Bitshares: levelling the playing field through decentralization
Bitshares was a easy choice for us here at HowToToken, because of the great value it has for projects that need a simple token logic. We don’t need complex smart contracts, we could distribute our token in less than 5 minutes with a small fee of around $60, and create custom logic with OpenLedger if we choose to. Best of all, we don’t need to pay for exchange listings as HowTo token started trading on DEX right away.
So what exactly is Bitshares?
Bitshares is a platform with unique features that are not found anywhere else in the smart contract field. These features include SmartCoins, a cryptocurrency that is pegged against another asset. In the case of Bitshares, all SmartCoins have 100% or more of their value backed by the platforms currency, BTS. Another feature is the decentralized exchange, which beats centralized exchanges like Mt. Gox and Bitstamp in terms of security and fraud. Taking a cue from Paypal, Bitshares also has implemented a Referral Reward Program, rewarding users for bringing in other, valuable users. There are many, many more features that are covered on their website, and is worth the reading time.
Bitshares “models”: account and wallets
Bitshares has two “models” you can use, the wallet model and the account model. The account model is pretty straight forward: you chose an account name and a password to generate private keys. You can login from anywhere in the world with your credentials, but it does leave you open to brute-force attacks. As always it’s a good reminder to use strong passwords, it’s common knowledge to make use of a password generator instead of choosing something easy to remember. The wallet model is basically a collection of your multiple accounts, but your wallet is paired with your computer and/or browser, limiting where you can login to you wallet. So, how do you get started on Bitshares?
Bitshares account and wallet model setup
1. Download the client from https://bitshares.org/download/ OR go to the url https://bitshares.org/wallet/ . The interface is basically the same on both.
2. You will see a general overview screen with market information, but what we are looking for is the button “create account” in the right hand corner. Click that button to choose your model.
3. You will see a screen with an overview of the two models that Bitshares offers. Please read both carefully, and when you are certain you want to choose the account model, click the button “use the account model” on the bottom right. If you want to create a wallet model, click the button “use the wallet model” on the bottom left.
4. A faucet will pay for your first account, however this means your name cannot use any vowels, and must use a dash and numbers. Pick carefully as this name will be public!
5. Enter your password, and make sure it’s secure. Confirm it and then press “create account”.
6. You will be reminded to write down your password somewhere safe and accessible if you choose the account model! If you lose the password the account is lost forever.
7. And you’re done! You will see a screen with tutorials to help you get started with your new Bitshares account!
8. In the wallet account model, you can backup your wallet by generating a .bin file. This file is encrypted with your wallet password and all the private keys in your account. Use this to restore your wallet or move it to a different computer or browser.
Bitshares to HowToToken
So you have your brand spanking new Bitshares account or wallet, now what can you do with it? You can send BTS to any Bitshares user just by their account name, deposit/withdraw coins from other blockchains via gateway, or register to deposit/withdraw fiat in the following currencies: USD, EUR and CNY.
You can also join our community of expert writers, sign up with your Bitshares account name and receive BTS from your readers who enjoy your articles!
Author note: Bitshares has an official tutorial that can be found on their website, it is however out of date
Disclaimer:the author does not promote any of the exchanges or ICOs mentioned in the article as better than others. Do your own research and pick wisely!.