BitShares 2.0: General Overview¶
Abstract: BitShares 2.0 is an industrial-grade decentralized platform built for high-performance financial smart contracts. The decentralized exchange that allows for trading of arbitrary pairs without counterparty risk facilitates only one out of many available features. Market-pegged assets, such as the bitUSD, are crypto tokens that come with all the advantages of traditional cryptocurrencies like bitcoin but trade for at least the value of their underlying asset, e.g. $1. Furthermore, BitShares represents the first decentralized autonomous company that lets its shareholders decide on its future direction and products. This paper gives a brief overview over the whole BitShares platform, recapitulates known blockchain technologies and redefines state-of-the-art.
BitShares 2.0: Financial Smart Contract Platform¶
Abstract: Ever since Satoshi Nakamoto released his whitepaper and corresponding software for bitcoin, the cryptocurrency ecosystem has continued to grow at a rapid pace. In the beginning, Bitcoin created a platform that anyone could use to transfer value across the internet without middlemen, banks or counterparty risk. However, once bitcoin’s basic blockchain consensus technology became established and stable, people began to discuss whether blockchain technology could also be applied to enable the trade of multiple assets without the need for a broker or centralized clearinghouse. BitShares has created such a technology, and has coined the term “decentralized exchange” (DEX) to describe our Bitcoin 2.0 platform. Currently, it supports trade not only in digital assets, but also traditional financial instruments and securities on the blockchain. The two main tools we provide for the creation of these instruments, market pegged assets (MPA) and user-issued assets (UIA), are discussed in detail in this paper.
BitShares 2.0: Stress-Test Results¶
Abstract: BitShares 2.0 is an industrial-grade decentralized platform built for high-performance financial smart contracts. In order to show its capabilities in the field, we have conducted a stress test on the public testnet. The testnet has been deployed with the same code base that is used for the BitShares network and has nodes around the globe. Only margin changes have been made to distinguish the testnet from the productive network, properly. A multi-phase stress-test has been proposed and accepted that modifies the maximum transaction size, maximum block size and block confirmation times in the live network during the stress test. Validators have been kept up to date by means of stake-weighted voting.