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What is Bitshares?

By Pratik Jain In BlockChain & ICO's

BitShares also symbolised as BTS, was earlier known as ProtoShares symbolised as PTS, is an industry grade “crypto-based-equities”, P2P distributed ledger & network functional on a Delegated Proof of Stake (DPoS) algorithm. It was formed in 2014 by visionary Dan Larimer (“Bytemaster”), one of the founders of Steemit, EOS and Cryptonomex.BitShares is formed on Graphene, which is an open source C++ block-chain related implementation, which acts as a consensus mechanism.BitShares functions as a purist “token” since BTS tokens are consumed as collateral in a different way of decentralized financial offerings like smart contracts, decentralized exchanges, bank services, derivative creation (of market pegged “bitAssets”) and currency rails.

BitShares Technical Details

  • Consensus algorithm: Delegated Proof of Stake DPOS

  • Time of Block: 150-milli-second on an average, 3 second maximum

  • 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)

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