DO NOT RECOMMEND MAKING ANY FINANCIAL DECISIONS BASED ON MY POST. PLEASE DO YOUR OWN RESEARCH
Yeah,
You are right.
bir varmış bir yokmuş oldu bu bitcoin
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STOPGreat write up papotus....thanks for the info...can't wait for the updates and partnerships being announced this year with Bitshares as well..should be interesting
Thank you for the encouraging words.
Nice to see Steemit members posting solid information like this, yet
another reason I love this site!!!
Power up, to the droid rebel alliance!!! ;p
Thank you man, that's a great compliment.
Vielen dank für diesen Beitrag
To me the trade platform is difficult to you and slow compared to other exchanges. Yet it allows multiple coins to be held and be accessed on one device which is very convenient.
true, they could do with some more user friendlyness. however it was very much ahead of its time and it is a strong architecture to start with.
i am going to resteem this
@papotus
Thank you kindly
no thank you for the support i think your worth a follow
I looked up BitShares and yes it does look interesting. Thanks for sharing info.
you are welcome, thank you for your kind comment
Nice
thanks
I Have invested exactly $29 in Bitshares...along with 30 other cryptos back in January. OF course now my portfolio looks like crap ( picture below )..but I plan on making on of these portofolios every January for the next 10 years.. I just need one 2017 boom ( fingers crossed):
good luck brother, remember, only invest what you can afford to lose!
Excelent POST. Thanks. God bless you
God Bless you too
Wow this progress is tremendous!! A real fiat to crypto is on the horizon
exactly!
Thanks for the intro. I have a couple of questions here:
What's the difference between the Bitshares platform as opposed to CryptoBridge in terms of usage and fees?
Liquidity - My understanding was that the major problem with a DEX generally is that they don't have enough liquidity. Can you please elaborate on how my understanding is wrong?
There is a lot of confusion with basic terms I think, will try to clarify. Up to this point, Openledger, Cryptobridge and Gdex are all decentralized exchanges running on the Bitshares Graphene blockchain. Most likely, more dex's will be created with time. The Bitshares token is a cryptocurrency native to the blockchain, and can be found and traded on all three decentralized exchanges listed above. You can also trade Bitshares on many centralized exchanges like Poloniex, but you will not find any open, bridge or Gdex assets anywhere except the Bitshares ecosystem.
Liquidity is growing every day and is not nearly the problem it was, say a year ago.
That is great information, Thank you very much
Hello, that is a good question. I do not yet have enough information about CryptoBridge although i am studying it now.
I like bitshares because it is decentralized and also scalable.
and it was the first to do that
Thats the main reason why i really like bitshares
so nice this
you mantap
cool!!
Good luck
you too kid
The Bitshares exchange is awesome!!! bts moon!!!
wow,, awesome
thanks
cheers
nice post.Thanks for sharing this post #Thanks Bro.Best of luck...
Wow Beautiful Information.
Thanks for your sharing.!
Lets Gooo...
received_373245836485139.jpeg
all cripto currency is not able to been invest by every person .it will take time dear
Rome was not built in a day!
UP THE STEEM DOLLAR! 👏👏👏
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thank you
Good post.Thank you for this beautiful post. If you follow me and like all my posts, I will follow you and I will comment on all your posts
upvote & resteem
awesome!!!
THE MOST FINE BEAUTIFUL GAMES COME
DPoS is actually less centralized than a lot of other coins if you actually look at it. Also, you can now deposit and withdraw fiat with OpenLedger. Or at least you could do it a couple months ago if it wasn't removed recently.
I've yet to find a better DEX than BTS.
have you tried CryptoBridge?
I did awhile ago when they first launched why? It's pretty similar to OLedger right? Unless something has changed?
Update Crypto News
https://www.caranettizen.tk/2018/04/news-bitcoin.html
Your post is very good!
Now look me in the eye and Follow Me @cryptopay-blogthank you
Nice post, i know more about Bitshares now ~thanks for your sharing
Thanks for sharing! A link to your post was included in the Steem.center wiki article about BitShares. Thanks and good luck again!
nice! thank you
Thanks for sharing your Post,I wanted to ask you how to do so that more people read my Post talk about God but apparently they do not read much about it. If you can help me, I appreciate it.
. God bless you.
Excellent Post, God bless you, I hope to see you for my posts and help me I'm new to this and I do not know how to make more people read them, thanks, regards
@papotus you were flagged by a worthless gang of trolls, so, I gave you an upvote to counteract it! Enjoy!!
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Thank you for the reply.
The bot simply posts statistics and nothing more. Transparency is something that we should all welcome and cherish.
not cool
Transparency is lame? Lol.
It could be a lot more transparent than this. ;)
Losers who waste their time on boring bullshit and dont make real content, ya that is lame, I am the brain POLICE...
Everyone promotes, if one guy gets to choose what bots are approved by his lame bullshit, to be honest, no one gives a fuck! So it looks , self motivated and it is self righious and self imposed, the community did not ask for this crap nor do STEEM rules prevent it, this is just a miserable bully with nothing to do but troll content creators, for trying to use STEEMIT for what it is worth!
i have no problem with bots. i think they should be allowed. i just dont see how being transparent about it is a bad thing though. all the transparency bot does is report the same information you can get from looking at the upvotes on a post. :P i know exactly who you're talking about too and he's a piece of shit. so i agree with you for the most part.
I suspect you have some gainful motive to do this type of mean and unkind job.
Nice,
Your Pic was worked properly.
Thanks.
lol
nice!