Bitshares - State of the Network - 6th June 2017
Welcome to the 38th Bitshares State of the Network (BSotN) report. A weekly report focusing on the changes in the ecosystem and track longer term changes in a effort to identify emerging trends and changes in the Bitshares platform.
Bitshares - State of the Network - 6th June 2017
The Bitshares State of the Network Reports seeks to combine raw data from a wide range of metrics and combine them into meaningful information to identify emerging trends and changes in the Bitshares network.
Observation from this week
This section will highlight any observations made while analysing the data.
Refund worker support has increased and as such the worker proposal for Alfredo and Soledger have fallen out of active support. The change comes after @abit has added his support for the refund worker this week. As a proxy voter his voting power is made up of his stake as well as others who have delegated their voting rights to him. There is no official comment that i could find but i suspect it may have to do with pay rate as the vote change coincides with a rise in BTS:USD
HERO in now the 4th largest smartcoin issued on the Bitshares network with 1053% increase this week; going from a market cap of $10,541 USD to $122,849 USD
Smartcoin market cap has increased 27.11% W/W this week with a total USD marketcap of $7,546,340 USD. Please see the chart below this section to see YTD growth in smartcoins on the network.
@officialfuzzy has announced the launch of the WhaleShares discord chat room; This discord room will be used to support and develop the WhaleShares projects (a Bitshares asset providing an integration between the Steem and Bitshares networks). Member will be able to participate in contests and event to earn tokens. You can see the original post and join the fun HERE
@ontofractal has been building an analytical dashboard for Bitshares/Openledger using Elixir. The project is opensource and a new set of libraries have been released adding block streaming and subscriptions. you can check out the details and find links to the repos HERE
OpenLedger's partner ViewFin will be adding BTS and OBITS to their exchange this week and possibly BITCNY in the following weeks
OpenLedger has managed to obtain funding of some 1,6 million USD allowing four projects of OpenLedger to start production (eDEV, OCASH, GetGame and Apptrade). Ronny has also mentioned that they can start preparing for the first hackathon (HackICO) connected to Getgame that is expected to happen in Shanghai end of year or early 2018. All the projects mentioned here are based on the Bitshares network and have BitUSD as the core form of payment. OCASH is expected to present its virtual debit card end of July with own customized app and website for people to sign up for the physical card.
OpenLedger has preformed their monthly buy back and burn operation on OBITS this month, buying back 359,393 OBITS for a total of 2,9862,811 BTS; Get the full details HERE. The ICOO Sharedrop has also distributed 13.4 BTC to 510 holders of the ICOO token this month; More details HERE
@eosio has published the official whitepaper of the EOS project. you can find the steem post HERE or the whitepaper itself HERE
EOS has released a edited copy of Dan Larimer's presentation at consensus in NYC. The video has good quality audio and slides. You can find details about the future of the graphene network HERE
THE PBSA has recommended that the Peerplays witnesses should delay the launch of the network until June 7-8th to continue testing and ensure a smooth launch. They have also released some statistics relating to the results of the crowdsale. Total PPY sold in the public crowdsale was: 473,905.96479 from 2135 contributors which raised a total of 1491 BTC. You can view the contents of the genesis block HERE
The 'BitsharesDEX' telegram channel has 967 members, that is roughly 11 new members per day during the last week
Two new 3 letter UIA's have been registered this week. @chainsquad has registered 'FNX' and 'YINCHG' has registered the asset 'DEX' which has the description 'Decentralized EXchange'. As mentioned previously in these series the 3 Letter UIA are premium assets and are the most expensive assets on the Bitshares network.
@virtualgrowth is doing a weekly market update and token give away; Check out his post and vote on your favorite asset HERE, if you leave you Bitshares username in the comment you may even be one of the lucky recipients of the token giveaway.
