BitShares 2.0 SmartCoin Tech Overview
BitShares Brings a Human element To Bitcoin 2.0
Ethereum first grabbed the attention of the Bitcoin 2.0 movement with news of their plan to create a platform for distributed contracts and DACs. BitShares and BitSharesX introduced the concept of “BitAssets” as one of the numerous technologies claiming to be “bitcoin 2.0” or “finance 2.0.” In essence, this “Bitcoin 2.0” movement represents a movement to leverage the power of globally decentralized consensus and decision making networks as birthed by bitcoin. We interviewed Beyond Bitcoin founder, and BitShares researcher, Ben Keyhotee, to discuss BitShares, its importance, its past and future, and how it humanizes crypto-currency.
[image credit: bitscape]
Source: cryptocoinsnews.com
Distributed Autonomous Corporations (DACS) will see cloud robots manage supply chains free from direct human supervision.
Transparent voting on a blockchain is here
Open source transparent trustless electronic voting is here. A special interview with Adam Kaleb Ernest of Follow My Vote.
What is this?
Imagine if as a Facebook user you could vote to fire Mark Zuckerberg, or hire someone to develop a cool feature you think the website needs. Thanks to a major leap in blockchain technology, this is now possible. And there are job openings.
It works using the Bitshares blockchain. Shareholders (the people who hold the crypto token), now have the ability to vote for ‘employees’ of their blockchain. They do this by voting to direct funds to people who demonstrably bring value to the system.
With Bitcoin, all newly available coins are automatically spent on paying a decentralized network of ‘miners’ to secure the network. However, with Bitshares, the flow of new funds can be directed to whatever the Bitshares ‘shareholders’ want, creating a type of collective hive mind that governs the growth of Bitshares.
This new kind of organization is called a “decentralized autonomous company”, or DAC for short. Like Bitcoin, it’s completely open source, decentralized and anonymous.
How do you get “hired”?
By convincing shareholders within the Bitshares community you’re the best guy for the job. For now, feel free to post in this thread if you’re interested or generally curious about this ridiculously cool opportunity. The job offer listings can be viewed on the bitsharestalk forum along with other community proposals. At the moment, mobile wallet developers are in demand.
If you don’t quite fit the bill, fear not, even non-Bitshares users can propose an idea to be voted on for funding by the community. It’s rather like a decentralized Dragons Den or Shark Tank. It’s not just employees who pitch for a job, startups can compete for funding too.
If the system proves successful, an exciting new future will be created where the majority of jobs involve working for a decentralized autonomous blockchain in a network of voluntary associations. People will be able to propose whatever they want to do and get hired by whichever blockchain community sees the value in their work.
Through the power of cryptography, Bitshares is attempting to code its way to a more free and efficient society.
P.S. Mobile wallet developers are most wanted right now.
“BitShares does for businesses what Bitcoin is doing for money,” goes the Bitshares motto, even though BitShares’ cryptocurrency asset has increased five times in value in only 13 days. Brian Page, BitShares Director of Marketing, tells us how Bitshares has gained such rapid growth in such a short period and what this means for the …
NEW YORK (InsideBitcoins) — One of the main criticisms thrown at bitcoin on a regular basis is that it’s too volatile to be used as money. When the price has the potential to skyrocket or crash 20% in a matter of hours, not many people will want to use it for their day-to-day purchases. While there are a countless number of obvious advantages to using Bitcoin as a payment system, the prospect of using bitcoins as money is an idea that not many people are comfortable with right now.
BitShares is the development team behind the idea of DACs (distributed autonomous companies), and the first project to be built on their platform is an attempt to achieve the holy grail of cryptocurrency.
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What is Bitshares-X?
"BitShares X is a family of DACs that implement the business model of a bank and exchange. These distributed autonomous credit unions could rival the value of the largest banks in the world such as JP Morgan and Bank of America in just a few years.
BitShares X offers a bank account where funds can be transferred in seconds anywhere in the world with more privacy and security than a Swiss bank account. Your account can never be frozen, your funds cannot be seized, and the bank can never face collapse due to loan defaults or fraud.
All of this is made possible without requiring any employees, lawyers, regulatory compliance, vaults, buildings, and other infrastructure required by traditional banks. Unlike existing banks, you can hold your balance denominated in gold, silver, oil, or other commodities in addition to national currencies.
In addition to acting as a bank, BitShares X also serves as an exchange where currencies, commodities, and stock derivatives can be traded with most of the features used by professional traders including shorts and options. The bank takes a cut on every transaction and pays these transaction fees to the delegates and then shareholders by way of the Burn Rate.
BitShares X can achieve this feat using the same technology that makes Bitcoin possible - irrevocable decentralized automated consensus forming. The market capitalization of shares in this new bank will exceed two times the value of all balances in gold, silver, oil, and currency accounts. This requirement allows for 200% reserve collateralizing the value of all deposits in the bank."
Now that I know what a DAC can do ...
I'm beginning to wonder if, in the near future, a person will create a Decentralized Autonomous Government. Also on my mind is if any of the investors in the DAG or companies like Bitshares will then be considered terrorist.
One thing that has come out of the process is that I am a firm believer in the need for a "Turing Complete" environment on a DAC. The other thing that came out of the meeting is that the existing Eth. design has woefully inefficient abstraction for the types of data structures that DAC developers really need. Technically it is turing complete and it is possible to do everything on their existing design. I was throughly impressed with V's ability to solve problems on the fly and believe that Eth will be a very interesting platform and will find many solutions. So what I can say is that a future BitShares chain will be fully Turing Complete with the ability to run arbitrary code. I think that we will probably have a friendly competition moving forward as we steal good ideas from each other.
Daniel Larimer (Bitshares) on his time spent with Vitalik Buterin (Ethereum)
Bitshares X is an asset for banking and financial institutions which will ultimately be obtained by all Angelshare / Protoshare holders.
DECENTRALIZATION IS THE FUTURE
Calling for a new era, the Internet has been changing our society in an unprecedented way. It brings about the ultimate freedom that previous generations could never dream. Breathe free now.
I know only 1-2 people will ever read this, but 5 years from now you'll be saying the same thing about bitshares as you are about bitcoin right now ...
"I wish someone had told me about bitcoin 5 years ago!"
Hey everybody, Adam B. Levine here - Let's Talk Bitcoin! is proud to add another show to our lineup. Meet Arthur S. Falls, based in New Zealand and host of the Beyond Bitcoin show. On this show you're going to hear about only the bleeding edge of the cryptocurrency movement with interviews from the leaders in the space and more to come as the show matures.
We start with a quick rundown of the assets on the fresh NXT asset exchange then move on to a delightfully in depth discussion of the state of the Bitshares project between Dan Larimer and the community. Hint: big changes and breaking new ground.
Crypto-property and Crypto-assets explained ...
Two of the greatest minds in cryptocurrency Daniel Larimer of Bitshares and Sunny King of Peercoin/Primecoin discuss the current trends and future of Cryptocurrency.