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Review on BitShares by Bin Laden
BitShares also provides for an altcoin called “BTS”. This cryptocurrency token…
BitShares also provides for an altcoin called “BTS”. This cryptocurrency token can be exchanged between accounts and can also be used to acquire fees for network operations and as a collateral for loans. One major feature of BTS is its sturdiness which can’t be boasted of by other first-generation digital currencies – even Bitcoins. As a result of making copies of the BTS database, BitShares can sustain a record on the blockchain that adheres to an established set of rules with no likelihood of it ever being tampered with.
Pros
- BitShares is mainly an open source and blockchain-based software that shields its users via cryptography with the aim of sustaining a ledger of transactions. This platform allows for a decentralized asset exchange that is very much alike to New York Stock Exchange (but this time, it is for cryptocurrencies and it is devoid of the need to put any trust in a central authority to oversee the handling of funds). This decentralized asset exchange improves trading by making use of computers that are internationally networked.
Cons
- Due to the fact that BTS tokens are utilized as collateral for different decentralized financial services (e.g. smart contracts, banking, currency rails, etc), BitShares should be seen as an equity – not a purist currency. The platform makes use of a Delegated Proof-of-Stake consensus mechanism (DPoS) which means that stakeholders can democratically vote on consensus issues. 101 delegates are elected to the BitShares network and they receive transaction fees as rewards for securing the network. This network is one of the fastest in the industry because its DPoS allows for a total of ten transactions per second.