This weeks Bitshares hangout recording has been published and is available HERE
This weeks Beyond Bitcoin hangout recording has been published. This week has talks from @peerplays @intelliguy @good-karma @virtualgrowth and @cm-steem you can find more details and last weeks recording HERE
Current registered wallets/accounts within the Bitshares network is 242618; an increase of 54125 wallets/accounts since last week
The last asset registered this week is asset #1407 and it is named 'STEAK' registered by 'fhdfhr568m0yb' with the description 'Decentralized Steak' ;)
Twitter stats this week thanks to @fav
Smartcoin issueance chart showing weekly change since the start of 2017
Today - Worker proposal voting slate
Last week - Worker proposal voting slate
Bitshares Distribution
This sections seeks to analyse the current distribution of the network. We look at the current supply, top 100 hodlers, Orders on the Bitshares Decentralized Exchange (DEX), Reserve pool balance and Income growth.
| Distribution | Balance | Change W/W | Change W/W % |
|---|---|---|---|
| BTS Supply | 2,602,316,047 |  234,842.00 | 0.01% |
| BTS Stealth | 268,087 | 915.00 | 0.34% |
| BTS in Open Orders (DEX -T250) | 6,474,783 | 1,866,648.50 | 12.40% |
| Reserve Pool | 998,256,029 |  -235,258.00 | -0.02% |
| RP Accumulated fees | 4,829 | -617.00 | -9.12% |
| Collateral (top 250) backing Smartcoins | 418589328 | -3,577,066.00 | -0.90% |
| Top 100 Total | 1,449,139,346 | 11,749,452.00 | 0.81% |
| Top 100 - minus Exchanges | 496,682,084 | -7,761,629.00 | -1.49% |
| Exchanges | 952,457,262 | 19,511,081.00 | 2.09% |
| Non Exchanges | 1,649,858,785 | -19,276,239.00 | -1.16% |
Profit/Expenses from the Bitshares Reserve Pool
The chart below show historic profit/expense from the Bitshares Reserve Pool where a positive number represents a W/W profit and a negative number means a W/W expense; Bitshares expenses include witness and worker pay and income includes network fees.
BTS Trading
Looking at the most active trading pairs for Bitshares (BTS). Data displayed is a 24 hour snapshot as taken on the date of this report and not a reflection on the week as a whole.
| Market | Last Price | Price USD | 24hr Vol BTS | 24hr Vol USD | Vol % | Vol % Change W/W |
|---|---|---|---|---|---|---|
| CNY | 0.76923406 | 0.11 | 152,714,553.00 | 17,286,661.26 | 53.7% | 290.6% |
| BTC | 0.00003861 | 0.11 | 131,799,682.90 | 14,608,958.68 | 46.3% | 124.4% |
| WAVES | 0.0225 | 0.13 | 592.40 | 74.61 | 0.0% | |
| EUR | 0.1 | 0.11249859 | 19.90 | 2.24 | 0.0% | |
| USD | 0.0952381 | 0.0952381 | 0 | 0.00 | 0.0% |
Worker Proposals
This section will identify the current approved and pending worker proposals
Active Worker:
- Refund worker - Redirect's worker proposal budget back to the reserve pool
Proposed Worker
- Alfredo Garcia, Bitshares Core Dev
- Soledger - Vikram/Agent86 - Project administration & essential maintenance
- Fund to pay dividend
DEX: Most Active Markets
This section will show the BTS markets within the DEX and seek to highlight the most active markets.
The most active base pair is BTS and the top 3 pairs are BTS, CNY and Open.BTC
Smartcoins
This sections seeks to analyse the current supply and market capitalisation of the Bitshares Smartcoins.
