The Bitshares Vision: Into Space...Literally!!!!
Most people on here are aware that Bitshares was @dan's first project that he developed. From there, he proceeded to move on and develop our very own STEEM blockchain. The advantages to these two blockchains versus most of what else is out there is well publicized.
Since we are talking about similar blockchains, many of us are invested both in STEEM and Bitshares. Obviously, since all of us reading this are on STEEM, we are familiar with where the goals of this blockchain are. @ned is very candid when he states he want to "tokenize the Internet".
But what is the goal of Bitshares?
This is where things get rather interesting.
One of the advantages of Bitshares is that it draws very little power, a problem with Bitcoin that is getting more attention. In fact, the entire Bitshares network can be run on the power of 21 laptops.
Bitcoin is such a power hog because it is a proof of work system. Hundreds of thousands of computers around the world are running the network. By solving mathematical problems, we see a system that is very secure, yet is slow.
Contrast that with Bitshares which has a system similar to STEEM in that it has individuals who are voted upon to run the network. While a very safe system, the vision is always to make it better.
So how does Bitshares improve security and makes its system less susceptible to someone taking it down?
By putting it in space of course.
Yes you read that right. The ultimate vision of Bitshares, according to @stan, is to put the Bitshares network on 21 satellites. Coupling it is the EOS system, when released, will enable Bitshares to scale up indefinitely.
This is how @stan put it.....
(Paraphrased)
Picture a network in space that nobody can touchwith that has unlimited bandwidth connectivity to the whole planet and can scale basically indefinitely connected via wifi to anyone with a cell phone.
The goal is "honest money with a level playing field" meaning that one in Africa has the same ability to access the financial system as one on Wall Street with neither having an advantage.
By eliminating all the "middlemen", Bitshares hopes to create zero economic friction.
When I heard all this I was stunned. This information came from an interview @stan did back in September.
The information I mentioned is around minute 47.
There is the old saying "shoot for the starts so if you fall short you still hit the moon".
This reminds me of that. The Bitshares network is very exciting. @stan is very candid about his view that BTS has the same potential over a few years to do what Bitcoin and Ethereum did in price. That is why he is so consistent with his 1000x statement.
Putting a network in space that has that ability to handle all the world's financial transactions is promising. If Bitshares comes anywhere close to pulling that off, it will certain see a much higher multiple.
Talk about a game changer.
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@dan, he's seems a bit like the Elon Musk of the blockchain world!
A bit except Elon tends to run companies...@dan is more of an inventor...he develops something then lets someone else run the show.
He most likely will put together EOS, hand around a while, and then move on from there.
It will be interesting to see whether EOS holds his interest. Seems to have plenty of breadth....
He stated that EOS is most likely his last venture of that sort because it is designed in such a way that he can then create the apps on it he wants....
It makes a lot of sense to put those satellites in space for bitshare. I think for an equal playing filed, cellphone tech would have to be improved in lower income countries.
Sounds really great if they can pull that off. People should have control of their own money and BTS is a great way for that to happen. Everyone should have equal access that can't be abused in some way. I think eveyrone is tired of seeing people being taken advantage of in a number of ways
Maybe ned will be inspired to do the same. Space is becoming very cool these days, and it very well deserves to be cool and inspire new development.
Quite honestly I hope @ned isnt focused upon space at the moment...there are many more important things needed on this blockchain and steemit.com before we start to worry about space....like SMTs would be a good start.
sounds really interesting. what I wonder about is how much room is there for so many blockchains targetting the similar problems. One might argue that there will be enough volume of transactions on blockchain for a number of succesful ones in the future, but how many and which ones?
That is where the blockchain's ability comes into focus and what it is designed for.
When you talk about scaling up, these two blockchains are already at a level to handle more than Visa...and from what I am gathering, with the development of EOS, will be able to scale up even more.
We will see how it all unfolds in the next few years....personally, I like to be on the rocket ship.
oh yes, I have some EOS, thinking about getting into BTS as well... man if these things really are able to achieve what they promise to, crypto will be the next stock market... it may be a gamble, but suppose it pays off... can't even imagine where we will be
I am the opposite of you....
I have BTS but no EOS.
That concerned me for a while but the more I researched, the more I realize that BTS is going to be enhanced by the introduction of EOS (STEEM should also).
Steem, how?
The entire blockchain can be put upon the EOS system to gain the scaling that is offered.
We will see this with BTS...@stan has mentioned it a number of times without stating it in those words.
ok, will have to research this more. Thanks for kindling the curiosity :)
I think the plan might be to have a middle chain to connect BTS and EOS, rather than running BTS on EOS
Darnit! You have to stop doing this...I keep learning from you!
@taskmaster4450 Thanks for sharing this information. Yes, I thinkg that Blockchain is a huge world. Day by day it wonders us. @dan develop a powerful things. I want to something else. I learn about Manna coin from your POST. I already create account form your referral. Now, i want to know, How I mine Manna coin? Please give me brief information about Mining Manna Coin. I searched a lot in internet. But I didn't get any information about Manna coin. I posted on Reddit, but same. No information. Please help me.
Info on their old site grantcoin.org
@taskmaster4450 I searched a lot. There is no information about mining. There is a link to mining. But the link is not working. Please help me with giving me a tutorial link.
@taskmaster4450 - all I can say is WOW! This is a great post and even greater information about Bitshares and what @stan and @dan doing. Bitshares and the EOS network, if it works out the way @stan says it will work will be REVOLUTIONARY!
I do not think most people even realize that the current U.S. banking system & Federal Reserve are not what they say they are- the FED is neither "FEDERAL" nor is it a "RESERVE". The FED says that they return something like 68 billion dollars to the Treasury from their operations, but how much did it really cost us?? No one even knows- and that's the main problem.
Bitshares and the new network have a chance to change this paradigm. Leading to a place where if I want to do business with @stan - I can just go into my wallet and send him some token out of my wallet to receive whatever product or service. This worldwide network can be what we really need a financial network to be: low cost, secure, fast & reliable.
Keep up the great work in your posts @taskmaster4450: Upvoted -outstanding!!
Again, I love the vision, but for that to happen, I guess our lovely godfather @stan will need help by his son @dan, which currently won't happen - again patience is needed and only time will tell. So maybe Bitshares is really the first Cryptocurrency that goes to the moon? 😂
That would be cool to see. Quick, hopefully free, transactions worldwide. This could be a major breakthrough in lag time. Great update Task. 😎
I believe low-fee transactions world wide is the goal....I am not sure Bitshares are free transactions.
We shall see how close they come to making that reality.