by KEVIN CRUZ:
"Bitshares is a brand of open source software based on the same blockchain technology behind Bitcoin. Unlike Bitcoin, which is based on proof of work, BitShares is based on proof of stake, meaning that miners are not utilized.
Bitshares software is used to launch Decentralized Autonomous Companies (DACs), an idea that was first introduced to the industry by its founder, Daniel Larimer. These unmanned companies issue shares in each company, produce profits and distribute those profits to shareholders. There’s no need to trust anyone to do this, as everything is hard coded into the software.
BitShares is about making profitable companies that people want to own those shares in, and creating returns for shareholders." (http://bitcoinmagazine.com/16972/exclusive-interview-bitshares/)