BitShares (BTS) - proprietary cryptocurrency of one of the first miners

BitShares (BTS) is a network and cryptocurrency, which as one of the few was created from the beginning on its own author's code, and was not modeled on Bitcoinie. This provided her with financing from a well-known Chinese investor and quick launch of the project.

We continue the Forex Club portal series, in which we describe the largest, most widely known, popular and most controversial cryptocurrency projects in the world. Today is the time for BitShares, created by a person discussing the first cryptocurrency forum with the creator of Bitcoin himself, signing as Satoshi Nakamoto.

How BitShares was created

Daniel Larimer, creator of BitShares

The first cryptocurrencies created after the creation of Bitcoin were usually based on its code. Meanwhile, BitShares is a completely new project. Its creator is Daniel Larimer. He is a very famous figure in the cryptocurrency world. Already in 2009, he was one of the first programmers to discuss with Satoshi Nakamoto about the emerging Bitcoin. The idea of ​​creating a competitive cryptocurrency emerged four years later.

The basis was the creation of a cryptocurrency exchange that would not have an operator. Daniel Larimer invented that it can be built on the basis of tokens that will reflect the value of fiat currency. Thanks to that  the need for contacts between networks would be reduced blockchain. This was successfully implemented in the BitShares network, which is considered to be the beginning of creating stablecoins that reflect the value of a specific currency - such as e.g. Tether, corresponding to the value of the US dollar and facilitating the exchange of cryptocurrencies, also between exchanges.

The idea could have been realized thanks to the money of Li Xiaolai, one of the first miners to mine Bitcoin, currently considered the richest entrepreneur from the blockchain industry in China. He financed the work thanks to which the first ProtoShares block was dug on 5.11.2013. This happened even before the BitShares network became available. ProtoShares miners have received 47% of the entire supply of target BTS units.

How BitShares works

BitShares is not based on the Proof of Work consensus algorithm. This would endanger the scalability of the cryptocurrency. Therefore, the cryptocurrency is based on an individually refined Delegated Proof of Stake consensus, used, among others in the popular network EOS and Lisk. BitShares, however, is the progenitor of the DPoS consensus that was used in it for the first time of all cryptocurrencies.

Thanks to this, cryptocurrency is one of the projects that have the highest bandwidth. It can be carried out up to 100 transactions per second, which increases its popularity.

New BTS units cannot be mined. Their creation and confirmation of transactions are the responsibility of nodes, i.e. users with the largest amount of BTS frozen in their wallets. The holders of the most units select the nodes by voting. After winning the vote, all BTS you own must be frozen on wallets, which means that they cannot only be traded or stored on Cryptocurrency exchanges.

BTS quotes

Currently, BitShares can be traded on 32 cryptocurrency exchanges from around the world. As of 28.05.2020/0,02/2,7, you will pay USD 3,6 for each unit. There are over 60,5 billion BTS on the market with a target of 17,8 billion units. This gives the project capitalization exceeding USD XNUMX million. The daily BitShares turnover exceeds USD XNUMX million.

The peak of this cryptocurrency was on 02.01.2018/0,91/2,4, when you had to pay $ XNUMX for each unit. Capitalization exceeded $ XNUMX billion.