BitShares. What is it? Crypt or Currency Exchange?

in #bitshares4 years ago (edited)

Do you know what crypto currency is? Are you familiar with trading on the crypto exchange?

Many probably answer in the affirmative. After all, even in order to participate in the crowdsdale of VOICE, you most likely bought bitcoins on one of the crypto-exchange exchanges. Maybe you already know that there is a large number of crypto-currencies that you can buy on the exchange.

Usually, in the minds of most people, the concept of crypto-currencies and exchanges varies. This is partly true. But only partly and only not in the case of BitShares. Read this article to the end and you will learn about one amazing feature of this crypto currency.

To begin with, it does not hurt to make a short digression into the history of crypto-exchange exchanges.

The history of hacking Crypt Exchange.

If we talk about burglaries and thefts with the Exchange, the case with MtGox first comes to mind. It was she who became the talk of the languages. The collapse of the Bitcoin Exchange MtGox may forever remain the largest in the crypto-currency economy. More than three years on one site was concentrated a significant part of the volume of trade then still making the first steps of the digital currency Bitcoin. In fact, MtGox, along with Silk Road, were the two pillars on which the whole Bitcoin economy stayed until 2014. And they fell with a difference of only a few months. About this much is written and it is easy to find on the Internet.

Unfortunately, these cases did not remain isolated in history. Every year, again and again, exchanges are exposed to hacking and theft of funds. You can easily find reports about this on the Internet. Here are just some examples:

  • July 2014 - Cryptsy (13,000 Bitcoin and 300,000 Litecoin, which is approximately 5.2 million dollars at the current exchange rate)
  • January 2015 - Bitstamp (about 19 thousand bitcoins worth $ 5 million were stolen)
  • April 2016 - ShapeShift (315 bit-dogs, about 130,000 dollars)
  • May 2016 - Gatecoin (The total damage to the company was 250 bitcoins ($ 114,500) and 185,000 Ether tokens ($ 1,850,000), that is, about two million dollars)
  • August 2016 - Bitfinex (119 756 BTC, that is about 70 million dollars at the rate before hacking)

The list can be continued, although this is already not so important. It is important that all listed exchanges were considered reliable, but this did not become a guarantee of safety of funds. In connection with these, a natural question arises:

Is there such an exchange that can not be hacked and steal funds?

Luckily yes. The main reason why most exchanges are susceptible to hacking lies in centralization. Understanding this, the BitShares platform was created.

Bitshares is a brand of open source software based on block chain technology. Unlike the evidence of Bitcoin transactions, BitShares is based on the evidence of the bet, that is, the miners are not involved.

The Bitshares software is used to launch decentralized Autonomous Companies Decentralized Autonomous Companies (DAC), coined by Daniel Larimer. These automatic companies issue shares, generate income and distribute it among shareholders. No need to trust anyone this work, everything is programmed in the software.

BitShares creates companies in which people want to own shares and make a profit. Already, you can trade different tokens on the OpenLedger Decentralized Exchange running on this platform.

Not everything is as complicated as it seems at first glance. To understand what BitShares represents, I advise you to read the book - Max Wright - BitShares 101. It simply describes the capabilities of this platform and the principles of working with it.

Some may prefer to watch the video:


Nice write up, thank you!

BitShares truly is the modern exchange platform.

No, because it does not have popular pairs to trade like bitETH vs bitUSD, or bitDash vs bitBTC or bitETH vs ETH. It forces people to use evil centralized exchanges by lacking important pairs. This is so stupid because if it had all popular pairs then all people would be glad to switch to it from all centralized exchanges and then volume of BTS transactions would be higher than all centralized exchanges combined and then BTS price would be 100 times higher than it is now. It's like BTS community wants to keep BTS price low for some reason. Very strange and stupid having all tech in it's hands and not use it. Extremely stupid. I don't get it how can this happen to such a great community and technology. Also BTS DEX UI has bugs that need to be fixed to help adoption.

You've got the open* assets backed by OpenLedger

openETH vs openUSD:
openDASH vs openBTC:

Great intro on BitShares. I hope DACs will get more attention and will alleviate hacking issues with coin exchanges. BitShares seems very much undervalued.

No, it's not, BTS DEX UI has bugs and does not have all popular exchange pairs that central exchanges have.

Very informative. Thanks for sharing.

Thanks for sharing! A link to your post was included in the wiki page about BitShares. Thanks and good luck again!