As the market continues with its January slump we look at a altcoin that has the potential to dominate the market in 2018 and that is ‘Bitshares’
BitShares is going to do to the world of business what Bitcoin has done to the world of money – we are at the cusp of something incredible!
What Is BitShares?
The traditional way of buying and selling cryptocurrencies on an exchange is to convert your coins to and from fiat currency. This means that every time you want to buy or sell cryptocoins, you lose the anonymity inherent in the cryptocurrency and blockchain platform.
While centralisation is understandable (exchanges have a need to tie cryptocurrency prices to real-life assets like USD or gold), there is also the need for a more decentralised, anonymous system, and that’s where BitShares comes in.
The BitShares blockchain platform allows users to convert their cryptocurrencies to stable assets by converting those coins into another cryptocurrency whose value is pegged to a real-life asset (for example, BitUSD is tied with the value of USD). This has quite a few advantages over regular exchanges (and some disadvantages as well), as we’ll see in the next sections.
Why was BitShares Created?
The first question to address is why a project such as BitShares was created in the first place. There is a glaring lack of access to financial services in several parts of the world. Overcoming this problem may warrant a decentralized approach. BitShares aims to fill this void by offering users access to a stack of financial services without the need for a bank account or similar services. Whether or not this concept will make a big impact in the future remains to be seen. The project certainly offers a fair few technical solutions to make its vision come true.
The Future
BTS is built on top of the Graphene high performance blockchain, which means that it is capable of maintaining the current transaction speed of up to 3 seconds (limited by the speed of light in fibre optics cable) and scale comfortably to 100,000 transaction per second in the future. This incredible performance capability allows BTS the throughput to successfully take market share from the traditional fiat financial platform and banking sector. To put this huge throughput in perspective, this enables the network to carry out more transactions that the VISA and Mastercard networks combined are able to process.
1 year Chart of bitshares...
