BitShares is a technology supported by next generation entrepreneurs, investors, and developers with a common interest in finding free market solutions by leveraging the power of globally decentralized consensus and decision making. The BitShares documentation page explains…
“Consensus technology has the power to do for economics what the internet did for information.”
Consensus technology is the method by which people decide to implement action. Blockchain and the consensus mechanism give us the ability to decentralize information and services while maximizing the value of aggregated data.
Cryptocurrencies like Bitcoin take advantage of “consensus” and the blockchain technology upon which it is built to carry out financial transactions without the need for a middleman. BitShares seeks to build on this technological advancement in currency and apply it to every aspect of business that can be done online.
“BitShares does for business what bitcoin did for money by utilizing distributed consensus technology to create companies that are inherently global, transparent, trustworthy, efficient and most importantly profitable.”
BitShares allows for the creation of Distributed Autonomous Companies (DAC). Distributed Autonomous Companies run using an incorruptible set of business rules, eliminating the need for human involvement. This streamlines the business model making operations fast, efficient and much more profitable.
BitShares Business Uses
Businesses also have the opportunity to create their own custom tokens that can be traded on the BitShares decentralized exchange. The user-issued assets have a diverse set of applications including everything from event tickets and rewards points to digital property and debt. The creator of such an asset publicly names, describes, and distributes its tokens, and can specify customized requirements and permissions. This allows businesses to easily create, sell and manage assets that suit their specific needs.
Smartcoins™ are market pegged assets that are backed by equity in the BitShares DAC. BitAssets can be created and owned by anyone on the network. However, those that are owned by the BitShares Committee, are called SmartCoins™.
The BitShares blockchain which makes all of this possible is built with super-fast Graphene technology.
According to the BitShares website “Graphene is capable of 100,000 transactions per second when we pay for the network to go with it”.
The BitShares Decentralized Exchange (DEX) is capable of handling the trading volume of the NASDAQ, while settling orders the second you submit them. By decentralizing the exchange and removing a third party from the control of your assets, users can mitigate the risk associated with traditional cryptocurrency exchanges which are vulnerable to hacking and loss of funds.
BitShares Has Virtually Endless Number of Uses
The BitShares platform provides many more features and has a virtually endless number of uses and applications.
Blockchain technology and decentralized systems will fundamentally transform how business is carried out in the future. Investors and entrepreneurs who want to stay up to date and ahead of the competition need to understand these new decentralized platforms like BitShares and how they can leverage the technology to empower their business.
If you want to learn more about the BitShares platform and the powerful services it offers visit bitshares.org, or read the book Bitshares 101 by Max Wright.
Follow BitShares on Twitter @bitshares