[Crypto projects](https://revain.org/projects/) › BitShares

# 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

## Key facts

- **Ticker**: BTS
- **Official site**: [bitshares.github.io](https://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](https://defillama.com/hacks), [rekt.news/leaderboard](https://rekt.news/leaderboard/), [hacked.slowmist.io/search](https://hacked.slowmist.io/search/), [github.com/bitshares/bitshares-core](https://github.com/bitshares/bitshares-core/security/advisories), [github.com/bitshares/bitshares-core/releases](https://github.com/bitshares/bitshares-core/releases), [bitshares.org](https://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](https://bitshares.github.io/)
- Website: [bitshares.org](https://bitshares.org/)
- Whitepaper: [github.com/bitshares/whitepaper](https://github.com/bitshares/whitepaper)
- Source code: [github.com/bitshares/bitshares-core](https://github.com/bitshares/bitshares-core)
- Docs: [docs.bitshares.dev](https://docs.bitshares.dev/)
- Governance forum: [bitsharestalk.org](https://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)](https://github.com/bitshares/whitepaper)
- [BitShares — bitshares.github.io](https://bitshares.github.io/)
- [BitShares — bitshares.org home](https://bitshares.org/)
- [BitShares — Decentralized Asset Exchange](https://bitshares.org/decentralized-asset-exchange/)
- [BitShares — Delegated Proof of Stake Consensus](https://bitshares.org/delegated-proof-of-stake-consensus/)
- [BitShares — BTS Holder Approved Project Funding](https://bitshares.org/stakeholder-approved-funding/)
- [BitShares Core — README](https://github.com/bitshares/bitshares-core)
- [BitShares Core — releases](https://github.com/bitshares/bitshares-core/releases)
- [BitShares public API node — chain state 31 October 2026](https://api.bitshares.dev/)

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Page updated: 2026-11-01

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Source: https://revain.org/projects/bitshares/