What has Changed since BitShares 0.9?¶
- BitAssets are Collateralized Loans from a Counterpartyrisk-Free Smart Contract: Our research has identified an improved mechanism to achieve a solid peg of bitAssets to its underlay. BitAssets like the bitUSD in BitShares 2.0 will always trade for at least the value of its underlying asset, i.e. $1. We have summarized the economical analysis and incentives for market participants here: bitAssets 2.0
- Faster Blocks: Initially, the BitShares 2.0 blockchain will come with 3 seconds block interval with the option to reduce down to 1 second if shareholders agree.
- Industrial Performance: BitShares 2.0 can support massive load and works well beyond 100k transactions per second. Find out how we achieve industrial performance and scalability.
- New Reactive UI: The BitShares 1.0 user interface was powerful but lacking in responsiveness and perfomance. For Bitshares 2.0 we’ve reimplemented the whole wallet using the React.js framework developed by Facebook, which is well-known for having excellent performance. The new BitShares UI is an entirely browser-based wallet, with private keys maintained in the browser. We expect a flourishing ecosystem of forked and tweaked wallets based off of our UI.
- Accounts must be registered: In BitShares 2.0 we have separated authorities from transaction partners. Hence, if Alice wants to send funds to Bob, it may be required that only Celine signs for that transaction. Also, BitShares 2.0 has a referral program. Both features combined make it necessary that participants register an account on the blockchain.
- No more Hierarchies in Account Names:
In BitShares 1, there have been hierarchies in account names. Namely, you
could only create a sub-account
home.walletif you also owned
wallet. In BitShares 2.0, these hierarchies no longer exist and to register
home.walletyou don’t need to own
- Explicit Privacy: The TITAN technology in BitShares 2.0 slowed down blockchain processing significantly. Because of this and because TITAN did not really offer good privacy, we eliminated TITAN as a default transaction feature. Hence: Account transactions are public now as well. However, since we recognize the value of financial privacy, we offer blinded transactions that hide the transferred amount, and stealth transactions that hide the sender and receiver. A combination of both is also possible.
- Prices are Fractions: To circumvent rounding errors, all prices in BitShares 2.0 are represented as fractions.
- Delegates are now Witnesses and Payed Positions are now Budget Items: Since we have separated the business part from the block producing part, we now call block producers (formerly known as delegates) witnesses, while the additional payed position for workers are called budget items.