BitShares BTS Price

What is BitShares (BTS)?

BitShares (BTS) is a decentralized, open-source blockchain platform that facilitates the creation and trading of digital assets. Launched in 2014, it operates on a delegated proof-of-stake (DPoS) consensus mechanism, allowing users to create their own cryptocurrencies and decentralized exchanges (DEX). BitShares aims to provide a high-speed, low-cost trading platform with features such as smart contracts and asset-backed tokens. Its native cryptocurrency, BTS, is used for transaction fees, governance, and as collateral for creating new assets on the platform.

Who are the Founders of BitShares?

BitShares was founded by Dan Larimer, a prominent figure in the blockchain space known for his work on various projects, including Steemit and EOS. Larimer, along with a group of developers, introduced BitShares as a solution to the limitations of traditional financial systems, aiming to create a decentralized exchange that enhances liquidity and transparency. His vision for BitShares emphasized user empowerment and the democratization of finance.

How does BitShares Work?

BitShares operates on a DPoS consensus model, where stakeholders vote for delegates who validate transactions and maintain the network. This system enhances scalability and reduces confirmation times, allowing for thousands of transactions per second. Users can create their own assets on the BitShares platform, which can be traded on its decentralized exchange. The platform also incorporates features like smart contracts, enabling automated transactions and agreements without intermediaries.

Additionally, BitShares utilizes a unique mechanism known as the 'BitShares Asset' system, allowing users to issue tokens that can be backed by existing assets, such as fiat currencies or commodities. This capability creates a diverse marketplace where various assets can be traded, providing liquidity and enabling users to hedge against market fluctuations.

Top Use Cases of BitShares

1. Decentralized Trading: BitShares provides a platform for users to trade cryptocurrencies and tokens without relying on centralized exchanges, thus reducing risks associated with hacks and regulatory issues.

2. Asset Creation: Users can create custom tokens on the BitShares platform, which can represent anything from loyalty points to real estate assets, enabling businesses to tokenize their offerings.

3. Smart Contracts: The use of smart contracts allows for automated and trustless agreements, reducing the need for intermediaries, which can lower costs and increase efficiency.

4. Stablecoins: BitShares enables the creation of stablecoins, which are pegged to fiat currencies, providing a stable medium of exchange in the volatile crypto market.

5. Investment and Crowdfunding: BitShares serves as a platform for crowdfunding projects through token sales, allowing startups to raise capital in a decentralized manner.

How to Keep your BitShares Safe?

1. Use Hardware Wallets: Store your BTS and other tokens in hardware wallets, such as Ledger or Trezor, to protect them from online threats.

2. Enable Two-Factor Authentication (2FA): Always enable 2FA on your BitShares accounts to add an extra layer of security against unauthorized access.

3. Regular Backups: Regularly back up your wallet and private keys in secure locations to prevent loss due to device failure or accidental deletion.

4. Be Wary of Phishing Scams: Always double-check URLs and avoid clicking on suspicious links or emails that claim to be from BitShares or related services.

5. Keep Software Updated: Ensure that you are using the latest version of the BitShares wallet and software to benefit from the latest security features and patches.