Bitshares

What is bitshares?
BitShares (BTS), formerly known as ProtoShares (PTS), is an industrial grade “crypto-equity”, peer to peer distributed ledger and network based on a Delegated Proof of Stake (DPoS) algorithm.
BitShares is an open-source, public, blockchain-based, real-time financial platform. It provides a decentralized asset exchange similar to NYSE for cryptocurrencies and without the need to trust a central authority to handle all the funds that facilitates trading using an international network of computers, in which anyone can take part. BitShares also provides a cryptocurrency token called "BTS", which can be transferred between accounts and is used to collect fees for network operations and as a collateral for loans. The platform was designed by Daniel Larimer, an American programmer and entrepreneur, and launched in July 2014. Since March 2016 the project has been a part of Microsoft Azure Blockchain as a Service package.

HISTORY
On June 2, 2013, a business visionary named Dan Larimer found out a fiat/Bitcoin trade that does not require fiat stores could be made by utilizing a token that is upheld by another token on the same blockchain.
While discussing this concept with other crypto-enthusiasts on various Internet forums, he introduced his ideas to Charles Hoskinson, the later co-founder of Ethereum and Cardano, who helped to vet the idea and develop a business plan. Together they presented the plan to Li Xiaolai, a Chinese Bitcoin tycoon, who agreed to fund the development. On July 4, 2013, they founded a company named Invictus Innovations. A few months later, in October 2013, Hoskinson and Larimer presented the concept of BitShares at the Atlanta Bitcoin Conference.
ProtoShares
Larimer aimed to create Bitshares X, a blockchain platform that derives its value from a built-in business – specifically a decentralized bank and exchange – instead of an Internet meme (e.g. Dogecoin) or some technical innovation (e.g Bitcoin, Ethereum). As he realized that the development would take time, he created BitShares PTS (also known as ProtoShares), a bitcoin clone whose tokens were planned to later be upgraded to Bitshares, so that the early backers could be involved with the project by way of mining and trading. The first PTS block was mined on November 5, 2013.
Invention of DPOS (Delegated Proof of Stake)
A few weeks later, Daniel came to the conclusion that the concept of mining was flawed. He argued that it led to the network centralization in countries with cheap electricity and unfairly high entry requirements for participation, as mining on an average computer quickly became unprofitable.
A month after the release of ProtoShares, around December 1, 2013, he announced that his following projects instead of Proof of Work mining would utilize a Proof of Stake derivative, which, in his opinion, was a simple algorithm that could be used by anyone on their home computer.
On December 8, 2013 Larimer introduced a new consensus algorithm - Delegated Proof Of Stake (see below), upon which the BitShares platform was built and launched on July 19 of the same year.

BitShares Technical Details
Consensus algorithm: Delegated Proof of Stake DPOS
Block time: 1.5-second average, 3 sec max, ~1.5 sec latency for 99.9% irreversibility certainty
Block reward: 1 BTS (from Reserve Pool)
Irreversible blocks: (2 * BLOCK_INTERVAL * WITNESSES / 3) ~ 34s
Coins not in reserve fund: 2,599,900,000 BTS (2017 Sept 30)
Coins in reserve fund: 1,000,668,097 BTS (2017 Sept 30)
Maximum Coins: 3,600,570,502 (constant)
Maximum Transactions Per Second: 100,000+ potential (proven 3,400+ tx/s)
Noteworthy is the lightning fast blockchain with 1.5 second average block times and throughput potential of 100,000 transactions per second (which is more than all the credit card transactions worldwide combined).

BitShares management is controlled by a Decentralized Autonomous Company (DAC), a framework which allows BitShares holders to contribute and ultimately decide on the future direction of BTS. This DAC operates independently but in tandem with the original open source code base that is developed and tweaked continuously.
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Referrence
https://en.wikipedia.org/wiki/BitShares
https://coincentral.com/what-is-bitshares/