| Asset | Supply | Price | Market Cap BTS | Market Cap USD | Supply Change W/W |
|---|---|---|---|---|---|
| BTS | 2,602,316,047 | 0.11210556 | 2,602,316,047 | $291,734,097.75 | 0.0090% |
| BTS Stealth | 268,087 | 0.11210556 | 268,087 | $30,054.04 | 0.34% |
| Reserve Pool | 998,256,029 | 0.11210556 | 998,256,029 | $111,910,051.15 | -0.0236% |
| Accumulated fees | 4,829 | 0.11210556 | 4,829 | $541.36 | -9.12% |
| BitUSD | 2,362,594 | 9.25 | 21,853,995 | $2,362,594.00 | 30.94% |
| BitCNY | 31,531,462 | 1.327 | 41,842,250 | $4,690,748.88 | 23.15% |
| BitEUR | 104,890 | 10.4 | 1,090,856 | $122,291.02 | 44.58% |
| BitBTC | 59.9 | 26,099 | 1,563,330 | $175,258.00 | -6.70% |
| BitGold | 60 | 11,943 | 716,580 | $80,332.60 | 23.97% |
| BitSilver | 5,619 | 163 | 915,897 | $102,677.15 | 7.71% |
| Ruble | 695,630 | 0.1595 | 110,953 | $12,438.45 | -3.48% |
| HERO | 761 | 1,440 | 1,095,840 | $122,849.76 | 1053.03% |
Referral Stats
This section will track user referrals, to gauge active refers overtime. The chart below shows in blue the total number of referred users and in orange the new referrals for this week.
| Account | Referrals | Change W/W |
|---|---|---|
| bitshares-munich | 3155 | 63 |
| compumatrix1 | 2253 | 10 |
| jianjolly-0 | 1743 | 0 |
| btsabc | 1138 | 166 |
| openledger | 524 | 6 |
| sdr | 520 | 98 |
| cryptocurrency3 | 450 | 24 |
| fav | 402 | 32 |
| cryptofresh | 385 | 16 |
| gn1 | 309 | 13 |
| ccm2015 | 261 | 4 |
| by24seven | 224 | 15 |
| xiangxn | 212 | 12 |
Vote Proxies
This section will track the change in proxy voting
| Account | Opinions | Followers | Weight (M) | Weight Change (M) |
|---|---|---|---|---|
| bitcrab | 64 | 27 | 239.4 | 4.5 |
| xeroc | 36 | 162 | 238 | 0.4 |
| laomao | 35 | 4 | 176.2 | 37 |
| baozi | 25 | 65 | 64.9 | -1 |
| bitshares-munich-wallet | 15 | 19 | 23.1 | 0.3 |
| fav | 16 | 48 | 15.6 | 0.3 |
| yao | 33 | 36 | 12.7 | -1.4 |
| btsabc | 59 | 22 | 12.7 | 0 |
| abit | 40 | 366 | 12 | 0 |
| dahu | 21 | 1 | 9 | -0.1 |
Committee Members
This section will track shareholder approval of committee members
| Account | Votes (M) | Votes Change (M) |
|---|---|---|
| bitcrab | 889.8 | 72.4 |
| abit | 844 | 64.9 |
| bhuz | 829.3 | 75.7 |
| clayop | 741.6 | 69 |
| chris4210 | 706.8 | 7.4 |
| xeroc | 658.5 | 2.7 |
| bunkerchainlabs-com | 598.1 | 1.7 |
| harvey-xts | 483.8 | 65.8 |
| ebit | 448.2 | 7.5 |
| openledgerdc | 424.8 | 8.5 |
| fav | 310 | 0.8 |
Active Witnesses
This section will track top 25 active witnesses and the changes in support
| Rank | Witness | Votes | Missed | Missed W/W |
|---|---|---|---|---|
| 1 | in.abit 1.6.35 | 898.8 | 310 | |
| 2 | verbaltech2 1.6.34 | 884.9 | 1223 | 3 |
| 3 | bhuz 1.6.17 | 883.9 | 1100 | 1 |
| 4 | wackou 1.6.18 | 869.9 | 1278 | 1 |
