Delegated Proof of Stake

Who exactly is allows to produce a block at which time instant is defined by a consensus mechanism called Delegated Proof of Stake. In essence, the shareholders of BitShares (holders of the BTS token) can cast a vote for their preferred block producers on the blockchain. Those so called witnesses with the most votes are allowed to produce blocks.

What is Bitshares 2.0 ?

BitShares 2.0 is a Financial Smart Contracts platform that is based on the Graphene technology built by Cryptonomex. You can see Graphene as a toolkit or technology for real-time blockchains.

How does OpenLedger make Money?

To date profits are ready and finalized from OpenLedger, BitTeaser’s Blockchain advertising network, fees on all future deposits/withdrawals of Open assets including fiat, plus profits on trading fees on all CCEDK OPEN.xxx crypto including BTC (Bitcoin), DASH, ETH (Ethereum), NBT (NuBits) assets and fiat (traditional currency), as well as trading fees on issued assets like OPENPOS. Reserve balance: 1,053,759,023 BTS This is the initial reserve plus accumulated BTS from fees and unused witness/worker budgets. It represents the overall inflation cap, i.e., the total number of additional BTS that will ever be able to come into existence. It does not include accumulated SmartCoin fees. Accumulated fees: 10,612 BTS The approximate value, in BTS, of all accumulated SmartCoin fees, shown in the table at the bottom of this page. Spending budget: 15,015 BTS per hour This is the amount of BTS that can be allocated to worker and witness pay. Depending on what the committee and voters do, up to this amount can be spent; exceeding it would require a hardfork. It's calculated as a minute fraction of the reserve. Witness budget: 1,800 BTS per hour Worker budget: 13,215 BTS per hour Reserve delta since launch: -12,596,726 BTS How much the reserve pool has collected since launch from fees, less expenses. This includes accumulated BitAsset fees. > Written with [StackEdit](https://stackedit.io/).

Affiliate Link for OpenLedger

USE MY LINK TO GET ONTO THE EXCHANGE!! This is something you always wanted Freedom https://bitshares.openledger.info?r=coindup-hasho > Written with [StackEdit](https://stackedit.io/).

Sharebits Social Crypto Tipping Platform

SHAREBITS
Another Innovation from Bitshares Openledger on Graphene by Crytonomex
Great Social Tool (Tipping Included)
Reddit
The syntax for calling the bot in reddit is
+/u/sharebits 100 BROWNIE.PTS
Here, +/u/sharebits - calls upon the bot and the amount followed by the asset name or BTS will tip the user either the asset or BTS.
Eg : +/u/sharebits this is awesome have 1842 BTS will tip the user 1842 bitshares.
Twitter
The syntax for calling the bot in twitter is
@username #sharebits 100 bts
Here, @username defines the person to whom the tip is sent, the # calls upon the bot, and the amount and coin name defines the quantity and coin to be sent.
Eg : @UnitedNations Here’s 100 BTS from #sharebits for better governance
Forum Tipping
The syntax for callnig the bot in the bitshares forum is

sharebits “username” 100 BTS

The # calls upon the bot, the username in inverted comma’s defines the user name, which can be followed by the amount of the coin
Eg :#sharebits “freebieservers” Here’s 1500 BTS for coffee
Close
So you can basically load any of your ‘small change’ (assets that you are not using) onto the sharebits platform direct via openledger like this

Written with StackEdit.

BTSR BitTeaser Blockchain Based Advertising

BitTeaser buyback day today
So far not much action going on...15:10 March 11, 2016
I am shooting for 34.50 BTS for buy back price tonight

Short Selling BitAssets

"In order to increase your exposure to BTS and offer liquidity to BitAssets, such as USD, EUR, GOLD, etc., you can go borrow this bitAsset from the network and sell it short. We will here briefly describe the procedure.
Borrowing

