Bitshares PTS

Bitshares PTS is a clone of Bitcoin which can be mined or traded, but rather than being used as a currency to buy and sell things, each PTS coin effectively represents a share in the Bitshares project which aims to create a wide range of 'decentralized autonomous companies', or DACs for short.

Each of these decentralized autonomous companies are intended to have their own digital currency which is used as a unit of accounting and as payment for services, and an initial distribution of these coins will be given out to holders of Bitshares PTS as and when (or if) each of these DACs is launched.

The DACS being created by Bitshares are said to be decentralized because the services will be provided and maintained by the distributed network of people 'mining' the coin which supports them. They are autonomous because their business plan is actually encoded within the open source software which runs them rather than implemented by a central authority, so they can effectively run themselves without the direct involvement of Bitshares once they are launched; any change to this business plan would require the consensus of the community of people using that particular project, in order to 'fork' (make changes to) the source code used to run them. But yet they are still companies, in that the services they offer must be purchased (via transaction fees of the kind you usually pay when sending money using digital currency); these payments are distributed to 'shareholders' who own coins through dividends.

Bitshares Projects

Bitshares X: Banking

The main early focus of Bitshares has been on creating a distributed bank and exchange platform. At the time of writing this project was under active development and had completed early stage tests. All of the functions of Bitshares X are based around the creation of digital assets known as BitAssets, which are to be tied to the price of traditional commodities.

The future plans for this project specify that it will be divided into two parts – FX, which will provide a bank that will take deposits in USD, Bitcoin or gold, and CX which will provide a commodity trading platform.

.P2P Distributed DNS

The .P2P DNS project aims to provide a distributed domain name registration system which will be resistant to government surveillance and seizure. The concept is very similar to the well established Namecoin project, but with significant differences in implementation, including a system for combating 'name squatting'. It is under active development.

Other Projects

A wide range of other 'potential opportunities' are listed on the Bitshares website, from peer to peer lending to insurance to smart contracts, but these projects are not under active development. Bitshares is, however, requesting partnership offers from anyone wishing to create a start up within any of these areas.

Related Articles: Bitcoin 2.0

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