Review on BitShares by Jackie Chan

Name: BitShares
Item: BitShares
Rating: 4

September 19, 2018

This platform possesses its own reserve pool where it collects and stores…

This platform possesses its own reserve pool where it collects and stores transaction fees. The funds from this reserve can be utilized for the enhancement and maintenance of the network. Users can propose a project while seeking to fund. The other users will then vote to conclude if the proposal is viable enough to be approved. This method will ensure that the platform is self-sustaining and relies less on outside funding. This is a very instrumental feature of the platform. Users can be able to “delegate their stake” thereby allowing the election of Witnesses who will collect transactions and bundle them into a block while also broadcasting the network. These witnesses are paid for their services using the reserves pool.
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Pros

BitShares provides its users with the ability to trade on the embedded and fully decentralized exchange (DEX). Conventional cryptocurrency exchanges may be able to use their own private servers to store, handle and control all the funds, but they also have the problem of theft (like Mt. Gox), vulnerability to hacking (e.g. Bitfinex), or being shut down (as was the case with lBTC-e ). The goal behind DEX is to be unable to protect its users’ private keys which are cryptographically synonymous with a strong password of any normal internet account. With this, traders can maintain full access to their money as well as the trading platform is more resistant to attacks.

Cons

With this platform, multiple accounts can control a specific account and this mirrors the positioning of permissions in real life organizations where several people are able to control funds. This will ensure an environment where hacking and theft is significantly reduced, this blockchain has established a referral program that gives incentives to users that introduce new people to the platform. The reason is that more users will strengthen the security of the network as well as increasing its market value.