Bitshares explained – What are bitshares and what is BITUSD


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Bitshares explained by David Hay

BitShare’s is a decentralized exchange platform that can be used to launch Decentralized Autonomous Companies (DACs) which issue shares, produce profits and distribute dividens to shareholders.
High performance block chain technology
It is designed from the ground up to handle 100,000 per second compared to bitcoins 6
Industrial scalability that can rival visa and mastercard
1 second confirmation times changes the types of transaction that can be completed
Decentralized asset exchange you can change assets like USD, GLD, Bitshares without using a 3rd party
Parameters set by committee so it’s able to change things like blocksize quickly

What is we could have all the features of the bitcoin network but the stability of US dollars

Before the blockchain decentralized transactions were impossible. 3rd party needed to enforce contract. Now the crypto currency can be used as collateral and the block chain can enforce the rules

Bitshares is like a company
Bitusd, bitgld is like a product
Bitusd pays interest to users making it more tempting to hold digital currency

If bitusd reaches critical mass then maybe businesses can start switching to using it instead of cash

Explain the 700 trillion dollar derivatives market

Lisk and bitshares use delegated proof of stake which is much faster than proof of work, Ethereum might switch to this mechanism in August

Smart contracts ethereum vs bitshares

Ethereum is a true platform that you can build on. It has a built in programming language and you can deploy your smart contracts without asking anyone for permission. On ethereum you could create an exchange DAC with the same governing model that bitshares has etc etc.
Bitshares is not a platform even though they claim it is. They have no programming language and they dont even document how one would build smart contracts on their platform. They say if you need documentation then you are not motivated enough.
On bitshares if you need to deploy a smart contract then you have to get it included in a hardfork. To get it included in a hardfork you have to get it voted in by toxic shareholders. Then assuming you do it get it voted in there really is nothing stopping the same shareholders for voting on stuff that would hurt your business/dapp in the future.
The only thing bitshares has going for it is fast blocktimes via DPOS.
Ethereum a new smart contract/DApp can be added to the network without the approval of anyone but the author of the code.

Post Author: CoinCryptoNews