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Community vote
Based on votes
The community score represents our users' personal view on this project.
Summary
Type
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State
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Country
United States
Founded
2014
Dlt Type
Blockchain
Exchanges
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Regulator
SEC
Blockchain
EOS
Product Stage
In development
Blockchain Necessity
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OTC Index Position
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CoinMarketCap Position
47
Last ReportLast Report
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Token Appreciation
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Financial Summary
Price
$0.07
Fair value
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Market cap
$178,500,847
24H Change
3.07%
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There are no reports written about this project yet, but you can request one here, or even publish your own here.
About project
⦁ BitShares is a decentralized exchange and a Fintech platform. BitShares is designed with these constraints in mind, eliminating the Proof of Work (PoW) security in Bitcoin for Delegated Proof of Stake (DPoS) which is cheaper and more efficient. It utilizes a voting system to control the network parameters such as transaction fees, block intervals, the number of block-producing nodes and to decide which nodes it will be. This predetermined list of nodes allows for transaction confirmation times of, on average, one second.
The block-producing nodes are called “witnesses”, their job is to group the transactions that have been broadcast to the network into “blocks” and add them to the blockchain. The block production is performed in a round robin pattern so that every node gets to produce one block per round. Each witness is paid for every valid block it produces while failure to do so results in no payment and a possibility of being voted out as a malicious node. Every day the network updates the witness list in accordance to the user votes.
This enables BitShares to have near instant transactions with extremely low fees, and an infrastructure that scales to the size of Visa/PayPal and beyond. According to the developers the platform is capable of processing 100,000 transactions per second (tps) with minimal optimization. 
BitShares allows its users to trade on the built-in fully decentralized exchange (DEX). While traditional cryptocurrency exchanges rely on their own private servers to store, handle and control all the funds, they also have a history of theft, being hacked or closed down. The idea of a DEX is to have no access to its users' private keys, which are the cryptographic equivalent of a strong password to a regular Internet account, and to operate on a distributed computer network. This way traders remain in full control of their money and the trading platform itself is more resistant to attacks.
According to the developers, a “Smartcoin” is a token that has its value algorithmically adjusted to that of some asset, like US Dollar, a precious metal or a share of a company. The value of Smartcoins on the BitShares platform is programmed to always be fully backed by its core currency, BTS. These tokens also provide the option to be automatically converted to BTS – “settled” – at any moment without the need to use an exchange.
Users on BitShares are able to create their own custom tokens in order to, for example, promote their business or facilitate crowdfunding for a startup. These tokens can be traded or held by other users as a regular cryptocurrency. The issuer can decide on the token name, description, initial distribution, trading fees and more
The wallet addresses on the BitShares platform are readable, user defined account names, similar to the regular usernames on the Internet
Core team
JS
Stan Larimer
Co-founder, Developer
 
JS
Daniel Larimer
Co-founder
 
JS
Charles Hoskinson
Co-founder
 
Advisors & CM
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