BitShares Forum
Main => General Discussion => Topic started by: muforever on August 29, 2014, 09:03:01 am
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Hi, I'm quite new with this and have some newbie questions which I hope you guys can help (something easy to understand) :( :
1 - what is BTSX, is it possible to mine BTSX? If not, how to acquire BtSX?
2 - what the relation of BTSX to PTS ?
3 - if Btsx and pts are related, if I have 200 PTS, can I exchange for BTSX?
Many Thanks
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Hi, welcome to the forum :)
Here are some short answers to your questions.
1 - what is BTSX, is it possible to mine BTSX? If not, how to acquire BtSX?
BTSX represents a share in the BitSharesX DAC - A decentralized asset exchange. Think of it as the crypto version of the NYSE that you can own shares in. BTSX supply started at a fixed 2,000,000,000 shares. However the share supply decreases over time as delegates choose to "burn" fees. Think of this as a buy back by the network. It is not possible to directly mine BTSX shares as all shares are created at the same time.
2 - what the relation of BTSX to PTS ?
BitShares-PTS (previously ProtoShares) is a seed blockchain used to spawn other blockchain based products like BitSharesX, LottoShares, BitShares Domains, Follow My Vote, and many more to come. When a new blockchain is spawned a snapshot is taken of the current state of the BitShares-PTS blockchain and PTS balances are converted to whatever the DAC is using as shares at a ratio decided upon by the DAC creators. More on this in your next question :) .
3 - if Btsx and pts are related, if I have 200 PTS, can I exchange for BTSX?
The BTSX snapshot was taken on February 28, 2014. This means whatever PTS balance you had in your own wallet (or participating exchange) can be claimed in the BitSharesX chain at a ratio of 1.28 PTS for 500 BTSX. So if you had a balance of 200 PTS at the time of the snapshot (even if you don't now) you would be able to claim 78,125 BTSX shares. You would need to still have the private keys for that balance. Technically put your PTS balance was copied over to the BTSX chain on February 28, 2014 and to retrieve that balance you need to decrypt those balances with the private key from the PTS chain that owned them in order to spend the BTSX. I'm sure some developer is cringing at my explanation but it should serve haha.
Since the snapshot there is no relationship between PTS and BTSX. Future DACs that honor the social contract will snapshot the PTS blockchain on a given date and decide how many DacShares each PTS will be worth. This typically depends on supply. Since DACs are not mined (read up on Delegated Proof of Stake for more info) all shares come into existence at the same time instantly. The developers of the DACs typically assign about 10% of the supply to PTS holders at the time of the snapshot.
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This can shed some light on the Bitshares X mechanics
http://www.reddit.com/r/BitShares/comments/2eo1sh/eli5_for_bitshares_x/ (http://www.reddit.com/r/BitShares/comments/2eo1sh/eli5_for_bitshares_x/)