"BitShares does for businesses what Bitcoin is doing for money," goes the Bitshares motto, even though BitShares' cryptocurrency asset has…
Many people still might not be aware of what BitShares is. What is BitShares?
BitShares is open source software that can be used to launch decentralized autonomous companies, called DACs. The largest DAC to date that's been launched on our software is called BitSharesX, which is a decentralized exchange and "personal vault" allowing users to save and trade crypto assets called bitAssets. It's currently one of the largest crypto companies in the world one month after its launch.
BitShares jumped over five times in value in only 13 days and it's still climbing. What did you do that got such attention?
People are taking large positions in BitSharesX because they believe in the long-term value of the platform. We recently got a stamp of approval from Vitalik Buterin, a developer at Ethereum, who has stated he likes our DPOS (delegated proof of stake) technology. We [are] in contact with Overstock.com and are working on a solution for them to be able to issue their bitAsset.
Our bitUSD was just launched, which has the potential to compete directly with Bitcoin as the crypto currency of choice. BitUSD has all the properties of Bitcoin with the price stability of the US dollar and is not based on wasteful mining - which is a cost to those who hold Bitcoin. Essentially, we are innovating at lightning speed; we have a lot of powerful products and services coming out, and we believe we are reinventing the financial system. These are just some of the reasons [you see] the value skyrocketing. We've predicted this for some time (see our last newsletter) and believe that BitSharesX will be the next billion dollar crypto "company."
What is a DAC? Can any company be a DAC? How can BitShares help with their business?
A DAC is a decentralized autonomous company. No, only companies that are decentralized and work independent of human interaction are DACs. Not all businesses can be launched as DACs. Primarily, any business that needs to keep a public record, or ledger, of who owns what, can be done on a blockchain. Bitcoin is an example (and the most well known) "company" to be described by some as a DAC. Unfortunately, it's an unprofitable DAC that loses millions of dollars per month to the miners and has become centralized, via mining pools, over time. We eliminated the need for mining, thereby returning that lost revenue to those it belongs to, the users and our DPOS system allows us to be significantly more decentralized [than] proof of work based systems, like Bitcoin.
Is there anything else you'd like to add?
Yes, I'd like to add that everyone should be paying attention to BitShares if somehow you haven't yet. We have very big news coming out in the upcoming months and have every expectation that we'll surpass Litecoin (and Ripple, again) in overall market cap to become the second largest crypto "company" on the planet.
No one in the industry is attempting to solve the revenue problem as we are, let alone at the scale of BitShares. I believe what you'll see in the following months will be very exciting, and even controversial, as BitShares discusses ways to rethink this industry and bring it to the next level. We encourage anyone who's interested to get involved by [visiting] us at www.bitshares.org, learn about our BTSX exchange at www.bitshares-x.info and join our forum at www.bitsharestalk.org
Disclaimer: I am not affiliated with BitShares, and I do not own of their assets.
Last modified (UTC): September 4, 2014 8:21 AM