You all may have heard about decentralized currencies where more the users more the coin value and no central authority well BitShares is also about decentralization but in online exchanges.
BitShares is an open source online exchange working on blockchain totally decentralized exchange launched in 2014 to decrease the risk factor of getting hacked like Bit grail,Mr Gox etc due to which many users got affected and lost large amounts of coin, well this idea is that a decentralized system cannot be easily compromised or corrupted because it does not have one central regulatory or authority.
BitShares was founded by Daniel Larmier and Charles Hoskinson co-founder of Ethereum. They invented a new algorithm called delegated Proof of Stake means the more you own a cryptocurrency the more mining power you have in its network which has made it more efficient than others.
Signing is a really easy process and does not require large information’s about users for trading. According to BitShares, it is secure and decentralized as users are their self-responsible for their data as they have no central authority and no relying on third parties.
BitShares uses its own token with same name it does not want to be a peer to peer currency but a self made token that can only be used for Exchange these coins are called SmartCoins.
This token results in full privacy and anonymity no need to turn up exchange into fiat but you can convert into BitUSD which is a self-made token of BitShares. This stabilizes the value of users currency all the trades are done in BTS/BTC pairs and then converted to BitUSD which is always stable like fiat currencies means 1 BitUSD will always be equal to 1 dollar.
BitShares has got a vast and deep feature to process transactions as Graphene is implemented to record transactions and works exactly like blockchain and is based on blockchain mechanism it has a capability of doing 100,000 transactions per second more than master and Visa Combined.
BitShares also has a multi-currency wallet that is available on the web, desktop, and Android as well.
Currency and Country Support
BitShares is available in almost all of the countries as it is decentralized and ideally made for everyone and if it comes to currency support it allows trading in anything like gold, silver, national currencies, gas etc.
There is no limit for trading on BitShares which is indeed a positive factor you can trade anytime anywhere unlike other centralized exchanges where there is limits on withdrawal and sometimes trading as well.
There are about few cents per trade using its SmartCoins but prices may vary and are individually defined by stakeholders due to proof of stake mechanism.
As few people have information about BitShares so it was hard finding online reviews some said positive due to its decentralized system while some argue about its functionality and user experience. Saying that it is really hard to use then regular day exchanges like coin base and other centralized exchanges.
So According to us, BitShares has got a quite interesting idea and mechanism while its User Experience and interaction isn’t suitable for newbies but it is ideal for everyday traders when it comes to privacy, security and capability to trade online in large volumes.