The early years of the 21st century witnessed inventions of platforms that have so far bettered our lives. From social networks down to professional networks, the world is fast becoming digital. The success of Bitcoin after its launch heralded the coming of other decentralized platforms and exchanges.
It would be wrong to put BitShares (BTS) in the same category as other cryptographic currencies. It is regarded in many ways by different people. Some see BitShares as a currency. Others deem it a decentralized platform for exchanges and yet, another school of thought thinks it to be a real-world application of digital services.
BitShares (BTS) was developed in a peer-to-peer format. At the moment, it is being used as collateral for services in decentralized platforms. This is an excellent addition to BitShares because in the times past, cryptographic currencies are hardly accepted for any financial assistance.
BitShares (BTS) Is Scalable
One out of many underlying features that stands BitShares out in the crowd of cryptographic currencies is its constituent – scalability. Failure of Bitcoin and Ethereum in processing transactions faster was part of the reason for their downslide.
BitShares improved upon this by achieving about 3, 500 transactions per second (TPS) rate. Arguments have been made questioning the position of cryptocurrencies. Are they assets, securities or merely currencies?
Though many cryptographic currencies have been confined to the tag of coins, BitShares is well above the water. It is gradually making itself relevant. In a few years from now, it might be certified security. This shouldn’t come as a surprise; BitShares is being run by a Decentralized Autonomous Company.
A Dominant Platform Powers BitShares (BTS)
It is common practice for cryptocurrencies developing blockchains themselves. BitShares changes this by allowing another blockchain entity – Graphene, take over its operations. Graphene is a powerful blockchain with interests in other critical areas aside cryptocurrencies.
It can be implemented in asset trading and other decentralized application scenarios. Another great side to the Graphene blockchain is on its scalability. It processes transactions in about three seconds, and at the moment, it can perform an estimated 100,000 transactions per second rates.
The Graphene blockchain is easy to operate. Developed as an open-source platform. With Graphene, blockchain platforms can be designed using the C++ programming language. It also plays the role of a consensus mechanism just as it encourages the real-life application of decentralized platforms and applications.
A great platform as this was what BTS needed to take control of other sectors of the economy. BitShares is now touted to outshine Wall Street shortly. The existence of conventional financial systems such as banks is being threatened because BitShares will soon be accredited as security and this implies its application reality.
Transactions Might get Cheaper Here
You know those exorbitant bills you’re charged when you transact on Ethereum and Bitcoin? Consensus algorithms have been playing lead roles in mining and processing of transactions over the block. In the event of hitches (which usually arises from multiple operations going on at the same time), transaction costs soar higher.
BitShares (BTS) won’t play into such entangling web of intricacies. It introduced a new consensus algorithm, and I think this is a welcome development. BitShares has the Delegated Proof-of-Stake (DPoS) algorithm.
As an upgrade to Bitcoin’s Proof-of-Work algorithm, the BitShares’ DPoS will come in handy in the governance of the platform. Likewise, BitShares’ users are allowed to nominate people to oversee their transactions. They get paid when their stakes are used in the collection and disbursement of transactions over BitShares platform.
BitAssets is BitShares (BTS) Gateway to Reality
What was obtainable in other decentralized platforms is the use of currencies for their operations. BitShares keyed into this as well. There is however a great tiding to its currency.
BitAssets is the official asset of BitShares and as its name suggests, it is a viable asset. It is powered by a smartcoin network that sees to the removal of intermediaries in transactions. As such, it can be regarded as a stable coin. Coming back to BitAssets, it is being accepted in some quarters as an exchange.
BTS is the currency and symbol of BitShares. On its platform, BitShares uses its smart contract in the creation and acceptance of tokenized DApps. This is then exchanged for BitShares’ currency (BTS) and later converted to BitAssets.
Coming Clean on BitShares (BTS)
BitShares is a unique coin and one out of many cryptocurrencies littering the crypto-sphere. It had broken the barrier of crypto-fiat exchange. Through its asset, BitAssets, it had made significant inroads to the traditional financial system and is now being placed side-by-side with Wall Street. In years to come, BitShares might just cease being a cryptocurrency; it will become a security, and this is a fantastic way of getting more acceptance and use in fiat situations.
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