BitShares X rebrands itself as BitShares; adopts greater scope
In a controversial move the founders of BitShares have decided to combine features formally divided among multiple competing systems including BitShares X, VOTE, DNS, and all other future features they can conceive under a single Decentralized Autonomous Company (DAC) that will go by BitShares.
BitShares X which was originally designed to be a single decentralized exchange trading in collateralized derivatives of major currencies will join forces with domain name auctioning and voting applications. These currency derivatives known as BitAssets such as BitUSD and BitGLD have all of the properties of Bitcoin with the price stability of the underlying asset and are considered the killer app of the BitShares ecosystem.
Smart Contracts with turing complete scripting environment has been added to the BitShares roadmap to facilitate growth and prototyping of new features. This feature combined with BitAssets should give Ethereum some serious competition in the smart contract market.
Until recently the BitShares ecosystem was known for promoting many competing block chains (DACs) each with their own development team. Each DAC would have had its own variation on BitUSD and would have competed for the same users and market cap. This setup was designed to promote decentralization and robustness, but in reality it meant that the development team was fractured and divided against itself. Under the new arrangement the development teams behind BitShares DNS, VOTE, and X have combined forces to focus on a single unified product.
Similar to corporate mergers, the result of combining forces is the elimination of redundant marketing, development, testing, and support resources. The developers have prepared a roadmap that would gradually introduce new features to BitShares.
To align incentives and bring the communities together BTSX has decided to give a two year vesting stake to people who had a stake in BitShares PTS, DNS, and VOTE as well as recognize those who gave funds to support the BitShares ecosystem. In total BTS will “air drop” 7% PTS, 7% AGS, 3% VOTE, and 3% DNS. This air drop is not a buyout or merger but a no strings attached gift to these communities to encourage them to contribute to BTSX rather than their own competitors. This air drop will be made based upon ownership as of midnight UTC. Users should remove all PTS and DNS from exchanges prior the air drop deadline.
The leads of VOTE and DNS have already decided to join the BitShares bandwagon. PTS and AGS will continue in their role and 3rd parties such as BitShares Music, BitShares Play among a few others still intend to airdrop on these communities in recognition of their role in bootstrapping the BitShares ecosystem and the bitshares toolkit.
BitShares X owners will simply download an upgrade and the BTSX block chain will become the BitShares block chain and be known on exchanges as BTS. Owners of PTS, VOTE, and DNS will be able to import their wallets to receiving their vesting stake.
The core BitShares team behind the development of the BitShares toolkit has committed not to compete against itself, but instead to focus on making BTS the best system it can be and will have their undivided support. This marks a major turning point in the development of BitShares and is potentially a game changer in the crypto-currency market space. FAQ:
BTSX will become BTS and will be the same blockchain, BTSX will remain liquid and trading will not be interrupted.
Exchanges are not expected to honor the November 5th snapshot because the positions will not be liquid, you should remove all DNS and PTS from exchanges prior to November 5th.
The combined client with rebranding to BTS will be released toward the end of November
PTS, AGS, VOTE and DNS stakes will vest linearly over 2 years, meaning that each day users will get to claim some of their stake.
BTSX will not have a vesting period.
BitAssets such as BitUSD / BitGLD should be unaffected
User names allocated in DNS will not be migrated to BTSX
PTS will continue to circulate and trade; however, without I3 planning any future snapshots its value will be based upon the speculative value of 3rd party DACs such as Music, Play, and others.
PTS block intervals will probably grow significantly and mining may stop all together. PTS is maintained by Testz and not I3.
A new blockchain "DevShares" will be used for testing the upgrade of BTS and future hard forks as well as experimental features and economic experiments. This blockchain will be a 40/40/20 snapshot AGS/PTS/X taken on November 5th. DevShares will not be considered a "safe store of value" but non-the-less will have value for those wishing to test their smart contracts or BTS integration on a low-value chain. Details on DevShares will be provided over the coming month.
PTS / AGS holders will effectively receive 20% stake in all PAST and FUTURE blockchain ideas built by the Invictus team through this air drop, plus a much larger cut in DevShares, Play, and Music among others.
There is too much to cover in a single press release, so I hope to have the press release focus on the high level "good" and then direct users to a wiki page with the FAQ details. Please post any unanswered questions you have here.