- No Comments
Good day dear visitors of the site cryptoknows. In this article we will talk about the project Bitshares, as well as its currency. Cryptocurrency Bitshares, forecast and is it worth investing in them? Further on in this article. The official website of the project:
Recent events in the cryptocurrency market have brought altcoins such as ether, lightcoin and ripple into the spotlight. However, there are hundreds of other digital currencies and various tokens that have not only gained significant value over the past few months, but may continue to do so in the years to come. One of the contenders for good growth and great value is the cryptocurrency Bitshares.
In this article, you will learn what the BitShares project is all about and whether or not its own digital currency, Bitshares, can potentially make good growth.
The BitShares project uses blockchain technology to create a “free market by leveraging the power of universal decentralized agreement and decision making.”
In his blog, Danial Larimer (founder of the project) explains that BitShares is not only a cryptocurrency or software, but also a tokenization platform and a currency exchange.
BitShares is software that provides “a database with a large number of users and update permissions governed by a publicized set of rules.”
BitShares is also a decentralized network created by users around the world who keep their databases synchronized according to the rules defined by the BitShares software. This allows the BitShares network to operate as long as there are at least two participants in the network exchanging information with each other over the Internet.
Larimer explains the analogy of a bank, as it can fulfill the role of a bank by maintaining a blockchain system that tracks debt backed by other assets. In the case of BitShares, dollar-denominated debts are backed by the BitShares cryptocurrency. While conventional banks practice the unsustainable business of partial reserve banking, BitShares uses a reserve of at least 200 percent and often exceeds the 300 percent reserve. While conventional banks use illiquid assets to back (collateralize) debt payable on demand, BitShares uses highly mobile currency.”
Despite the vast possibilities, BitShares is best known as a decentralized exchange for “smart contracts” that are backed by the BitShares cryptocurrency and can be linked to traditional assets, such as any other fiat currency or gold.
The smart contracts platform also allows for the creation of custom assets so that anyone can create digital assets in the BitShares blockchain system (tokenization). These digital assets can be used in a wide variety of ways, including capitalized circulation.
The Bitshares digital currency is currently one of the top 20 largest cryptocurrencies with a market capitalization of approximately $1 billion 620 million 973 thousand USD.
BitShares’ blockchain technology uses consensus method of consent means that consent votes can be conducted democratically by stakeholders. “All network parameters, from payment schedules to intervals and transaction sizes can be customized through elected delegates,” the company states on its website. The BitShares network has 101 select intermediaries (masternodes) who are protected by the network and therefore receive commissions for transactions made. DPoS allows up to ten transactions per second, making the BitShares network one of the fastest digital currencies in the world.
New coins are stored in a separate block, and the maximum number of new coins per block decreases over time, just like bitcoin.
Is it worth investing in Bitshares?
A new platform of interest is the decentralized community OpenLedger. Potential competitors from established exchanges that are already working on similar projects could be a threat to the success of the BitShares project. There are other competitors in the digital space that are working on similar technologies, such as the Waves platform that has gained significant momentum in the last few months of 2017 and is positioning itself as a tough competitor for BitShares. Unless BitShares manages to outsmart other market participants, it is unlikely that its native cryptocurrency will take a shot, but with the recent developments we can say that BitShares cryptocurrency is on its way up, it only remains to follow the project closely and expect only good and stable growth.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?