What is New in BitShares 2.0¶
- Votable Network Parameters: BitShares 2.0 will allow its shareholders to fine-tune any parameter available to the protocol. This includes, block size, block interval, but also the payment for block producers and transaction fees.
- Flexible and Dynamic Access Control: BitShares 2.0 allows customers and participants a flexible and dynamic access to its funds or account handle. A so called Authority can consist of a flat hierarchy similar to multi-signature in Bitcoin, but could also support tree hierarchies never to be seen before. Read more about this about dynamic account permissions.
- Transferable Account Names: Since Control over Funds is separated from the control over an account, we can have transferable account names that are registered on the blockchain. Named accounts allows for much easier transfers because no cryptic strings needs to be handed out. Read more about transferable named accounts.
- On-Chain Proposed Transactions: In traditional crypto currencies, a multi-signature transaction has to be transfered to its corresponding signers on separated communication channels (off-chain). BitShares 2.0 allows to propose transactions on the chain and have the signers be notified for their required signature automatically. No more manual communications are required.
- New Full-Node/Client Concept: We recognize the hassles some people had when synchronizing the BitShares 1.0 blockchain with the heavy-weighted BitShares full client. In order to offer more comfort and a faster trading experience, we decided to separated the user-interface from the block syncing core component that connects to the peer-to-peer network. Of course, both are open source and a full node can run easily, we understand that some users mainly prefer to use the frontend not bothering about the blockchain.
- Referral Program: PayPal and Dwolla showed the success of referral programs, a program that could easily and cheaper be implemented in a decentralized software protocol. Hence we took our chance and implemented a blockchain based referral program. From every transaction fee, paid by a customer you referred, you will get a fraction. Of course, this fraction can be tuned by shareholders! Read more about the referral program.
- Recurring & Scheduled Payments: We wanted to offer a way to have our rent payed automatically. So we implemented it in the blockchain. In BitShares 2.0, participants are capable of allowing others to withdraw funds from your account. Of course, you can define a daily/weekly or monthly limit. Read more about recurring and scheduled payments.
- Additional Privatized BitAssets: In contrast to Market Pegged Assets (also known as BitAssets) that have a price feed published by witnesses that have approval of shareholders, a privatized bitasset allows to create market pegged assets that have an individual set of price feed publishers that do not need shareholders’ approval. Hence, everyone can create a privatized bitAsset to track an individual value, such as indices, or binary predictions.