The BitShares network is capable of issuing any amount of any BitAsset and lend it out to participants given enough collateral.
settlement price: The price for 1 BTS as it is traded on external exchanges.
maintenance collateral ratio (MCR): A ratio defined by the witnesses as minimum required collateral ratio
maximum short squeeze ratio (MSQR): A ratio defined by the witnesses as to how far shorts are protected against short squeezes
short squeeze protection (SQP): Defines the most that a margin position will ever be forced to pay to cover
call price (CP): The price at which short/borrow positions are margin called
Margin Call

The BitShares network is capable of margin calling those positions that do not have enough collateral to back their borrowed bitAssets. A margin call will occur any time the highest bid is less than the call price and greater than SQP. The margin position will be forced to sell its collateral anytime the highest offer to buy the collateral is less than the call price (x/BTS).SQP = settlement price / MSQR call price = DEBT / COLLATERAL * MCR


The margin call will take the collateral, buy shares of borrowed bitAsset at market rates up to the SQP and close the position. The remaining BTS of the collateral are returned to the customer.
Settlement

Holders of any bitAsset can request a settlement at a fair price at any time. The settlement closes the borrow/short positions with lowest collateral ratio and sells the collateral for the settlement.
Selling

After borrowing bitAssets, they can be sold free at any of the corresponding markets at any price a buyer is willing to pay. With this step, the short-selling is now complete and you are short that particular bitAsset.
Updating Collateral Ratio

At any time, the holder of a borrow/short position can modify the collateral ratio in order to flexibly adjust to market behavior. If the collateral ratio is increase, an additional amount of BTS is locked as collateral, while reducing the collateral ratio will require an amount of the corresponding BitAsset to be payed back to the network.
Covering

To close a borrow/short position, one must hold the borrowed amount of that particular bitAsset to hand it over to the BitShares network. After that, the BitAssets are reduced from the corresponding supply and the collateral is released and given back to its owner."

Privatized BitAssets

"Privateized BitAssets serve those customers that would like to issue a market pegged asset but do not want the witnesses to publish the prices. Instead, when creating a privatizedbitasset, the issuer can define a set of authorities that are allowed to publish the price for that particular asset. The issuer can further define all kinds of fees involving this asset and make a profit.

This feature is of particular interest for exchanges and institutes that have access to real-time prices and would like to increase exposure and volume."

User Issued Assets

"In addition to the aforementioned market pegged assets, BitShares allows individuals and companies to create and issue their own tokens for anything they can imagine. The potential use cases for so called user-issued assets (UIA) are innumerable. On the one hand, UIAs can be used as simple event tickets deposited on the customers mobile phone to pass the entrance of a concert. On the other hand, they can be used for crowd funding, ownership tracking or even to sell equity of a company in form of stock.

Obviously, the regulations that apply to each kind of token vary widely and are often different in every jurisdiction. Hence, BitShares comes with tools that allow issuers to remain compliant with all applicable regulations when issuing assets assuming regulators allow such assets in the first place."

Market Pegged Assets

"A crypto-currency, with the properties and advantages of Bitcoin, that is capable of maintaining price parity with a globally adopted currency (e.g. U.S. dollar), has high utility for convenient and censorship resistant commerce. This can be achieved by BitShares’ market pegged assets (MPA), a new type of freely traded digital asset whose value is meant to track the value of a conventional underlying asset by means of contracts for difference (CFD).

A SmartCoin (synonym for MPA) is a crypto-currency that always has 100% or more of its value backed by the BitShares core currency (BTS), to which they can be converted at any time, as collateral in a CFD.

What makes MPAs unique is that they are free from counterparty risk even though they resemble a CFD backed by collateral. This is achievable by letting the network itself (implemented as a software protocol) be responsible for securing the collateral and performing settlements as will be described in more detail below.

This is a subset of the available market pegged assets:
BitUSD
BitCNY
BitEUR
BitGOLD
…"

Permissions

"In BitShares, each account is separated into
Active Permission: control over its funds and
Owner Permission: control over the account.

Both can be defined in the Permissions tab of your account using so called authorities (see below) together with a so called threshold that has to be exceeded in order for a transaction to be valid.
Authorities

In BitShares an authority consists of one or many entities that authorize an action, such as transfers or trades.

An authority consists of one or several pairs of an account name with a weight.

