BitShares (BTS): how it works, supply and reviews
In short
- Type
- Layer-1 blockchain with an in-built decentralized exchange (DEX)
- Maximum supply
- 3,600,570,502.10207 BTS, fixed on-chain
- Risks and caveats
- Block production depends on a small elected set of witnesses: 17 were active on 31 October 2026.
- Checked
- 31 October 2026
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Key facts
- Ticker
- BTS
- Official site
- bitshares.github.io
Key facts checked on 31 October 2026 against official sources.
What is BitShares
BitShares is a delegated proof-of-stake (DPoS) blockchain with a decentralized exchange built into the protocol, user-issued assets and collateral-backed SmartCoins such as BitUSD. BTS is its core token, used for fees, voting and as collateral.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Layer-1 blockchain with an in-built decentralized exchange (DEX) |
| Consensus | Delegated Proof of Stake: BTS holders elect block producers (witnesses) by approval voting |
| Launched | 13 October 2015 (BitShares 2.0 chain) |
| Block time | 3 seconds (chain parameter block_interval on 31 October 2026) |
| Active witnesses | 17 active witnesses and 11 committee members on 31 October 2026 |
| Throughput (claimed) | Theoretically more than 10,000 transactions per second, per the white paper |
| Node software | BitShares Core: node and command-line wallet software, MIT licence |
Supply and issuance
| Parameter | Details |
|---|---|
| Maximum supply | 3,600,570,502.10207 BTS, fixed on-chain |
| Initial distribution | 2,412,042,197.37963 BTS distributed in the genesis block, matching the BitShares 0.9 distribution |
| Working budget | The gap between maximum and circulating supply is the working budget (reserve), spent only with BTS-holder approval |
| Worker funding | Since 10 September 2020 (core 5.0) the reserve pool no longer funds work; the daily limit was set to 1 BTS |
| Holding rewards | No reward for holding BTS; fee revenue goes back into the working budget |
What BTS is used for
- BTS pays the fixed fee that each operation on the chain carries.
- BTS holders vote, weighted by their holdings, for witnesses, committee members and workers, directly or through proxies.
- SmartCoins such as BitUSD are created by locking BTS as collateral.
Who develops and governs BitShares
- Governance
- BTS holders elect witnesses, committee members and paid workers; votes can be delegated to proxies
- Committee
- An elected committee sets chain parameters (block size, block time, witness pay, fee schedule and others)
- Parameter changes
- Committee proposals go to a two-week review in which BTS holders can vote members out
- Trademark
- bitshares.org states that the BitShares name and logos are trademarks of Move Institute, Slovenia
- Open source
- Code released under the MIT licence
History
| Date | Event |
|---|---|
| 13 October 2015 | The BitShares 2.0 chain was created by the community and block producers of BitShares 0.9, with the same token distribution. |
| 10 September 2020 | With core release 5.0 the reserve pool stopped funding workers. |
| 28 September 2020 | Protocol upgrade 5.0.0 'Splash' was scheduled to activate. |
| 11 January 2022 | Protocol upgrade 6.0.0 'Mekong' was scheduled to activate. |
| 16 November 2023 | Protocol upgrade (hard fork) 7.0.0 'Suez' was scheduled to activate. |
| 23 October 2026 | BitShares Core 7.0.4 released, a Docker rebuild with no consensus changes. |
Security and audits
- On the DEX, users hold their own keys and the exchange has no central custodian.
- SmartCoins are created as 200% collateralized IOUs backed by BTS; BitShares says BitUSD is secure against just about everything but an unfixable software bug.
- Witnesses that miss blocks are not paid and the missed-block record is public.
Security incidents
No security incident is recorded in the sources checked on 31 October 2026 (the company’s own channels and incident databases): defillama.com/hacks, rekt.news/leaderboard, hacked.slowmist.io/search, github.com/bitshares/bitshares-core, github.com/bitshares/bitshares-core/releases, bitshares.org
Risks and caveats
- Block production depends on a small elected set of witnesses: 17 were active on 31 October 2026.
- SmartCoin pegs rely on BTS collateral and price feeds; BitShares itself names an unfixable software bug as the remaining risk.
- Since September 2020 the reserve pool no longer pays workers, so development is not funded from the chain budget.
- The 2026 core releases (7.0.3, 7.0.4) only rebuild the Docker image; there are no consensus or feature changes since 7.0.2 (December 2023).
Official links
- Website: bitshares.github.io
- Website: bitshares.org
- Whitepaper: github.com/bitshares/whitepaper
- Source code: github.com/bitshares/bitshares-core
- Docs: docs.bitshares.dev
- Governance forum: bitsharestalk.org
Questions and answers
What is BitShares?
A delegated proof-of-stake blockchain launched on 13 October 2015 with a built-in decentralized exchange, user-issued assets and BTS-collateralized SmartCoins such as BitUSD.
What is the maximum supply of BTS?
3,600,570,502.10207 BTS, fixed on-chain; about 2.997 billion BTS were in supply on 31 October 2026, and the rest is the working budget.
How does BitShares consensus work?
BTS holders elect witnesses who produce blocks in turn; on 31 October 2026 the chain had 17 active witnesses and a 3-second block interval.
Who governs BitShares?
BTS holders vote, weighted by holdings, for witnesses, an 11-member committee that sets chain parameters, and paid workers.
Is BitShares still running?
Yes. Public API nodes returned new blocks on 31 October 2026, and BitShares Core 7.0.4 was released on 23 October 2026.
Sources
- BitShares — white paper (GitHub)
- BitShares — bitshares.github.io
- BitShares — bitshares.org home
- BitShares — Decentralized Asset Exchange
- BitShares — Delegated Proof of Stake Consensus
- BitShares — BTS Holder Approved Project Funding
- BitShares Core — README
- BitShares Core — releases
- BitShares public API node — chain state 31 October 2026
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