True meaning of PEG and Synth in an ERC-20 token
Sattahip, Thailand, 16 Aug 2021, ZEXPRWIRE, BitShares presents dBTS, an ERC-20 token compatible on Ethereum platform, pegged 1-1 with the real BTS core token of BitShares.
Those of you familiar with the parable of the tortoise and the hare may already get the logo. ‘dBTS’ stands for ‘Decelerated BitShares, because as soon as $BTS tokens move from their native tech, it becomes much slower. Hence ‘decelerated’ and a turtle-like logo for ‘d’.
Authors of the project were Henry Woo (Ethereum developer), Milos (DL) Preocanin (BitShares architect), and it was deployed by Long Jie (BitShares JS Developer). Quote from the architect, Milos:
“Since people started going crazy about ‘wrapped’ BTC which has its own price, demonstrates nothing even close to what we consider PEG around BitShares, or the line of ‘synths’ by new tech startups… BitShares invented MPA’s with oracles more than 5 years ago, so it’s time to show the markets the real meaning of an Asset Peg and how Bitshares does it.”
The decision was clear that BitShares needed to enter the wider ecosystems of crypto Pegs in order to show their credentials. The dBTS token is also a strong demonstration of the efficiency and speed the platform offers.
TX cost per swap within Bitshares blockchain: ~ $0.10 (Basic account) TimeToComplete: 3 seconds fixed
TX cost per swap within Ethereum blockchain: ~ $18-$198 (Uniswap, Metamask) TimeToComplete: ~ 3 minutes
BitShares BTS core token has been invited to participate on other markets and token economies in the past. The limitation was always they’re using ERC-20 protocol, which meant BTS was incompatible. So BitShares presents dBTS to become an ERC-20 instead and appear across the Ethereum based dApps and marketplaces.
Created in July 2014, BitShares is the oldest and first blockchain to introduce several concepts that are now becoming commonplace. These included Delegated Proof of Stake (replaces mining), readable account names, stable-coins, a wallet interface, and built-in exchange. Additionally it has a highly flexible array of business-logic features for managing budgets, payments, accounts, and lots more. The blockchain cryptography and autonomy also enables secure approvals and a transparent voting system. Together the platform features open many possibilities for business and industry applications. For more of the essentials on BitShares, see the main website at https://bitshares.org/
As previously mentioned, dBTS exposes BTS to all the ERC-20 markets, and with it their interest and liquidity. You could also call it ‘gorilla marketing’ as this represents a vast avenue for BitShares to be discovered. ERC-20 is the Ethereum platform format used by a huge number of crypto token projects. Another key point is dBTS ERC-20 provides anyone with $ETH a very convenient entry/exit point to the BitShares platform. Once others discover BitShares is offering such low fees and high speeds, more awareness will follow.
ERC20 Characteristics and details:
Capped, Mintable, Burnable, Pausable.
OWNER/MINTER ADDRESS: 0xb4a19FA2196519641959c2Dd316daBe667F3fBd0
TOKEN CONTRACT ADDRESS: 0x58e27acd119a13bb41c795b9362b6c6dd39e0f3b
Precision: 5 decimals
Max mintable supply: 3,600,570,502.00000 dBTS
Initial Supply: 20,000.00000 dBTS
dBTS ERC20 contract is subject to copyright of BitShares non-profit organization
Move Institute, Slovenia (bitshares.org & EU Trademark)
dBTS ERC20 official and ONLY corporate Partner/representative is
BitShares Management Group Co., LTD. Thailand
Decelerated BitShares makes possible all kinds of integration between BitShares and Ethereum network dApps, ERC-20 token economies and exchanges.
BitShares blockchain goes from strength to strength with this addition. The team has also been busy launching a StakeBTS program, BitShares NFTs, a new Forum, and overhauling websites all whilst launching new companies to transform themselves into an international corporation that BitShares deserves to be.
BitShares have big goals since 2020 for regulatory approval and growth of the brand. Once almost becoming a ‘Dark DAO’, BitShares are turning things around by introducing a layer of centralization and establishing a corporate presence. Now with a big cleanup undertaken and proper management, BitShares – the original DPoS project – is starting to emerge. See also https://bitsharesmanagement.group/
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Name- Sourav Ghosal
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