| 5 | witness.yao 1.6.71 | 868.5 | 3140 | |
| 6 | rnglab 1.6.45 | 852.9 | 1346 | 1 |
| 7 | xman 1.6.64 | 848.7 | 1169 | 8 |
| 8 | jerryliu 1.6.72 | 840.5 | 5291 | |
| 9 | delegate.baozi 1.6.37 | 838.6 | 1026 | |
| 10 | fox 1.6.16 | 811.5 | 2909 | |
| 11 | witness.still 1.6.69 | 794.5 | 8344 | 3 |
| 12 | xn-delegate 1.6.59 | 735.5 | 2297 | |
| 13 | xeldal 1.6.22 | 729.9 | 1201 | 17 |
| 14 | roelandp 1.6.74 | 665.3 | 2 | |
| 15 | openledger-dc 1.6.76 | 656.4 | 46 | |
| 16 | abc123 1.6.65 | 627.7 | 854 | |
| 17 | blckchnd 1.6.75 | 622.1 | 194 | 3 |
| 18 | harvey-xts 1.6.23 | 621.7 | 5181 | 53 |
| 19 | sahkan-bitshares 1.6.73 | 605 | 160 | 7 |
| 20 | delegate.freedom 1.6.63 | 589 | 3602 | 7 |
| 21 | mr.agsexplorer 1.6.24 | 560.3 | 2908 | 176 |
| 22 | delegate-1.lafona 1.6.28 | 552.8 | 700 | 5 |
| 23 | elmato 1.6.20 | 543.3 | 3010 | |
| 24 | spartako 1.6.15 | 529.1 | 991 | |
| 25 | delegate-clayop 1.6.27 | 510.5 | 4315 |
Top 100 Distribution including Exchanges
This section looks at the top 100 rich list and compares account balances, this section will seek to identify changes in ownership which may lead to interesting investigations and early warning signs of upcoming projects
| Rank | Account | Balance(inc orders) | Orders | Change W/W | Change W/W % |
|---|---|---|---|---|---|
| 1 | poloniexcoldstorage | 290,001,203 | 0 | - | 0.00% |
| 2 | bitcc-bts-cold | 146,419,014 | 0 | -20,000,001.00 | -12.02% |
| 3 | poloniexwallet | 125,415,801 | 0 | -15,313,687.00 | -10.88% |
| 4 | yun-bts | 124,672,972 | 0 | 34,692,270.00 | 38.56% |
| 5 | yunbi-granary | 100,000,000 | 0 | - | 0.00% |
| 6 | bittrex-deposit | 62,246,170 | 0 | -2,338,995.00 | -3.62% |
| 7 | yunbi-cold-wallet | 49,994,976 | 0 | - | 0.00% |
| 8 | bitcc-bts | 21,799,493 | 0 | 19,616,605.00 | 898.65% |
| 9 | aloha | 20,714,700 | 0 | 362,311.00 | 1.78% |
| 10 | stan | 20,618,873 | 0 | -1.00 | 0.00% |
| 11 | bitshares-munich-wallet | 15,941,244 | 0 | - | 0.00% |
| 12 | jy2017 | 15,696,111 | 0 | - | 0.00% |
| 13 | bterdeposit | 14,534,170 | 0 | -3,652,350.00 | -20.08% |
| 14 | btercom | 13,049,112 | 0 | - | 0.00% |
| 15 | cass | 11,485,727 | 0 | 25,561.00 | 0.22% |
| 16 | abit | 11,391,679 | 10000 | 22,003.00 | 0.19% |
| 17 | evan | 10,659,692 | 0 | - | 0.00% |
| 18 | crypto-maniac | 10,613,397 | 0 | - | 0.00% |
| 19 | hnnr8 | 10,471,002 | 0 | - | 0.00% |
| 20 | tsuratsura-3557 | 10,148,160 | 39444 | -20,958.00 | -0.21% |
| 21 | virtual-ventures | 9,318,078 | 0 | - | 0.00% |
| 22 | roje | 8,850,430 | 0 | - | 0.00% |
| 23 | invictus | 8,815,143 | 0 | - | 0.00% |
| 24 | jiny2 | 8,721,638 | 0 | -800,002.00 | -8.40% |
| 25 | ibilitlan-scoltock | 8,673,958 | 0 | - | 0.00% |
| 26 | anonymous | 8,050,312 | 16250 | 5,601,956.00 | 228.80% |
