Bitshares 3.0: The Blockchain That Runs Every Other Blockchain!!!! Bet You Didn't See That One Coming???
While everyone was awaiting EOS, Bitshares decided to take over the world.
Well not completely but that is essentially what the intention is.
"First, do not harm to Bitshares." -@stan
@stan mentioned Bitshare 3.0 on a number of occasions while only giving glimpses of what it is about. He referred to the "Bench" team that was studying the matter. Finally, he talked about a hybrid chain.
Now, we have clarification of what is going on.
Bitshares 3.0 is a graphene blockchain that is going to integrate the EOS code base along with some other features. This will not affect Bitshares 2.0 since this is a completely separate project. The Bitshares community will have the option of incorporating aspects of the new blockchain in or not. In keeping with @stan's quote, Bitshares will be the token on 3.0 along with 2.0.
Hence, Bitshares is the base token on both blockchains and the community can opt to put 2.0 on the 3.0 blockchain or leave it as is.
So far, so good.
EOS is being created as an operating system. The EOS team (block one I believe) is not building out a blockchain. EOS provides the OS and it is up to others to build out the blockchains.
The "Bench" team took a look at this and it was decided to use the expertise in graphene technology that comes from 5 years of Bitshares and implement the EOS code.
When @dan was asked about the difference between EOS and Ethereum he said that the entire Ethereum blockchain could be run in one smart contract on EOS.
If Ethereum could run in a smart contract in EOS, that would mean that every other blockchain could be run in a smart contract on the new chain. This would increase the usability and liquidity of every other blockchain.
This was the central premise of Bitshares 3.0.
@stan called it the "universal glue chin".
We suddenly have the interoperability. The intention of Bitshares 3.0 is to bridge all other blockchains. Essentially, this will be the super highway which any token can drive on. This provides all the speed and capabilities while on there. At any time, according to @michaelx, one can leave and get back onto the original blockchain (he used the exiting a highway onto another road analogy).
Another major advantage is that all Bitshares' products and services can be projected into every other blockchain. Also, by rewriting every token in a smart contract, Bitshares 3.0 will have atomic swaps built into it. This eliminates the need of entities such as OpenLedger.
The Bitshares 3.0 is at 3:02.30 and 3:12:30
If this come to be, this could be enormous. Some of the drawbacks to blockchain right now is the fact there is no interoperability. The blockchains are operating separately. Another aspect is the difficulty in the cypto world. A system like this would make things much easier. Also, the belief is creativity would be spurred on because wallets would contain extensions similar to what is in a web browser.
And let us not forget the Internet was a hodge podge of information until the web browser came along.
Interoperability, atomic swaps, and universal wallet design are all things the blockchain world desperately needs. If Bitshares 3.0 can deliver this, we are going to see things really take off.
Bitshares 3.0 along with STEEM adding Smart Media Tokens and EOS being released means that things are about to get really interesting in the blockchain world.
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