Bitshares as a dex
Bitshares
Intro
2014 saw the release of a new crypto exchange platform called Bitshares, and it is a financial, public, open-source, blockchain based platform. The purpose of this platform is to make available, an asset exchange that is decentralized.
Type of Blockchain
The program is based on the implementation of an open-source C++ blockchain (Graphene). Bitshares functions as a ledger system which offers efficient services compared to the traditional paper system of banks and financial institutions. Bitshares’ ledgers have the highest levels of transparency, consistency and the latest and highest grade of cryptography.
Features
•Smartcoins
•Dynamic Account Permissions
•Referral Reward Programs
•Decentralized Asset Exchange
•Scalability and Performance
•Stakeholder-Approved Project Funding
•User-issued Assets
•Delegated Proof-of-Stake Consensus
Decentralized Exchanges (DEX) Protocol
The consensus protocol upon which the Bitshares platform was built is known as the Delegated Proof of Stake protocol. This protocol also known as DPoS for short was created to mitigate the problems that riddle the better-known Proof of Work and Proof of Stake protocols. Unlike the former protocols, DPoS is a protocol that consumes the least amount of energy in keeping its network safe, while ramping up the number of transactions per second, up to 100,000 transactions in some instances.
The core working principle of DPoS is in the fact that unlike proof of work where a certain exclusive club run the network to the detriment of the majority. DPoS gives every stakeholder a say without slowing the network. A number of elected witnesses are delegated to keep the network safe and create new blocks. The operation and performance of these elected witnesses can be monitored by every stakeholder on the network no matter how small their stake is, and at any moment when an elected witness is seen not to be discharging their duties as they should, the stakeholders hold them accountable by withdrawing their votes, and essentially firing them to replace with new witnesses.
Here are some benefits of the DEX:
•Gateways: They are usually operated as portals that are trustless so that different assets get traded and are on the Bitshares blockchain. The coin is bought by a gateway bus and then sent to the user’s wallet.
•Open Ledger: Users are allowed to buy different open assets which represent IOUs, just like other Gateway coins.
•Dex Eliminates Trading in High-Frequency: The Dexmakes it easier for users by leveling the platform for making transactions, by making it impossible to manipulate the system.
•Trade different Cryptos and others crypto-based derivatives: Different things like precious metal (silver, and gold) and other derivatives, most especially bonds, oils, gold, silver, and to further make It interestingly attractive, the pairs of each crypto can get changed for each other.
•Low fees and Zero Trading Limits: On most exchange platforms, users are always put through the whole process of supplying bills, tax paperwork, and any other data involved. BitShares DEX still maintains its near-zero fees, no matter the amount being transferred.
•Security: Transactions and funds are secured using military-grade cryptography, this prevents anybody from gaining access to your funds unless you grant them access. Furthermore, the security can be strengthened by allowing users setup multi-signature systems and escrow.
•Quick: Unlike other decentralized systems, the BitsharesDEX makes it possible for users to enjoy real-time trading at instantaneous speed.
•Collateralized Smartcoins: The platform operates using smartcoins like bitEUR, bitUSD, bitCNY, etc. To make it convenient for users, the assets are tagged USD, CNY, EUR, etc. within the wallet.
•Matching Algorithm for Provable Orders: With the DEX, users will always be able to verify with proof that a given set of orders have been matched/paired correctly.
•Power Separation: Because of its decentralized nature, it is impossible for a 3rd party to get involved. This simply means the DEX protocol is responsible for processing the order book and issuing IOUs.
•Decentralized
Pros
✓ Liquidity.
✓ Fast Transactions.
✓ Intuitive user interface.
✓ Low fees.
✓ Prevents front running.
Cons
✗ Fiat Currencies.
✗ Slightly Centralized: This is due to the fact that there is delegated proof of stake.
✗ Decline of the system due to knowledge gap (Main developer left, no interest from other developers), and this poses a risk to users as the system becomes susceptible to attacks.