| 27 | cievia-waugaman | 7,990,213 | 0 | - | 0.00% |
| 28 | haeassa-granovsky | 7,431,931 | 0 | - | 0.00% |
| 29 | alexna64 | 7,263,382 | 0 | - | 0.00% |
| 30 | mcxcwbts | 6,915,641 | 0 | - | 0.00% |
| 31 | abinia-rivard | 6,550,563 | 0 | - | 0.00% |
| 32 | prebuffo1970 | 6,501,826 | 0 | 1,500,000.00 | 29.99% |
| 33 | keebler-kahn | 6,500,770 | 0 | - | 0.00% |
| 34 | coldstorage1 | 6,499,999 | 0 | - | 0.00% |
| 35 | multisig-worker-2017-01 | 6,401,110 | 0 | - | 0.00% |
| 36 | graphene2015 | 6,262,594 | 0 | -565,325.00 | -8.28% |
| 37 | millibit53 | 6,234,726 | 0 | - | 0.00% |
| 38 | bts-morning | 6,064,938 | 0 | 374,216.00 | 6.58% |
| 39 | bts-198hot | 5,978,202 | 0 | 2,227,087.00 | 59.37% |
| 40 | fericia-brick | 5,766,623 | 0 | - | 0.00% |
| 41 | btszhqxf | 5,734,712 | 0 | - | 0.00% |
| 42 | linhan | 5,425,095 | 0 | - | 0.00% |
| 43 | cadord-ozois | 5,423,173 | 0 | - | 0.00% |
| 44 | pay.xeroc | 5,390,364 | 0 | -1.00 | 0.00% |
| 45 | spring | 5,365,474 | 0 | - | 0.00% |
| 46 | bristolbay | 5,324,001 | 0 | -1,010.00 | -0.02% |
| 47 | xhunter | 5,233,238 | 0 | - | 0.00% |
| 48 | jeraud-kanze | 5,172,698 | 0 | - | 0.00% |
| 49 | brother-john | 5,074,573 | 0 | - | 0.00% |
| 50 | laow | 4,937,707 | 0 | - | 0.00% |
| 51 | cryptonomex | 4,929,988 | 0 | -455,641.00 | -8.46% |
| 52 | synergy3 | 4,806,769 | 0 | - | 0.00% |
| 53 | geravia-mackinnon | 4,777,691 | 0 | - | 0.00% |
| 54 | dev.bitsharesblocks | 4,766,224 | 727340 | -270,905.00 | -5.38% |
| 55 | bts-19800 | 4,728,411 | 0 | -4,459,805.00 | -48.54% |
| 56 | comp6 | 4,587,644 | 0 | -1,845,920.00 | -28.69% |
| 57 | tyrone-shoelaces | 4,459,898 | 0 | -2,061.00 | -0.05% |
| 58 | btsxzzh2 | 4,348,432 | 0 | - | 0.00% |
| 59 | trans.bot | 4,338,400 | 0 | 493,692.00 | 12.84% |
| 60 | bitcc-bts-withdrawal | 4,324,351 | 0 | 2,878,250.00 | 199.04% |
| 61 | slim | 4,153,504 | 0 | - | 0.00% |
| 62 | quonael-lievesley | 4,087,235 | 0 | - | 0.00% |
| 63 | tkoba99 | 4,034,084 | 1559 | - | 0.00% |
| 64 | linanjun | 3,995,567 | 62715 | -2,230,806.00 | -35.83% |
| 65 | wesley-waugaman | 3,921,027 | 0 | - | 0.00% |
| 66 | hermes3 | 3,832,195 | 0 | - | 0.00% |
| 67 | satoshi-pie | 3,697,790 | 0 | - | 0.00% |
| 68 | btsnow | 3,648,808 | 0 | - | 0.00% |
| 69 | jaehyuk | 3,627,054 | 0 | - | 0.00% |
| 70 | jackkang | 3,598,756 | 0 | - | 0.00% |
| 71 | laplap5 | 3,493,800 | 0 | - | 0.00% |
| 72 | bunkerchainlabs-com | 3,472,196 | 0 | -1.00 | 0.00% |
| 73 | onceuponatime | 3,391,474 | 0 | -3,313,812.00 | -49.42% |
| 74 | bitcoinindonesia | 3,285,760 | 0 | 80,868.00 | 2.52% |
| 75 | scottmclane | 3,251,127 | 0 | - | 0.00% |
| 76 | bafohald-degeorge | 3,189,866 | 0 | - | 0.00% |
| 77 | wind-flower | 3,174,192 | 0 | - | 0.00% |
| 78 | goodc0re | 3,081,155 | 9942 | -35,200.00 | -1.13% |
