Hi guys. Today I will help you to answer questions about virtual currency BitShares is what ? This article was recompiled from the blog of the author, co-founder of BitShares, Daniel Larimer . I just re-write some key ideas if you want to find out more about this currency can refer to the original article here.

What is BitShares?

Answer the question " What is BitShares? " Was one of the hardest challenges I faced. Bitshares is a lot of stuff for different people and there are thousands of ways to understand BitShares. This article will tell you what Bitshares is to me personally, the founder of it. Before I get asked to answer this question, let me give you an executive summary. BitShares is one of the most important tools that any community can use to ensure their freedom. An idea that time has come after. After reading this I bet you will agree.

There are many different classes so that we can understand what BitShares is . Each class has its own and useful benefits.

1. BitShares is software

At the innermost layer, BitShares is software. More specifically, BitShares is a multi-user database distributed with update rights managed by a defined set of rules and public key cryptography. At this level, it is not interesting for most people, but still very important. Software is open source, easy to copy and modify, and protected most important by free speech. This means almost nothing can stop BitShares at this short of a global event that destroys almost all digital data.

Governments have been trying to adjust coding software as a weapon and impose export controls. Governments have lost the war before and no longer attempts to regulate or control the spread of free software. Where BitShares software resides in the Public Domain.

2. BitShares is a network

Moving up a layer, BitShares is a network. A computer network owned by individuals worldwide uses BitShares software and synchronizes the database according to the rules defined by the software. BitShares networks can exist as long as at least two computers can communicate with each other through the internet. This distributed computing network ensures that the database is robust against failure. Each single computer on the network maintains a full copy of the database, meaning no one can change the public profile. This immutable public profile is the foundation of the higher classes.

3. BitShares is a ledger

A ledger is a database that contains account balances and transactions between them. Each bank, company and organization involved in financial affairs has a ledger to track who owns what. The BitShares file is very powerful because it is built on two layers previously: the highly fragmented, fully transparent network and is protected by the latest encryption.

Compare this to see the general ledger used throughout the world today. Paper-based ledger can be stolen, stolen, modified, burned, or miscalculated. Digital books managed by software such as Quickbooks or Quicken are centrally managed, which can be updated, changed, returned, damaged or misused. The high-end ledger as being used by our banking system is still facing human error, lacking transparency, only being backed up by a full hand of the locations and usually in Internal inconsistency.

4. BitShares is a company

Companies are merely a general ledger that oversees joint ownership in a joint venture. The stock issuers are not just an entry ledger that tracks what percentage of a company each individual owns. Companies are managed by a board of directors elected by the shareholders, the votes are logged on the ledger company. Companies that have a business model that hopes to make a profit for the shareholders and they maintain a detailed record of all business transactions that can theoretically be audited by the shareholders to Ensemble management is not embezzled money.

In the case of BitShares, the equity tracking database for stocks is called BTS. Each share can vote for 110 delegates, 101 top delegates by voting to be responsible for running the software and maintaining the network as well as performing other tasks that pay shareholders. For them. BitShares is a trading company that processes transactions with fees and profits from this business that is shared with shareholders via stock acquisition.

5. BitShares is a trading facility

The New York Stock Exchange is a company that maintains a ledger to track ownership of shares and debt issued by other companies. It earns money from transaction fees and has its own stock. Like the New York Stock Exchange, BitShares allows people to issue their stock or debt to be tracked and traded on the delivery leadger.

6. BitShares is a currency

Anything can be used for money in the right circumstances. Gold, silver, stone, paper, debt and cigarettes were used as money. The rich and often used paper stocks in the form of money. In the case of BitShares there are many different assets that can be used as money, including BTS, BitDefender, BitGold and BitSilver. All assets are property that can be replaced, disassembled, transported and can not be tampered with.

The value of virtual currency BitShares

At the time that I wrote this article (22/05/2017), 1 BTS = $ 0.090245 = 0.00004358 BTC and market capitalization was $ 234,775,839 or 113,375 BTC. BitShare around 2.3 months back has made breakthrough in exchange rates as well as market capitalization entered the top 15 most valuable digital currency.

Epilogue

Above is the article " What is BitShares? Overview of virtual currency BitShares (BTS) " is recompiled by Virtual Money Blog from Daniel Larimer 's blog (Creator of BitShares). Actually you just need to understand that BitShares is also a digital electronic money like Bitcoin or Ethereum . The above technical concepts are so vague and confusing to new people. Hope you will find useful information you need.

Source: Bytemaster.github.io
Adapted by: @kozak