Review on BitShares by David Olayide
BitShares, The Highly Scalable and Super Fast Project.
BitShares is a decentralized crypto peer-to-peer distributed network that was created in 2014 by Dan Larimer who was also involved in the creation of such popular projects like Steemit and EOS. This project is based on the Delegated Proof of Stake (DPoS) algorithm. The native token of the project is known as BTS. Transactions on the BitShares network are known to be very fast. I was surprised to see a record time of 1.5 second as average block time. There is a potential for about 100,000 transactions per second.
Ever since I came across this project, I have always found it hard to really grasp and understand the nature of BitShares. Explaining how it works and the structure of the set up is something that is not so easy to do. Coupled with the fact that there is so little information on the internet and also a lot of different opinions from various peoples, it makes it hard to get a clear picture of what the project really is.
From what I understand, the platform is built on the blockchain network, and allows users to exchange or switch their cryptocurrencies between their own wallets, without having to engage the services of external centralized exchange platforms. The project BitShares also provides a variety of services apart from exchange. It offers financial tools for businesses. That is where the BTS token comes in. It serves as a source of funding for activities.
BTS has many applications and it can be used in many ways. It can be used to issue customized assets it can also be used as a rewards point system by service providers. You can store your BTS on digital wallets. You can find BTS trading pairs on a lot of platforms such as Binance, ProBit, and Poloniex. The price is mostly unstable and continues to rise and fall.
Pros
- BitShare has many technical applications and can be used in a wide range of areas
- It is highly scalable
- The transaction time is super fast
- The project is built on the blockchain technology
- BitShares is decentralized
- The BTS token can be found on popular exchange sites
Cons
- I believe that the project needs more awareness worldwide for mass adoption of its services.
