STEEM CRYPTO CHALLENGE : Bitcoin Is Booming - BTS
My favorite coin is BTS.
The BTS is the core-token of the Bitshares blockchain. Bitshares is a unique decentralized exchange with a matching of orders at the Blockchair. It has no analogues until recently. In fact, Bitshares was the very first DEFI. It was created by Den Larimer back in 2014.
During all these years, there were dozens of new projects that offered UNICAL features. It's funny, but every time I read this I was convinced - guys, it was implemented in Bitshares 3-4 years ago! For example, the project MAKER and its token DAI on ETH, it is a pathetic semblance of MPA on Bitshares.
MPA - market pegged assets. The technology that allows you to produce on the blockchain Bitshares smart-coins. Smart coins are coins that are issued by a smart contract on bail of core token BTS . At the Bitshares blockchain there are standard stablecoins tied to the currencies of some countries bitUSD, bitRUB, bitEUR.
(borrowing CNY for BTS foe example)
But there were also smartcoins that peg to Bitcoin crypto - bitBTC, as well as to stock market shares or to metals - gold, silver. In order for the users of such smartcoins not to be afraid that they will be devalued, the Bitshares blockchain has implemented a settle mechanism. If the quotations submitted to a smartcoin are too much lower and the users are short of collateral, issue the coin - in such cases, the margin-call mechanism is launched and the borrower loses his BTS. If there is not enough liquidity in the smartcoin, then the user can force settle a smartcoin. That is to say, give the Blockchain the equivalent number of coins in exchange for the smartcoin.
All this gives users a huge opportunity. Holders of Bitshares can use it as a personal bank, borrowing bitUSD and not selling their crypto assets. This is what many of us have used. They printed it, and for printed dollars they bought BTS again and printed it again. Over and over again. It all ended when the price began to fall. To pay off our debts, we had to sell all the BTS and not only the other cryptographic currencies. In the end, there was a margin call and all the printers were losing money. Now I don't do such dangerous games.
What else is rich in Bitshares?
- In Bitshares, any user can create their own coins with a flexible setup system.
- In Bitshares it is possible to create any markets, it is possible to trade at least weather forecasts for stocks of Boeing...
- The mechanisms of blind transactions are implemented in Bitshares - almost like in moneros. In Bitshares, you can monitor the behavior of large whales and repeat their trading strategies - it is a blockchain and everything is visible.
- In Bitshares, there are gateways through which you can start other cryptocurrencies, such as Bitcoin, EOS and many others. In my opinion, the most reliable is the RUDEX gateway https://market.rudex.org/. There is also GDEX.
But sometimes trouble can also happen. A few months ago, the oldest gateway in Bitshares, OpenLadger, closed, where many people lost their money. Including me. Almost 300 EOS which is quite a serious amount for me. There is almost no hope to get it back.
I've already written about BItshares in steemit. For example here https://steemit.com/bts/@zhenek/code-of-btsholders.
Interesting and probably not known to many people, but STEEMIT was originally written in the code Bitshares blockchain.