What you ABSOLUTELY HAVE to know about Bitshares and Why !
I discovered Bitshares while reading about Steemit. It appears, Steemit is just the tip of the iceberg! Here's what I found out.
What is Bitshares?
Bitshares is an industrial-grade financial smart contract platform. (definition as per Bitshares website)
Now what this means, is that Bitshares 2.0 is a very focused development platform to create financial blockchains and smart contracts.
This might seem familiar if you've heard of Ethereum before. Read on! :)
Why Bitshares is not Ethereum
Both Ethereum and Bitshares 2.0 are development platforms to build de-centralized blockchain applications.
However, Ethereum brings together both a crypto ledger and a Turing-complete programming language, which is a language that can be used to simulate any other computer language.
You might have heard of the recent "hardfork" event. Let's just say Ethereum lost a lot of fans because of it. Not ALL fans, however: Ethereum still has a very active development user base.
Bitshares on the other hand, can be seen as an "evolved" version of Ethereum.
It comes with a standard code base to support asset exchange businesses, a referral rewards program, price stable and pegged cryptocurrencies, a collateralized bond market, etc. All these built-in features make it a lot more appealing to banking and trading companies.
It is easier for financial institutions to consider a Bitshares 2.0 platform, as this platform supports a number of key financial use cases.
What does Bitshares have to do with Steemit?
Both the Bitshares platform and the Steemit blockchain are based on the Graphene™ technology, an industrial strength software platform for deploying third generation cryptographically secure decentralized ledgers known as block chains.
Simply put, Bitcoin is seen as version 1.0 blockchain technology, Ethereum is Bitcoin 2.0 and Bitshares is blockchain 3.0.
Both Steemit and Bitshares, as well as the underlying Graphene™ technology, have been created by our beloved devs, @ned and @dan !
Now you understand why you should probably look into Bitshares ASAP, as the Steemit revolution will have its effect on Bitshares as well. Made a nice profit on Steemit? Invest in Bitshares!
Where to go from here?
There's an excellent introduction to Bitshares at http://docs.bitshares.eu/bitshares/user/first-steps-users.html
It's both an excellent source of information and it links to various exchanges where you can invest in this Bitcoin 3.0 technology!
Thanks for reading! In case of any questions, feel free to ask in the comments.
Thank you, being new to the CryptoCurrency arena I will explore this fully; obviously depending on financial positions you are suggesting investing steem income into block shares? Please advise?
Yes! I have the feeling that a lot of people don't really have a "purpose" for their freshly gained steemdollars, so I propose considering investing in this amazing project. Which in fact equals supporting our beloved devs!
Understood, thank you
You're welcome :)
Thank you I'll check out Bitshares, it sounds amazing. ツ
It is! Let us know what you find out!
Strap in for the lunar rocket.
Thanks, I guess!
whats is the different between blockchain 1, 2 and 3 technology?
Good question! Maybe someone with more experience in crypto can answer this one?
Blockchain generations are mostly about marketing PR.
However, way back in 2013 there were a whole bunch of new blockchains trying to do things other than just be currencies. BitShares, NXT, MaidSafe, Ethereum, and a number of others fell into this generation and were collectively called "Bitcoin 2.0". It wasn't about their technologies as much as their new applications for the blockchain.
Within any given developer community there are generations along the technology axis. In the Graphene universe you have the following generations:
Generation 1 - Protoshares, a simple clone of Bitcoin with a few modest twists.
Generation 2 - BitShares 1.0, the first edition of Delegated Proof of Stake (DPOS) technology.
Generation 3 - BitShares 2.0, completely new industrial strength Graphene DPOS2 technology.
Generation 4 - Steem - Graphene ++.
NXT just came out with it's answer to Graphene. Any cross-chain "Generation" numbers are mostly in the eyes of the marketeers.
Thanks, great stuff!
BTS isn't really new and is hardly viewed as btc3.0.
Currently I think the only one that might compete for 3.0 title is ardr but that's only if properly successful.
Dash and eth are in a power struggle atm, although eth you can already tell is stronger due to the fact it did survive it's hard fork
Thanks for your insights! I know absolutely nothing about ardr, so can't comment on that one.
You should check it out, it releases in about 3 months and is the second gen version of nxt, it's going to give out a 1:1 ratio of held nxt in ardr and will essentially let you keep both currencies. So hold for 3 months possibly double your investment
That sounds too good to be true, I like it.