Announcing BitShares 2.0

Cryptonomex 1 mins
 

The BitShares development team is proud to make their biggest announcement since launching one year ago: the upgrade to BitShares 2.0.

This is the next step in the evolution of BitShares, and incorporates all of the feedback and lessons learned from the BitShares stakeholders, partners, developers, marketers, and other community leaders throughout this past year of research and development.

Up until now, the core development team has closely controlled the development and direction of BitShares. With BitShares reaching maturity at version 2.0, the team is ready to remove the training wheels, and let the direction of all future development be decided completely by stakeholder vote.

To help ensure the long-term success of BitShares technology, the core development team will be reorganizing into Cryptonomex Inc., an independent blockchain development company. By utilizing a new worker voting system that will be included in BitShares 2.0, this company will continue to help develop BitShares in whatever direction is approved by its stakeholders. With this new structure, BitShares will be more robust, sustainable, and fair than ever.

Overview

  • A brand new BitShares codebase has been rebuilt from the ground up with the following features:

  • This codebase has been designed to solve the largest technical and economic problems with BitShares today.
  • New competitive features have been added that will allow BitShares to grow and succeed as an industry leader.
  • BitShares will be upgraded and the stake distribution will not be changed.

Why does BitShares need an upgrade?

BitShares has been operating for a year, and the community has identified numerous problems which are currently holding the system back from its full potential:

  • Slow performance and high resource requirements result in poor user experience.
  • Protocol object model does not match real-world usage.
  • Achieving performance goals requires fundamental protocol changes.
  • Non-standard market matching algorithm discourages traders.
  • Insufficient incentives for new stakeholders to help grow the network.
  • Unpredictable cost structure unfeasible for business operations.
  • Conflation of consensus protocol and project funding results in mismatched incentives and voter apathy.
  • Lack of flexibility of system parameters results in an inability to adapt to changing market conditions.
  • Shortcomings and caveats in internal market rules and incentives results in low liquidity and adoption.

How will BitShares 2.0 solve the problems with BitShares today?

BitShares 2.0 was designed to address all of the above issues. By upgrading, the community will experience:

  • A new high-performance protocol and engine, capable of handling over 100,000 transactions per second.
  • A new user-friendly hosted wallet interface.
  • Brand new financial smart contract features.
  • A new set of tools for community feedback.
  • A new viral growth model.
  • Robust testing infrastructure designed to prevent bugs and regressions.
  • A new developer-friendly and extensible codebase.

See our Technology page to learn more!

What happens next?

As soon as the software is ready, it will enter a public testing period for gathering community feedback. This testing period will last until the community is satisfied with the new system, after which an upgrade snapshot date will be announced with at least 30 days notice.

At the snapshot, the current BitShares network will stop producing blocks and BitShares 2.0 will be launched within hours. All accounts and balances will be fully migrated to BitShares 2.0.

See Migrating to BitShares 2.0 for more details.

Where is the code?

BitShares 2.0 is based upon the Graphene Toolkit.

BitShares is first and foremost a protocol based upon a public ledger. Anyone may provide and distribute an alternative implementation of the protocol and use the protocol for any other blockchain. The Graphene Toolkit produced by Cryptonomex Inc. is only one possible implementation of the protocol.

Cryptonomex will license the Graphene Toolkit for use with the BitShares (BTS) blockchain. The terms of the license will allow the Graphene Toolkit and any derivatives thereof to be used with the BitShares blockchain without any restrictions. Cryptonomex, Inc retains all rights to the Graphene Toolkit and any derivatives thereof for any other use. The BitShares blockchain is defined as exactly one global ledger.

Where can I learn more?

You can join the discussion on the forums.

Also explore the links at the bottom of this page.