Bitshares 3.0: The Blockchain That Runs Every Other Blockchain!!!! Bet You Didn't See That One Coming???

in btishares •  5 months ago

While everyone was awaiting EOS, Bitshares decided to take over the world.

Well not completely but that is essentially what the intention is.

@stan and @michaelx were in Greece last week giving a presentation on the Bitshares network. During it, @michealx covered a what the "Bench" team is doing. And what a bombshell it turns out to be.

"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.

To see @stan and @michaelx, click on this video.

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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This is brilliant and a must watch video :)

Will Bitshares 3.0 run on its own implementation of the EOS code with separate BPs or will it be a Dapp in the main EOS chain?

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There is no main EOS chain. Block one is not building a blockchain; they are just providing the OS...others are going to build the EOS blockchains (plural)...there will be a number of them.

Bitshares 3.0 is going to be one to implement the code......they are structuring so all BTS products will be available on other blockchains through the swap.

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Thanks for the clarification!

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Perfect answer.

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I just rearranged @stan's and your words. 😀

Intelligence is just knowing who to parrot.

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Perfect

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@taskmaster if there is no main EOS chain, then what will the EOS block producers be doing? It (that there is no main chain) seems completely contradictory to everything I have read about EOS. Am I missing something?

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I cant answer that. I imagine creating updates, adding features, and an assortment of other things that need to be added to the OS.

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Thanks for the honest answer. I'll have to do a bit of research. I love learning about all this because I think EOS, steem and now bench are at the front of the decentralisation wave

Damn, if Bitshares 3.0 can pull that off I think it could be pretty epic.

I need to get back on Bitshares and take another look!!

Thanks for the heads up.

nice post really informative, good to see these two solid coins doing so well

Thanks a lot discussion about cryptocurrency..
That's a good valuable informative post..I gain knowledge about cryptocurrency from your post..
thanks for share♥♥♥

The developments that arise daily in the crypto world is so consistently intense that one needs to be well informed to keep to date. Thanks to you and a number of guys on Steemit, we are getting the urge to know more.

Let me make one confession: I still don't fully grasp the concept behind EOS even though I have seen a number of articles on it. Perhaps because I was too anxious about it.

I've got to get my hands around this thing.

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvote this reply.

So many improvements, so many projects... This and the future, fortunate to live the technology that revolutionizes the world.

Hello @taskmaster4450
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Amazing post here love it . Totally impressed upvoted and follow you. You are great

Interoperability, atomic swaps, and universal wallet design are all things the blockchain world desperately needs.

A universal wallet is something we really need to see appear!

No surprise to me! I am building up EOS and Bitshares. They are going to Pluto!

You have provided excellent description lf bitshares. I didn't know much about it but now I know. Its an emerging thing. I found it helpful and interesting. Upvoted
Appreciated

I need to get back on Bitshares and take another look!!

I feel like there are inaccuracies in the article.

At one point you state that:

Bitshares 3.0 is a graphene blockchain that is going to integrate the EOS code base along with some other features.

I have a link here that states the complete opposite. @stan says that Bitshares would work on top of EOS, not the other way around.

I just thought it would be appropriate to first do the research, before you make any statements.

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3:03;55

Michael states "...add those to our graphene chain including the EOS capabilities..."...

This video was from last week so I think it has the most up to date information as compared to what was proposed by @stan in December.

As for the pecking order, that is why there is a follow up article...Bitshares is on top of EOS which is on to of Bench.

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Still looking for the best way to explain this. Bench puts a virtual wrapper around other chains with out interfering with their operation. From inside Bench then, all wrapped chains appear to be integrated. From outside, they remain unchanged for people who prefer to use them natively. And Bench can let you spinoff new chains natively with a single command in five seconds. It will take me a while to figure out how best to talk about this like I'm five.

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Thank you for the clarification. That explains it well.

As for an analogy, that is a tough one.

It is like a bunch of wires housed in a clear casing. From the outside you can see the individual colors of the wires and how they are separate. If you were in the middle of those wires, it would all look like they were joined.

Or it is like looking at a forest from the edge in daylight...you can see each individual true. But in the middle of the dense forest, with the underbrush and vines, it all runs together.

Any of those capture it?

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I like that vivid imagination of yours. The English language is tricky, but you are on the right track for sure.

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Oh, okay. Sorry to appear mean then. Mea culpa.

So it's basically as if we think about all of the chains as virtual computers communicating together as if they are in one network and Bench is the virtualization software creating the network and providing the access to resources. Right? Sort of?

What coins will be able to be atomically swapped over bitshares? All of them? only those in the bitshares ecosystem? or only the top coins for now?

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From what I understand, they can "wrap" any smart contract so that would be all tokens on ETH, STEEM, all SMT created tokens.....

How many they do to start, I dont know...I have no idea of what the process will be. Do they start with the top 10 or do 100? Anyone's guess at this time.

EOS is definitely on Steroids. Ethereum can run as a contract? That's a big one.

I believe Bench is going to give Bitshares more exposure. That project is too undervalued.

Bitshares 3.0: The Blockchain That Runs Every Other Blockchain!!!! Bet You Didn't See That One Coming???

I definitely didn’t see that coming. This is a next level thing. You see I found bitshare hard when I started using it but as I study it very well. I got to realize the potential of this great marketing platform. I sent Open.steem and with the help of openledger it was converted automatically. This I love and it’s quite interesting using bitshare

This is awesome and is sweeting me.. 😀

I feel like blockchain technology is evolving faster than I can figure it out. I have only been on the Steemit playform for 2 months and have learned a bit about the Steem blockchain, ether and Bitcoin. It wasn't until I realized that Steem does not convert directly into paper currency (USD, Yem, Pounds, etc) that I tried to delve into the other platforms. To be able to seamlessly convert between all of them would be revolutionary!

Nice article. I'm still trying to get my head around the difference between Bitshares 2.0, 3.0 and bench.

Does Bitshares 3.0 use the same tokens as Bitshares 2.0 ? If so will current token holders in 2.0 be given an equivalent number on 3.0 (aka a hard fork) or do they just transfer their tokens from 2.0 to 3.0 ?

Does bench have its own token ? Will Bitshares holders be given bench tokens ?

Thanks