Bitshares – The Cryptocurrency with True Industrial Scalability at 100,000TPS

in #bitshares7 years ago (edited)

Bitshares is a cryptocurrency much like Bitcoin, Ethereum, Neo and many others in some ways but in other ways it boasts technology that is far more advanced than it’s competitors. In this article I will discuss some of Bitshares biggest strengths in terms of features and functionality. In addition its important to note that Steemit and Steem were created by the same developer and boast similar technology to Bitshares especially in the most important metric, TPS.

1.) Smartcoins set Bitshares apart from other cryptocurrencies.

A smartcoin is a cryptocurrency or token which has value which is pegged to another asset such as the USD or Gold.

SmartCoins always have 100% or more of their value backed by the BitShares core currency. The currency I am referring to is BTS.

In simple terms it means they have coins that have a steady value. This is a game changer for BTS because no other cryptocurrencies can offer this stability at this time.

2.) Decentralized Asset Exchange.

The Bitshares platform is the only cryptocurrency that I know of at this time that has it’s own decentralized cryptocurrency exchange.

This platform allows users to trade cryptocurrencies in a decentralized manner which many prefer over traditional exchanges such as Poloniex or Bittrex. You can visit the exchange and see for yourself at the following link: https://openledger.io/

This is what Bitshares had to say about their exchange:

'BitShares provides a high-performance decentralized exchange, with all the features you would expect in a trading platform.

It can handle the trading volume of the NASDAQ, while settling orders the second you submit them. With this kind of performance on a decentralized exchange, who needs risky centralized exchanges?'

If you’d like to learn more about this exchange, I highly recommend an article written by @kingscrown entitled 'Cool Things to Trade on Bitshares DEX' https://steemit.com/bitshares/@kingscrown/cool-things-to-trade-on-bitshares-dex-openledger

3.) Industrial Performance and Scalability

Here is where Bitshares really shines in my opinion. The Bitshares system uses a blockchain technology called 'Graphene' which is capable of 100,000 TPS (transactions per second) assuming the network has been allocated enough resources.

Blockchain technology is still in it's infancy. There is a lot of work to be done but also a lot of the problems that Bitcoin is now facing other, newer coins have already solved. The fact that the Bitshares network can process 100,000TPS is huge and should not be overlooked. The speed at which a network operates will affect how many people feel confident in using it. With more confidence and speedier transactions, mass adoption isn't just likely it's probable.
Here’s a very informative chart comparing some of the top cryptocurrencies and their technological features:

Notice that the ‘block target time’ varies quite a bit between cryptocurrencies. This metric looks at the speed it takes to complete a transaction. Bitcoin, the first cryptocurrency takes 10 minutes to finish a single block as opposed to Bitshares which only takes 2 seconds.

In terms of speed, Bitshares completely blows Bitcoin and all the other cryptocurrencies except for Steem (because they were made by the same developer) out of the water.

According to Wikipedia:
'VISA handles on average around 2,000 transactions per second (tps), so call it a daily peak rate of 4,000 tps. It has a peak capacity of around 56,000 transactions per second, [1] however they never actually use more than about a third of this even during peak shopping periods. [ 2]May 12, 2017'

So Bitshares has developed a blockchain that can handle almost twice as many transactions per second as Visa. This has completely blown my mind.

Techblogger Wrap Up

Cryptocurrencies are advancing at break neck speed and the developments in blockchain we will see in the coming decades will be nothing short of extraordinary. The features that impress me about Bitshares is the platforms integration of ‘Smartcoins,’ the platform’s industrial performance and scalability, Bitshares Openledger DEX and the impressive speed the platform is able to process transactions with.

At this point, I must disclose that I have made a modest investment in Bitshares and Steem and expect my investment to appreciate significantly in the coming years. If investors are looking for serious alternatives to Ethereum and Bitcoin they may benefit from doing some in-depth research into Bitshares.

If you’ve found this article interesting and have something you’d like to contribute, please leave thoughts and comments below.

Thanks for reading!

Sources:

Bitshares, Smartcoins and Industrial Scalability Study - @ldauch
VISA – Wikipediabitcoin cryptocurrency bitshares beyondbitcoin steemit

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Bitshares has been doing more op/tx per second than Bitcoin and Eth combined for some time now. BTS is probably the most undervalued token on the market!

I agree. Dan Larimar (the guy who invented bitshares and built steemit) is a genius this is why I'm sure his new project EOS is going to be a huge success as well. Take care John.

I am a huge fan of BitShares! I love it!

Quite an interesting post! Bitshares seems like a nice cryptocurrency solution, and the Smartcoin tech seems pretty interesting :)

Smartcoin / bitUSD technology is going to help bring stability to cryptocurrencies which will help the value of all tokens increase.

Hello , welcome to steemit !! i follow you and i like your post , Really Nice post and information of the post . you can Follow me . i post very technology base post . if you Follow and up vote i also up vote you.https://steemit.com/@rakibulce

Great content and information tech! Upvoted and re-steemed for my followers and myself!

Well structured post and great content 👏 I applaud you, keep up the good work 😎
Peace out @crypto-expo

Thanks Crypto.

ill just leave this hear.. https://steemit.com/steemit/@jimmiandersen/how-can-we-make-steem-sustainable-in-the-long-run im honeslty starting to think steem is a ponzi scheme, i dont give a fuck how many transactions are taking place, you think that equals money? steem needs adds or outside revenue, inflation at 100% ..crazy, the only thing keeping it going it hype and new users putting more money in, but what happens when that stops, you think steem just printing money is going to work lol.. i dunno i hope im wrog but the more i think about it, the more suss it gets.. Bit shares is good tho i guess :)

I dont think its a ponzi scheme but the way steem was and continues to be distributed may leave the platform open to major manipulation. Steemit is what it claims to be... a social network where users can get paid to blog. It never claimed to be anything else. This article focused on BTS and not steemit so I think you may have missed the point. Argue why BTS is better or worse from a tech standpoint when compared to other cryptos and then we would be on topic and have a good conversation going.

Think of it like this? were is the money coming from? bts tech is great.. but even bitshares is a well known ponzi scheme.. just google it..

Bitshares was one of those older coins that had real potential, great to see it's recent surge and hope the team behind it continue their good work

great post thanks sir

what about bitbay, yea yea I know the past but David is not giving up, working alone at the moment and got some features coming out, one is solving the price volatility,

yes I have few bucks worth of bay, just trying to get an opinion

I know bitbay. Its an underdog crypto but i agree with you and see potential there too. Good comment.

Bookmarking this! Great info.