There has been an incredible amount of innovation over the past 2 months since we launched PTS and the ideas are scattered around the forum in many different threads. This thread is to bring it all home to one place and summarize what has changed over the past 2 months.
1) BitShares will no longer be mined nor will it use Proof of Work, instead it will use Consensus + Proof of Stake
a) This means that BTS will now pay 2x the dividend rate that the original spec called for.
b) This means that PTS holders stake in BTS will no longer be diluted by 45% due to mining rewards
c) This means that PTS holders benefit from allowing us to raise capital with the money previously spent on mining.
2) BitAssets will now receive a predictable, hardcoded 5% interest return, and short positions will pay a 5% borrowing cost.
3) Consensus algorithm means that confirmation times will be as quick as 30 seconds and no one node can manipulate the market.
4) We have identified a much simpler approach to implementing dividends
5) 50% of first BTS money supply will be allocated to PTS holders
6) 50% of first BTS money supply will be allocated to AGS holders.
7) Each BTS chain will support trading in about 16 assets
8) AGS and PTS will be used to initialize all BTS chains each trading in a subset of assets. Therefore, AGS and PTS is more valuable than owning a single BTS chain. They get you rights to all chains.
9) At the rate AGS is being funded we will have $3 million per month to spend developing BTS and are rapidly moving to accelerate the process.