| 79 | null-account | 3,011,945 | 0 | - | 0.00% |
| 80 | tel-911 | 2,909,136 | 0 | - | 0.00% |
| 81 | mostar | 2,747,734 | 0 | - | 0.00% |
| 82 | douglasriese1994 | 2,642,911 | 0 | - | 0.00% |
| 83 | rand1 | 2,586,347 | 0 | - | 0.00% |
| 84 | bang-king | 2,573,931 | 0 | 3,512.00 | 0.14% |
| 85 | hardfork2 | 2,545,413 | 0 | - | 0.00% |
| 86 | uro-boros | 2,539,950 | 46004 | 2,439,950.00 | 2439.95% |
| 87 | chainsquad | 2,528,021 | 0 | 43,867.00 | 1.77% |
| 88 | serg | 2,515,784 | 0 | - | 0.00% |
| 89 | rg33m43ffaeqdrnk | 2,500,916 | 0 | 73,893.00 | 3.04% |
| 90 | thread | 2,485,990 | 0 | - | 0.00% |
| 91 | dragongroup | 2,401,511 | 0 | - | 0.00% |
| 92 | blocktrades | 2,376,107 | 6675 | 1,203,211.00 | 102.58% |
| 93 | sauron | 2,338,702 | 0 | - | 0.00% |
| 94 | b1tshares | 2,309,214 | 0 | - | 0.00% |
| 95 | spook | 2,296,849 | 0 | - | 0.00% |
| 96 | impseu1 | 2,290,156 | 0 | - | 0.00% |
| 97 | nana-roseannadana | 2,209,986 | 0 | - | 0.00% |
| 98 | yvg1900 | 2,201,037 | 0 | - | 0.00% |
| 99 | kedaliwin-tefft | 2,192,433 | 0 | - | 0.00% |
| 100 | sahkan | 2,185,267 | 1000000 | - | 0.00% |
Thanks for viewing :)
I value your feedback.
Is there something more you would like me to track in these reports? or do you have some information for the next BSoTN report? please let me know in the comments, on steemit.chat, in the 'BitsharesDEX' Telegram group or every Friday in the the BeyondBitcoin Hangouts.
I hope you enjoyed this report! :)
Image Credit: @cass
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What a wealth of information. I just bought Bitshares a little over a week ago.
My guestimation is:
BitShares will be a profitable company by next month
That will truly be an amazing milestone to celebrate!!
Maybe you are basing your guesstimate off more information than me but just looking at the trend of transactions, the reserve pool and smart coin i would not be surprised to see it occur in the next few weeks :)
How beautiful are those charts
if you have other thoughts why this might be the case i would very much love to hear them
Thank you for this post! The main problem I see getting started is the gateway. If I have USD, I have to change to Bitcoin, Ethereum, or Litecoin. Next, I then need to use a gateway to get into Bitshares which seems like BitShares adds an extra layer of difficulty versus just using Bittrex. To make Bitshares work in my mind, the gateway needs to be handled because currently the gateway options suck. The blocktrades fees are ridiculous with 1 Bitcoin worth over $4,000 today giving only 3715.1239 BitUSD while that same amount of BitUSD would only buy 0.83014622 of a Bitcoin! Shapeshift has Steem disabled for months. metaexchange.info has a privacy error. Where is the help info on btsbots.com?
