The Fourth Guy Fawkes Day in BitShares/Steemit HistorysteemCreated with Sketch.

in bitshares •  last year

Origin of BitShares - Part 17 -

"Remember, remember, the Fifth of November!", grinned Charles Hoskinson as he plotted our opening campaign to bypass The System in the Summer of 2013. He was picking the target date for the release of ProtoShares (PTS) as our prototype blockchain on November 5, 2013. I'd never heard that battle cry before and had to go look it up.

Originally, it was a day of Protestants celebrating the foiling of the infamous Gunpowder Plot in 1605 wherein a group of Catholic revolutionaries sought to blow up the British Parliament, their Protestant king, and the King James Bible all in one swell foop. "History was gonna change."

When history didn't change, Guy Fawkes Day gradually morphed from a religious celebration into a Limey cross between Halloween and the American Independence Day. Recently, it has come to take on more anti-establishment overtones as dramatized in the classic movie V for Vendetta.

But all that is dwarfed by the significance of Guy Fawkes Day in BitShares/Steemit history. Something Big has happened on that day in each of the past four years:

Remember, Remember the Fifth of November, 2013

ProtoShares (PTS) began mining on Guy Fawkes Day, Nov 5, 2013. ProtoShares was unique in that it was designed to be a prototype coin, a "protocoin" - something to allow supporters to begin mining before the much more complex BitShares Decentralized Exchange software was complete. ProtoShares were conceived as coins that would be good for a free upgrade when BitShares was ready. ProtoShares allowed us to build a community, ecosystem and development team dedicated to decentralizing The System. In the years to follow, our methods would evolve, but that goal would remain the driving force behind every revolutionary iteration.

Remember, Remember the Fifth of November, 2014

Fast forward one year. Protoshares was a success, funding was raised, a community was born, and the first version of BitShares was launched into the top-tier of digital currencies with revolutionary new technology. But we were also running low on money and we still had many promises to keep.

In our most controversial move of all time, we were forced to merge all our efforts into one self-funding super blockchain and focus our remaining resources on making that a success. Stakeholders in other parallel projects that got merged into the new superchain got two-year vesting shares in the combined effort. This was the only thing that allowed BitShares to survive to become the high-performance rock-stable system that it is today.

But it came at a high cost. The infamous Guy Fawkes Day Merger came to be viewed much like the St. Valentine's Day Massacre. As those new BitShares vested they increased the supply faster than the demand was growing. That expectation itself tended to suppress demand in a vicious cycle that has held BitShares back for two excruciating years -- until today!

Remember, Remember the Fifth of November, 2015

Despite the resource conserving merger, it quickly became clear that the selling of BitShares to fund the finishing of BitShares was depressing the value of BitShares to the point where they were not enough to reach the fully polished product we had envisioned. To continue, we had to form a new company, Cryptonomex, as a way to capture all the unpaid sweat equity the developers were contributing to finish the project. This succeeded brilliantly at the technical level. We perfected the Graphene real-time industrial blockchain technology now in use by BitShares, Steemit, Muse, Peerplays, and DACplay. It has been working stably and unmatched by other technology for more than a year.

All these blockchains, and the businesses built on top of them, now represent a self-sustaining ecosystem that has grown without further funding from Cryptonomex since Guy Faux Day 2015. We have convincingly demonstrated that we are no longer needed and a fully decentralized ecosystem will continue to thrive without us.

This has left us free to reinvent ourselves once again...

Remember, Remember the Fifth of November, 2016

This Guy Fawkes Day 2016 will be remembered as the day when the BitShares balloon cut loose the last sandbags of selling pressure. Developers are no longer selling their hard earned BitShares to feed their families. Vesting BitShares are no longer diluting the supply. Positive buoyancy should ramp up for the first time in two years.


What's next? Our behind-the scenes efforts to bypass The System remain as determined as ever. Except that now there are enough independently operated building blocks in the greater digital currency ecosystem that all we have to do is integrate them and get out of the way! This will help move banks out of the middle of everything to the periphery where they belong. People will still have access to bank products and services, but it will now be possible for many innovative, decentralized small businesses to operate without the need for a nefarious bank to be squatting in the middle of their business processes.

For example, we are about to announce another spinoff. It is fully operational and has been in beta testing for most of the past year. You can use it to send international payments to 180 countries using 40+ digital currencies. You can send anything from Bitcoin to Steem via SWIFT or SEPA and transfer funds to your local bank account 9x faster than with your current bank. You can also send funds to yourself or to anyone with a Bank Card, Prepaid Debit Card, or Debit Card, anywhere in the world! We can load any Debit Card you have that has a MasterCard® logo using 40+ digital currencies.

And all that traffic will encounter the convenient opportunity to store their value in a growing multitude of stable BitShares Smartcoins® that track the value of other assets without counter-party risk from The System. We want to be ready for the upcoming flight to safety from bail-ins, collapses, and hyper-inflationary wealth confiscation schemes.

We'll be launching our marketing campaign for the new company this month, but thought you should be the first to know our focus of attention on this, our Fourth Guy Fawkes Day.

