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Review on BitShares by Arun Kaul
Open-source business development Platform - Bitshares
In this review of BitShares I will go over the blockchain and its native coin. Formerly known as ProtoShares, the network is a decentralized exchange platform using the Delegated Proof of Stake consensus mechanism.
It was created back in 2014 by Dan Larimer who is a co-founder of Steemit, EOS and Cryptonomex with the goal to remove the need to constantly convert coins and lose your anonymity.
The BitShares cryptocurrency allows you to hold your investments in stable assets and be resists periods of volatility without the need to convert to fiat and lose a big chunk of them.
The main goal of the network in the future is to remain lighting fast when it comes to transaction speed. The implemented support of the Graphene Protocol is the main culprit that will help the network scale up too 100,000 transactions per second in the future.
The BitShares blockchain is a decentralized peer to peer network that uses the Delegated Proof of Stake consensus mechanism and the SHA-512 hashing algorithm.
The DPoS mechanism mitigates potential malicious activities that may impact the decentralization of the network with the help of witnesses, which were known as delegates in the past
Pros
- One of the main advantages of the Bitshares cryptocurrency is that it is a decentralized exchange platform. This means that users are in charge of their own security and if there is a malicious attack
- Fast and Fair – transaction speed is within a few seconds and provides fair trades due to being decentralized
- High Security – everything that is held on the platform as a SmartCoin is backed up
Cons
- One of the most notable ones is the complaints regarding the usability of the platform. Users advise that both the features and user interface are too advanced and confusing for every day use.
- Volatility – the value of the cryptocurrency is still very volatile until the market decides on a fixed inherent value