I love the idea of Bitshares but the gateways need to be improved for me to use it! I appreciate your post about it which I found by Googling about the Bitshares lifetime membership. I clicked your link but I am not opening an account until the gateways are improved. If Coinbase adds Bitshares I would be in!
So why use the middlemen, then? Avoid them!
You can buy BTS on almost any exchange. And you don't have to use the gateway that really is a openledger thing.
I am always looking out for your posts, great to see Bitshares is dong so well and will have a positive W/W very soon if the trend continues like that! Overall very exciting news and I am happy to be onboard. I also just joined the Telegram chat.
Thanks for the kind comment, great to heae your getting involved with such a great community and project :)
Just joined the platform using your banner. I'll take some time to look around and learn it and maybe later enroll as a lifetime member. Thanks for the info!
Great to hear @jayanz!
If you have any questions or want to get more involved we have a very active telegram community in the 'BitsharesDEX' channel, feel free to pop in and say hello :)
Sent you a few dollars (well... Chinese Yuan) to help you play around.
BTW normal account is fine for most people; don't rush into an LTM, unless you want to use the referral program, issue UIA or make transaction at a cheaper cost or register some premium names ect.. pretty much if you need one you will know.
Enjoy.
Thanks @steempower ! I was really considering it for the 80% cashback on the tx fees, but the affiliate referral plan looks nice, too. I'll do some more research. Thanx again!
Your very welcome.
If you do decide to go for an LTM make sure you let me know an i will give you back 10% of the fee paid.
Either hit me up here on steem of send me a Bitshares TX and let me know in the memo field.
Cheers
Can someone tell me in a sentence or two of a usecase for Hero?
Edit: Answering myself, It seems it's going to be the main currency focus of Heronomex and Steem will be a currency more specific for this platform.
From sovereignhero.com
Thanks for coming back and sharing your findings.
I believe one of the primary use cases if for funds to be able to invest in a cash like currency with higher interest than a savings account.
It is also useful for people who live off a passbook savings accounts for many years, for example a retiree that over a 20-30 year period would be hit hard by inflation and debasement of the currency. I think we will see offerings coming from cryptonomex that will allow this type of investor to get the returns without actually knowing they are touching crypto.. but the plan is much larger than the 2 mentioned above
Oh great, you found the video I was looking for too! =) I was gonna show it to family members, but it got removed on Youtube from where it used to be.
There is one thing I'd like to know. How many bitshares is behind the heroes smart coin?
That's a really GREAT question!!
You can find out the collateral on any smartcoin by looking at the asset on the block explorer and expanding the Asset Debt positions (bottom of the page). Hero for example: http://cryptofresh.com/a/HERO
I did some quick calc's please see below:
Currently HERO is backed by 580% its value in BTS. In other words on average for every $1 of HERO there is $5.80 worth of Bitshares to back that position.
No fractional reserves aloud here :)
If ever a position is under collateralize a smart contract will margin call the position and use the collateral to buy back the outstanding debt by buying back the asset on the DEX. Remaining collateral will be returned to the borrower and the smartcoin will be settled with the network (take out of circulation)
woah! this is amazing I've never heard of bitshares but I might want to read about this.. thanks though!! ^_^
Great statistics! Must look for future investment n plans
Thanks for the comment, See the charts above when considering the health of the Bitshares network.
Did you know that Bitshares is currently processing more transactions per day than Bitcoin and Ethereum?
#notinvestmentadvice
Is bitshares also being developed by the steem developers?
Steem is based on BitShares technology, adapted as a social network platform by the same people who developed BitShares.
Wow! that's awesome. maybe I should buy bitshares too in bittrex. :) Thank you for enlightenment.
It is awesome! BitShares has been running for years and as Steem has shown, its technology can scale far better than Bitcoin or other networks. BitShares has historically had abysmal marketing, but Steem may finally be getting people to notice the technology.
What a great update again, thorough and filled with positive goodness for us all to delve into! Thank you son very much again, namaste :)
Thanks Eric. This week has been full on and i think we are just getting started
I KNOW! :)
Namaste