Bottom Line

Our Origin of BitShares series is now caught up to the present and we are headed back to the future. Cryptonomex has been very busy during the past year behind the scenes expanding from a developer to a system integrator. With the integration of just a few more independent building blocks, with other beloved names you already know, we will have fully bypassed "The System" (without becoming the New System ourselves). To sum it all up in one slogan:

"Who needs a bank?"

We hope you will be asking that next year when you remember to remember our fifth Fifth of November.

Cheers!

Stan Larimer, President
Cryptonomex - The godfather of BitShares and Steemit

Previous in the Series:
The Origin of BitShares Rides Again (Parts 1-10)
Part 11 - It Is Very Cold in Space
Part 12 - Never Let Them See You Sweat
Part 13 - Cryptonomex Rears Its Head
Part 14 - The Jump to Light Speed
Part 15 - Blockchain Platform Surfing
Part 16 - Developer Freedom Trumps User Convenience

Image Credits

About the Author -- Stan Larimer

Follow Me On Steemit - The Social Media Platform That Pays
Please Connect To Me On Linkedin!

Greatest Hits
Bitcoin and the Three Laws of Robotics
Engineering Trust with Charles Hoskinson
The Origin of BitShares
Why I will never give up Christianity

BitShares Cryptonomex Stan Larimer

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Yep, the Bitshares story is impressive and I still remember almost 2 years now when I discover Bitshares. As an entrepreneur, it's the value proposition that really get me in. Attending Dan's weekly updates and getting to know what he really want touch me. I'm not a trader and I could not code. So Dan where saying he is looking to build something than millions of people could use and talk to the mom and dad everywhere in the world, It was like wow! I saw very easy that I could use Bitshares Dex to bring crypto education to children. I started Bitshares Meetup here in Montreal but people did not really understand the power of Bitshares and powerfull technology behing it. Now with OpenLedger, Steem, PeerPlay and all the project going around on Graphene Technology, we will be celebrating soon. Long live Bitshares and Long live to all those who believe in thenew era. Congrat @stan

Remember remember the fifth of November! Today is another important mile stone in Bitshares long history! Time to celebrate guys :)

Thank you Stan for these amazing news! I'm looking forward to learn more this new spin off. It's sounds very promising!

I read every part of this series; very interesting! I have some BitShares and I do expect good things from the system and the coin in the future. Thanks for this great news!

So what everyone will want to know is, What is this new spinoff of which you speak? Is it yet another graphene chain? Does it compete with bitshares or steemit? Will there be another crowdsale? shall I dump my bts or steem before the announcement?

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We are in the business of building up everything needed to decentralize The System.
We will reveal the new pieces as their loose ends are tied off, one by one.
The next piece of the puzzle will be revealed this month, as I stated above.
It will benefit the whole industry in general and the BitShares ecosystem in particular.

The remaining answers are more direct and can be applied in any order: No, No, No, and No.

:o)

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I like the no, no, no, and no. ...and what they pertain to... thanks for the extra hints.

When does the ninja-mine start? ;)

Link to ANN on BCT?

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Nothing like that.
I did mention the general functionality.
All in all its just another brick in the wall.

Wow. After I thought I knew plenty of Bitshares, I didn't realize Nov 5, 2013 was an important date like that.. Feels much better to celebrate the event 3 years later. Thanks Stan!

Loving the first Guy Fawkes meme! How very true.

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For example, we are about to announce another spinoff. It is fully operational and has been in beta testing for most of the past year. You can use it to send international payments to 180 countries using 40+ digital currencies. You can send anything from Bitcoin to Steem via SWIFT or SEPA and transfer funds to your local bank account 9x faster than with your current bank. You can also send funds to yourself or to anyone with a Bank Card, Prepaid Debit Card, or Debit Card, anywhere in the world! We can load any Debit Card you have that has a MasterCard® logo using 40+ digital currencies.

So a fork of BTS? Why not just stick with BTS instead of competing against it?

Is the initial distribution method going to be fair?

Are you going to honour the 'social contract' of graphene or do a sharedrop of any kind? I feel steem should have done this, voting power would have been more balanced/distributed.

RE: Merger controversey - I believe it was only controversial because it was forced through without the network voting on the matter (not very democratic considering the marketing of DPOS). It's good that this vesting period is finally over though, onwards!

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He is not talking about a fork of Bitshares, merely a service using Bitshares.

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Correct. This is not a new chain. It is another company with it's own services that benefit the whole digital currency industry in general and the BitShares ecosystem in particular. The generic industry traffic it generates from all currencies will expose the whole industry to what BitShares has to offer.

Happy 5th of November / End of Merger day everyone!

Thanks for the update @stan, i love these series and looking forward to hearing the news later this month; what you have shared so far sound very exciting :)

Only one Man can save BitShares -- Stan the Man!

While thinking of what the bitshares & steem community could become in building an entire independant financial infrastrure, I want to share with the community an upcoming Bitcoin Node - STASH - A hardware design to give to everyone to own autonomous, fully-featured financial platform, accessible anytime and anywhere. Since we already have the software [BitShares, Steem, PeerPlays, Muse, Peerhub], we could integrate everything in a powerfull hardware and ship globally to the entire world. Please, check it out more info and all the features. http://stashnode.com/