Posts about BitShares
Alright everyone. Itโs official!
The BitShares Music Foundation launched itโs pre-sale from the Inside Bitcoin conference in Las Vegas.
www.bitsharesmusicfoundation.org and www.peertracks.com
Non-technical paper here: http://bitshares.org/papers/music/btsmusic-peertracks-non-technical-paper.pdf
Letโs start with a TL;DR shall we?!
The BitShares Music blockchain is a Decentralized Autonomous Company (DAC) that runs off of Delegated Proof Of Stake (DPOS) Each unit of this DAC is called a NOTE.
PeerTracks is the first front end website/app that will plug into and read the blockchain. This site will allow artist to: create their profile upload their music set their own prices And if they want, issue out their own Artistcoins
Artistcoins are user issued assets The artist can sell (or give) them to his fans in order to fund his career. The artistcoin is tied to that artists sales (ON blockchain sales only). Meaning โSnoopcoinโ can go up in value when he sells a lot of songs, albums, merch, tickets from PeerTracks (or any other future front end site that decides to plug into the BitShares Music blockchain) etc. The artist can also bring value to his coins by offering different perks or benefits to his coinholders whether itโs through hardcoded token controlled access or from him just tweeting to his fans โAnyone with 200+ Snoopcoins get in the show for free, anyone with over 500 can hang out backstage after the showโ
From a userโs perspective Creates an account stream or purchase music you like using BitUSD, a non-volatile crypto-currency (BitAsset). Know your funds are going directly from your wallet to the artistโs wallet. No middle man. PeerTracks does not hold any funds, itโs all done directly on blockchain. Find artists you think have potential and buy their coin. See that coin's value rise or fall depending on: -sales generated by that artist on the site -perks offered to that artistโs coinholders
Notice that the user's of this DAC do not have to know what a blockchain is, nor do they EVER see a private or public key.
Now if you do not care for music but you see value in a decentralized music industry and would like to be a part of it, you can get yourself some Notes.
Notes are the unit of this blockchain. This blockchain makes revenue from fees. -transaction fees -the fee when someone registers their username -the fee when an artist initially creates his artistcoins those fee are destroyed (proof of burn) essentially returning that stake to each Note holder.
So if you own 1% of all Notes, after a year of burned fees, you might now own 1.1% of the networkโs worth.
Keep in mind that Notes are also votes. You can vote for or against whichever delegate you desire. Contrast this with Bitcoin (try booting a mining pool out of power!)
Notes are also the collateral for the BitUSDs used to purchase music, merch and whatever else the artist will decide to sell from the sites plugged into the Music blockchain. The more BitUSD are in existence, the more collateral is needed (demand for Notes = price rise)
For more information, check out: www.bitsharesmusicfoundation.org and www.peertracks.com
You can also check out the non-technical paper here: http://bitshares.org/papers/music/btsmusic-peertracks-non-technical-paper.pdf
Please feel free to ask any questions!
Dan has a way of posting "optimistic" posts that make proposals sound like reality. No shady backroom deals were made. Dan was excited about how much Vitalik agreed about nearly everything they discussed (DPOS rocks, some mechanics deserve to be first-class, there needs to be interface standardization, etc).
Any talks of "partnerships" that we make are necessarily unofficial because there is no single organization managing funding and there is no one-time allocation for a single blockchain (plus the fact that all code is open source and anybody can copy anything anyway). The fact that this is not true for ethereum means the notion of "partnership" has much bigger consequences for you guys than for us. We should have realized and phrased our intent accordingly.
None of us want to take away your ether stake from any of you. Any potential talk of reallocating ether stake was away from miners who would be diluting you anyway, but we did not expect ethereans to still be such strong supporters of POW and so this proposal was obviously premature. The value proposition here is aligned incentives from a few thousand more crypto 2.0 enthusiasts - we hope to prove this vale to all other crypto communities with our several subsequent DACs.
Many of you do not think BitSharesX will work and many ethereans still confuse BTSX with bitshares as a whole. Many projects are not as "controversial" and we hope these will be an opportunity for ethereans to learn what we're actually all about (plug: PTS snapshot on the 21st for DNS and Voting DACs).
tl;dr we love you no matter how much you hate us
http://bitshares.org/wp-content/uploads/2014/06/Dan-Vitalik-Golf.png
