Please rt my tweet so they will fix the article. The first day is integral: https://twitter.com/Beyond_Bitcoin/status/594987462130282497https://www.cryptocoinsnews.com/bitshares-brings-human-element-bitcoin-2-0/#comment-2001484266
BitShares has not resorted to media blitzes and marketing promotions? Why?
First of all, to know where we are going, we must first understand where we come from and where we are today. So this is a wonderful opportunity to give clarity regarding the history and some recent events in the bitshares space.
When we first began operation, it started with Protoshares. Due to a conflict with a company already in existence named "Protoshare", Protoshares' name needed changed. This is where it was renamed "BitShares PTS"–The ProtoDAC. PTS was the first DAC equity and was mined into existence using a CPU-Hard Algorithm called "Momentum". This was meant to give everyone a chance to gain a stake
in this revolutionary movement…on equal footing. Dan and his team, working together at that time as “Invictus Innovations” development firm, promised that every DAC they created would sharedrop directly onto PTS. They were going to leverage their intimate understanding of the tech and the specs required to maximize their own stake to be used for development purposes--coders need to eat in order to survive. And their survival is imperative, it turns out, if you want coding done.
However, it was a tough lesson learned when botnets began popping up and pulling in inordinate sums of PTS. As is always necessary in startups (and especially crypto-startups), this required another pivot. This was when the AngelShares' (AGS) donation fund was born.
AGS offered PTS and Bitcoin (BTC) holders the ability to each separately compete on the open market for a total of 10,000 AGS each day, for 180 days. The 10,000 AGS was split for each market (PTS and BTC). This meant 5,000AGS a day up for grabs for each PTS and BTC donators.
From this little taste of history, it becomes obvious that things became pretty complex. And this was just the beginning.
This brings us to BitSharesX, which was supposed to be the "eXchange" DAC. It would fix all of the
problems of crypto-volatility by using BTS to back Polymorphic Digital Assets. These would track the value of commonly known currencies, stocks and commodities via a prediction market mechanic. The most powerful aspect of BitSharesX's value proposition was that it did this with 200-300% collateral.
Unlike current markets, BitSharesX thrived to ensure naked shorting and high frequency trading that has caused such problems. And it did it from the protocol level---with the power of what our dearest Bitcoin brought us--the blockchain.
Other "BitShares-Powered" DACs to be born from the toolkit included a Voting DAC (BitShares VOTE) http:/followmyvote.com/, a MUSIC DAC (BitShares MUSIC) http://peertracks.com/
, a gaming DAC (BitShares PLAY) http://dacplay.org/en/
(community: playtalk.org ), .p2p (now taken over by Indolering
who also works with the Namecoin community), and a large number of yet to be seen DACs.
As one can see, the many DACs made it very difficult to market. In an attempt to focus the BitShares image, while also gaining the side-effect of added functionality, BitSharesX incorporated the teams of VOTE and .p2p. It was hoped that this would make it easier for an already over-burdened crypto media to boil down into digestible formats. Whether this will be the end effect is yet to be seen.
Suffice it to say, the BitShares Toolkit still remains open for anyone to use in the form of the newly-transitioned PTS 2.0 (www.ptstalk.org
), which has switched from PoW to DPOS, but without all the bells and whistles of the other chains. It is a great place to get started understanding DPOS as a
DAC that functions similarly to Bitcoin--as a currency transmission service.
Though it is not necessary for sharedropping to occur by other independently-developed "BitShares-Powered" chains, it is advised to consider it as the entire BitShares community is Savvy to both the history and the significance of what it means to be Powered by BitShares. Given the current problems surfacing with respect to the Bitcoin Foundation (http://www.pcworld.com/article
..., there are a great number of chains beginning to recognize the power of DPOS with respect to giving the powers of self-governance back to the citizens in a blockchain-based cryptonetwork. I suspect you will begin seeing many other existing chains
looking into precisely this.
I am fuzzy from bitsharestalk.org and this article is now completed save one other issue: the Soundcloud has now been replaced with www.beyondbitcoin.org
so if you want to join us or listen to our past hangouts you can do so there!
Thanks for posting my work and if you have any questions or business proposals, please contact me at [email protected]