Status
The Bitshares exchange is currently under development, however, the exchange is still functioning normally with a few issues. The platform operates using its own BTS tokens, but there are bridges for the exchange of crypto like Bitcoin, Ethereum, Doge, Peercoin, Litecoin, Steem, and some fiat currencies. At the moment, there is no cross-chain.
Your comments and feedback are very appreciated.
I look forward to discussing by your fellow steemian @papotus
You have received a @GrumpyCat flag because you or someone else sent money to buy votes from an irresponsible non-GrumpyCompliant service.
Some bots are acting irresponsibly by selling votes on posts very close to final payout. These votes are sneaky, not promotion and are most of the time placed on low value content.
Sending money to these bots is also financially supporting for-profit only posters (spammers).
To know what voting bot to use, refer to https://steembottracker.com/ and use those that have 3.5 day or less in the "Max Age" column.
@sneaky-ninja (by @michaeldavid) is reporting 6 day but is actually selling votes up until 6.4 days.
Important warning, since @sneaky-ninja has made no effort to comply in 3 months, it's vote will still be countered even should he improve his Max Age setting.
Learn more ...
I did not buy any votes! you are making a mistake and it is not appreciated!
fuck these losers they cant write a real post so they flag people for fun, its not worth trying to understand!
Of course, this has nothing to do with you sending money to @sneaky-ninja.
It wasn't me so you are out of line Mr. @GrumpyCat and this is very aggressive. I will be paying back in kind. you have no business commenting here.
First sentence.
Wasn't him but was someone he just recently sent 300SBD to. :P So, it probably was him.
nice catch there
the bot cost 50$ man why are you so concerned that someone bought a bot for my article is that bad?
BTS was a good hold from the atart
We enjoyed the detailed information on this post. It is unfortunate that some leave their projects, especially those that are exceptionally good. Although, all members have done a great job without the main developers, isn't this the idea of decentralised networks? Get all users involved and have a 'community' of sorts. Blockbasis believes that the issue of scalability will be the next big solution in this revolutionary technology of decentralisation. Hopefully there will be a solid answer to the issue in the nearest future such as the Lightning Network and the Raiden Network
Great post. Do you know why the developer left? Knowledge gap is becoming such a big problem with these new technologies.
not specifically no, but a decentralized organization does depend more on adoption and should by definition rely more on the community it supports to develop and evolve it to where it needs to be. I think it is normal for people to contribute as much as they can to something and move on to the next and allow for others to add their touch and that is how the platforms evolve with the needs of their users or they die. eventually all developers will leave their projects and so it is important to assess at an early stage if the project is dependent on 1 developer or a community and decide what matters more to you. Satoshi left Bitcoin a long time ago...
I guess am just seeing this post now. I don't know if this will not also come like bitcoin that people rushed into it to invest and later were discouraged with the low outcome. Maybe I need more explanation on how to go about it.
I am just writing about the dex characteristics. This is not investment advice. I am NOT an advisor AND I DO NOT RECOMMEND MAKING ANY FINANCIAL DECISIONS BASED ON MY POST. PLEASE DO YOUR OWN RESEARCH
Yeah,
You are right.
bir varmış bir yokmuş oldu bu bitcoin
Congratulations @papotus! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPGreat write up papotus....thanks for the info...can't wait for the updates and partnerships being announced this year with Bitshares as well..should be interesting
Thank you for the encouraging words.
Nice to see Steemit members posting solid information like this, yet
another reason I love this site!!!
Power up, to the droid rebel alliance!!! ;p
Thank you man, that's a great compliment.
Vielen dank für diesen Beitrag
To me the trade platform is difficult to you and slow compared to other exchanges. Yet it allows multiple coins to be held and be accessed on one device which is very convenient.
true, they could do with some more user friendlyness. however it was very much ahead of its time and it is a strong architecture to start with.
i am going to resteem this
@papotus
Thank you kindly
no thank you for the support i think your worth a follow