Launched originally in 2013, BitShares is pretty much like the recent Ethereum blockchain network. It is based around the use of DACs or decentralized autonomous companies, which are computer programs that execute business plans independently. The BitShares cryptocurrency is used to fuel these operations.
A lot of people are attracted to BitShares for several reasons. First, it is a lot faster than the Bitcoin network when it comes to transactions. Next, it uses a proof-of-stake system when generating new coins. Finally, it allows for people to create their own DACs for their convenience.
Get a BitShares wallet
For those interested in getting BitShares, the first step is to get a BitShares wallet. There are several wallets available for BitShares, though there is the standard BitShares client. Just download it and you will be ready to begin. You can even opt for just a web wallet.
When you open a new wallet, you’ll get a string of 12 randomly-generated letters and numbers. This will be your private key and your main way to access the account. If you lose it, your wallet will never open. An additional feature of the Bitshares wallet is that you can set a password instead of using the private key. You can even give a name to your account so that it will display instead of a public key.
What you can do with the wallet
There are several things that you can do with your BitShares wallet. The main one is to participate in the BitShares economy. People can buy and sell BitShares with the help of their wallet. They can also use it to pay for services on the BitShares network.
However, the main use for a BitShares wallet or client is to start minting BitShares. Since the BitShares network uses proof-of-stake to determine who will solve blocks, all you need to do is to open the wallet to the network. This automatically starts the process. However, the difference is that BitShares asks users to vote for delegates.
Each user’s voting power depends on how much they staked. These delegates are given the exclusive right to earn PoS revenue from running a full node. It is supposed to be more efficient than regular PoS since it requires lower fees in order to maintain the network. The delegates are regularly shuffled around so that everyone has the chance to become a delegate.
BitShares is a great cryptocurrency that gives people an option besides Bitcoin. Try it out now by getting a wallet and taking the first step.