Bitshares was created with the aim of creating pegged assets called Bitasset which maintain their value and can be freely traded in a low cost and decentralised manner without the need for FIAT deposits.
Created and designed by Dan Larimer with Charles Hoskinson helping develop a business plan forming Invictus Innovations they intially launched Protoshares as a POW(proof-of-work) mined crypto with the genesis block created on Novemeber 5th 2013.
Later Dan decided to change to a POS(proof of stake) system to make mining more inclusive and less centralised to due to the mining costs of POW, a few months later intrducing mining of his own design called DPOS(Delegated Proof Of Stake) which the Bitshares platform was built on launched on July 2014.
Along with the developers of Bitshares Dan formed Cryptonomex and launched a new blockchain software platform type by the name of Graphene to ease development and meet the needs of mass scalabilty.
Utility
A decentralised peer to peer asset and service exchange which derivates can be created by anyone for anything managed by elected representatives (witnesses).
Mining
Consensus algorithm: Delegated Proof of Stake DPOS
Block time: 1.5-second average, 3 sec max, ~1.5 sec latency for 99.9% irreversibility certainty
Block reward: 1 BTS (from Reserve Pool)
Irreversible blocks: (2 * BLOCK_INTERVAL * WITNESSES / 3) ~ 34s
Coins not in reserve fund: 2,599,900,000 BTS (2017 Sept 30)
Coins in reserve fund: 1,000,668,097 BTS (2017 Sept 30)
Maximum Coins: 3,600,570,502 (constant)
Maximum Transactions Per Second: 100,000+ potential (proven 3,400+ tx/s)
Upcoming develpments
ICO Token sale for deex exchange providing decentralised onboarding of FIAT payment systems to cryptocurrency through the Bitshares platform.
End goals on Bitsparks Project Zephy's roadmap bringing remittances through Bitshares to 180+ countries
Price change