In order to obtain a valid transaction, the sum of the weights from signing the parties has to exceed the threshold as defined in the permissions.
Examples

Let’s discuss some examples to shed some light on the used terminology and the use-cases. We assume that a new account is created with it’s active permissions set as described below. Note that the same scheme also works for the owner permissions!
(Flat) Multi-Signature

A flat multi-signature scheme is composed of M entities of which N entities must sign in order for the transaction to be valid. Now, in BitShares, we have weights and athreshold instead of M and N. Still we can achieve the very same thing with even more flexibility as we will see now.

Let’s assume, Alice, Bob, Charlie and Dennis have common funds. We want to be able to construct a valid transaction if only two of those agree. Hence a 2-of-4 (N-of-M) scheme can look as follows:
AccountWeightAlice 33%
Bob 33%
Charlie 33%
Dennis 33%
---------- ------
Threshold: 51%


All four participants have a weight of 33% but the threshold is set to 51%. Hence only two out of the four need to agree to validate the transaction.

Alternatively, to construct a 3-of-4 scheme, we can either decrease the weights to 17 or increase the threshold to 99%.
(Flat) Flexible Multi-Signature

With the threshold and weights, we now have more flexibility over our funds, or more precisely, we have more control. For instance, we can have separate weights for different people. Let’s assume Alice wants to secure here funds against theft by a multi-signature scheme but she does not want to hand over too much control to her friends. Hence, we create an authority similar to:
AccountWeightAlice 49%
Bob 25%
Charlie 25%
Dennis 10%
---------- ------
Threshold: 51%


Now the funds can either be accessed by Alice and a single friend or by all three friends together.
Multi-Hierarchical Flexible Multi-Signature

Let’s take a look at a simple multi-hierarchical corporate account setup. We are looking at a company that has a Chief of Financial Officer (CFO) and a some departments working for him, such as the Treasurer, Controller, Tax Manager, Accounting, etc. The company also has a CEO that wants to have spending privileges. Hence we construct an authority for the funds according to:
AccountWeightCEO.COMPANY 51%
CFO.COMPANY 51%
---------- ------
Threshold: 51%


whereas CEO.COMPANY and CFO.COMPANY have their own authorities. For instance, the CFO.COMPANY account could look like:
CFO.COMPANYWeightChief.COMPANY 51%
Treasurer.COMPANY 33%
Controller.COMPANY 33%
Tax Manager.COMPANY 10%
Accounting.COMPANY 10%
------------------- ------
Threshold: 51%


This scheme allows:
the CEO to spend funds
the Chief of Finance Officer to spend funds
Treasurer together with Controller to spend funds
Controller or Treasurer together with the Tax Manager and Accounting to spend funds.

Hence, a try of arbitrary depth can be spanned in order to construct a flexible authority to reflect mostly any business use-case."

Witness

"Witnesses are entities that work for the blockchain by constructing new blocks. Each witness is approved by the shareholders and constructs and signs blocks from validated transactions. Every transaction made in the network is required to be validated by all witnesses eventually.
Consensus Mechanism

Who exactly is allows to produce a block at which time instant is defined by a consensus mechanism called Delegated Proof of Stake. In essence, the shareholders of BitShares (holders of the BTS token) can cast a vote for their preferred block producers on the blockchain. Those so called witnesses with the most votes are allowed to produce blocks."

Trading

"This page will give a very quick introduction on how to interpret the terms used by the DEX and how trading pairs are presented.
Pairs

In BitShares, almost any asset can be traded with all other assets. Once we have picked two assets, we usually refer to a market pair. For instance, we can trade USD against EUR in the USD:EUR pair.

For sake of consistency, we will use the generalized terms base and quote such that pairs are represented as*quote* : *base*


and for instance with base being USD and quote being EUR, denote the EUR:USD pair.
Order Books

The order book consists of an ask and a bid side. Since trading pairs do not have a preferred orientation, and can be flipped, the following table shall give an overview of ask/bid and the corresponding buy/sell operations for each side:
SideSellBuyAsk quote base
Bid base quote
---------- ------- -------


Obviously, what is on the bid side of the USD:EUR pair will be on the ask side on the EUR:USD pair. Of course prices are internally represented as fractions, and thus results in both pairs being identical.
Trading

To place a trading order, it is required to fill the form on either the ask or the bid side (respectively, buy or sell side). You will need to define a price and an amount to sell/buy. The cost for this order will be calculated automatically. Note that there will be an additional fee required to actually place the order.

