1.The Origin of Bitshares
In 2013, many Bitcoin exchanges and bitcoin trading were suspended by the US government, and bank accounts were banned and confiscated. At this time, EOS main founder Dan Larimer BM found that if there is no decentralized exchange, then the digital currency represented by bitcoin will “die” because of the lack of trading channels. So BM launched the world’s first decentralized exchange, BitShares, in 2014.
2.The Technology of Bitshares
All the technological innovations of BitShares seem to be directed at Bitcoin: in order to solve the problem of bitcoin price fluctuations as a payment medium, BitShares has created a relatively stable value of bitUSD, a digital currency pegged to the US dollar; In order to solve the problem of bitcoin trading speed is too slow, BitShares used BM’s original DPOS consensus mechanism, and with an average transaction speed of 1.5 seconds, it became a famous star in the long-term bear market.
3.The Development of Bitshares
Although BitShares creatively invented bitUSD, it achieved a fast transfer speed (Just a few seconds), but strictly speaking, it is not a qualified product: Bug is constantly, system resources are occupied, and a bad user experience makes the community complain.
Let’s combine the bts chart to see its development. In the second half of 2014, the development of BitShares encountered unprecedented resistance and gradually fell into the dilemma of the loss of community elites, the abandonment of capital, and the long-term decline in the price of BTS. At that time BM chose the most taboo self-help plan for the entire industry – over-issued its token (bts cryptocurrency). The initial total of BitShares was 2 billion, but at the end of 2014, BM insisted on issuing 500 million BTS despite outside opposition.
However, this measure didn’t take effect, the bitshare price fell to the bottom and the performance of bitshares market is depressed), and it led to the distraction of the BitShares community, a large number of loyal fans of the community left and never returned, many people still succumb to this decision of BM.
Later, BM continued to develop, released the graphene blockchain tool, and upgraded the bitshare to the easier to use 2.0 version. Users of bitshares began to accumulate, shareholders gradually control the system governance. At the end of 2015, the community began to fully grasp the system governance rights. At present, the BitShares blockchain network can be decentralized and normal operation, but the situation is not optimistic. It didn’t start to pick up until 2017.
Although the technology of BitShares is very advanced, it is currently relatively tepid compared to Ethereum (ethereum coin). At present, the bitshare 3.0 upgrade plan of the codename Bench, led by Stan Larimer, the father of BM, is called the BitShares Father, may take the ecology of bitshares to a new level.