Bit Assets

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Discussion

Brian Page:

"Since bitcoin is too volatile to be used as a daily currency, we’re developing what we call bit assets, which are pegged to real world assets. This includes bit assets like bitUSD, bitYuan, bitGold, etc. This allows the user to immediately switch from dollars, to gold to even oil or shares of the exchange itself (BTSX), all within one private, secure and nearly free system. This entire system is called BitsharesX. Think of it as your personal vault where you can store these valuable bit assets, and an exchange where you can trade them. It’s an exchange that itself is more decentralized than Bitcoin. There’s nothing else like it and currently it’s just behind Ripple in terms of overall market cap at #4 in the world. Not bad for being launched two months ago.

We’ve also gotten rid of long public keys by using a new system. This is called TITAN, which stands for Transfer Invisibly To A Name. If you know someone’s username you can send them shares or bitAssets. No need for public keys, all you need is a name, like say, JohnathanSmith or perhaps an anonymous name like techguy233, and you can send and receive shares or bit assets.

Our speed is much faster than bitcoin, with transaction times well under 10 seconds, often only 5 seconds. So we’re hundreds of millions of dollars cheaper, 20 times more decentralized, and ten times faster than Bitcoin.

Add to that a stable bitUSD, which is pegged to the dollar and you have something that is truly next level. No more need for going into and out of crypto constantly as a merchant who doesn’t know if Bitcoin is going to drop like a rock tomorrow in value. You can reasonably expect that 1,000 bitUSD will be worth about $1,000 USD a week, a month or a year from now. BitUSD also pays interest, so just holding and saving in your vault is profitable.

At any point you can get immediately out of the dollar and into another currency like bitYUAN or into bitGLD, tied to the value of one ounce of gold. And this can all be done without ever leaving BitSharesX. The combination of all these solutions makes this the platform with the most potential. Show me companies that solve the biggest problems and I’ll show you the most profitable companies in the world. Profitable or unprofitable solutions. Which would you rather own? Which will the market choose? I believe it will be bit assets. And BitSharesX is just the first of many, many companies that not only we are launching, but others will be launching using our software." (http://bitcoinmagazine.com/16972/exclusive-interview-bitshares/)

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