Once the order is filled (i.e. someone sold/bought your offer), your account will be credited by the corresponding asset.

Unfilled orders can be canceled at any time."

Memberships

"Accounts in BitShares are separated into three groups. We decided to give users the option to upgrade their accounts into a VIP-like status if they desire and profit from reduced fees and additional features.
Non-Members

A regular account is a non-member.
Lifetime Members

Lifetime Members get a percentage cashback on every transaction fee they pay and qualify to earn referral income from users they register with or referer to the network. A Lifetime membership is associated with a certain one-time fee that is defined by the committee.
Anual Members

If a lifetime membership is too much you can still get the same cashback for the next year by becoming an annual subscriber for a smaller one-time fee which lasts for only one year.
Fee Division

Every time an account you referred pays a transaction fee, that fee is divided among several different accounts. The network takes a cut, and the Lifetime Member who referred the account gets a cut.

The registrar is the account that paid the transaction fee to register the account with the network. The registrar gets to decide how to divide the remaining fee between themselves and their own affiliate.
Pending Fees

Fees paid are only divided among the network, referrers, and registrars once every maintenance interval.
Vesting Fees

Most fees are made available immediately, but fees over the vesting threshold (such as those paid to upgrade your membership or register a premium account name) must vest for some days as defined by the committee."

BitShares

"As mentioned already, Graphene solely describes a technology or protocol. However it evolves to an ecosystem only in combination with an actual blockchain such as BitShares.

BitShares looks to extend the innovation of the blockchain to all industries that rely upon the internet to provide their services. Whether its banking, stock exchanges, lotteries, voting, music, auctions or many others, a digital public ledger allows for the creation of distributed autonomous companies (or DACs) that provide better quality services at a fraction of the cost incurred by their more traditional, centralized counterparts. The advent of DACs ushers in a new paradigm in organizational structure in which companies can run without any human management and under the control of an incorruptible set of business rules. These rules are encoded in publicly auditable open source software distributed across the computers of the companies’ shareholders, who effortlessly secure the company from arbitrary control.

BitShares does for business what bitcoin did for money by utilizing distributed consensus technology to create companies that are inherently global, transparent, trustworthy, efficient and most importantly profitable.
This Wallet

The wallet currently open in this browser window allows to access all functionalities of the BitShares network including BitAssets, User-Issued Assets and the decentralized exchange."

Workers

"Workers are proposals to perform a service in return for a salary from the blockchain. A worker proposal contains at a minimum the following information:
A start and end date
A daily pay
A maximum total pay

It should also contain a link to a webpage where the worker proposal is explained in more detail.

Votes for worker proposals can be positive or negative, which means you can downvote a proposal that you do not like.
Worker budget mechanics

Workers receive pay from a fixed daily budget on a first-come, first-serve basis until there are no more funds left. To see how this works, say we the following:
A daily total budget of 400k BTS for all workers
5 worker proposals with a positive votes total, with daily pay requests of 100k BTS each

Now the four workers with the most votes will all receive 100k BTS each per day, but once they’ve been paid the worker budget is empty. Therefore the fifth worker will receive nothing."

Backups

"It is recommended to make regular backups of your wallet even though in most cases a single backup may be sufficient. Please note that in order to recover from a backup you will also need to provide the pass phrase because backups are encrypted. Hence, if you either lose your wallet or your pass phrase you will be unable to access any of your funds again!

Backups can be obtain from the Wallet Management Console (Settings -> Wallets).
Wallet Exports

The most convenient way to create a new backup is by exporting the wallet with the provided link in the Wallet Management Console. Please store your backups safe from loss, theft, and natural catastrophes
Brainkey (advanced users ONLY)

If you never manually imported an account key into your wallet, you can alternatively backup your accounts and their funds by exporting the brainkey, a string of words from which your keys are derived deterministically.
Remark: Hierarchical Authorities (advanced uses ONLY)

If you are using hierarchical authorities (account and/or active permissions), backing up your keys alone may not be sufficient to regain access to your funds! Please revise the documentations about hierarchical authorities."

Wallet

"As you may have noticed already, this application is a web application and runs in a browser. A connection is established to a trusted node in the network that serves as a gateway to the rest of the ecosystem.
Wallet Security

Rest assured that our servers do never have access to your funds because none of your private keys ever leave your browser. Instead they are encrypted with your pass phrase and are stored in your local browser’s database. Hence you should make sure to have a proper Backup to not lose access to your funds on computer malfunctions or browser crashes.
Wallet Management

Furthermore, the user interface is capable of carrying and accessing several separated wallets each containing possible several accounts and corresponding funds. You can add, backup, and switch existing wallets in Settings->Wallets."

Introduction

"The decentralized exchange (further denoted simply as the DEX) allows for direct exchange of digital goods traded in the BitShares ecosystem.

A decentralized exchange has a very particular set of advantages over traditional centralized exchanges and we would like to address some of them briefly below. Although the BitShares DEX comes with all of them, it is up to the reader and customer to leverage those features in full or only partially.
Separation of Powers: There is no reason why the same entity needs to be responsible for issuing IOUs and for processing the order book. In BitShares, order matching is performed by the protocol, which is unaware of implications concerning the involved assets.
Global Unified Order Book: Since BitShares is global, anybody with an internet access can use the DEX for trading. This brings the world’s liquidity to a single order book for decentralized trading.
Trade Almost Anything: The BitShares DEX is asset agnostic. Hence you can trade at any pair. While some pairs may end up with low liquidity, such as SILVER:GOLD, other pairs such as USD:EUR for FOREX trading will see huge volume.
No Limits: The BitShares protocol is unable to limit your trading experience.
Decentralized: The DEX is decentralized across the globe. This not only means that there is no single point of failure, but it also implies that the BitShares exchange is open for trading 24/7 because it’s always daytime somewhere.
Secure: Your funds and trades are secured with industry-grade elliptic curve cryptography. No one will be able to access your funds unless you let them. To further strengthen the security, we allow our customers to setup escrow and multi-signature schemes.
Fast: In contrast to other decentralized networks, the BitShares DEX allows for real-time trading and is only limited by the speed of light and the size of the planet.
Provable Order Matching Algorithm: What makes the BitShares DEX unique is the provable order matching algorithm. Given a set of orders, you will always be able to provably verify that these orders have been matched properly.
Collateralized Smartcoins: One of the biggest features of BitShares are its smartcoins such as bitUSD, bitEUR, bitCNY, and others. For the sake of convenience, these assets are denotes simply as USD, EUR, CNY, etc. in the wallet. These digital tokens represent the same value as their underlaying physical asset. Hence 1 USD in this wallet is worth $1 and can be redeemed as such. Any of these tokens is backed by BitShares’ company shares (BTS) being locked up as collateral and being available for settlement at its current price."

Accounts

"As you may have already noticed by now, this blockchain technology requires you to register an account name. This comes with many advantages: Besides improved scalability, we have separated the identity from the transaction authorizing signature. In practice, owning an account name is independent from being able to spend its funds. Furthermore, both rights (we call them permissions) can split among an arbitrary complex relation of people (we call them authorities) using weights and a required thresholds."

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Read about how this came about

Microsoft thumbs up to Bitshares OpenLedger Decentralized Exchange

+Crypto Solution GmbH
+Bitcoin
+Bitcioinwala-india Hemant Jass

Bitshare Price breaks above Pivot Zone

Today Microsoft announced the node they made available for OpenLedger on Azure.

Bitshares 3.0 on Azure

Volume increase from news: Yes

Starting to get confidence in a decentralized exchange environment

Use on 'Chrome' while still in development stages:

Bitshares 2.0 OpenLedger on Graphene by Cryptonomex

BitTeaser Blockchain Advertising