There are quite a few people on Bitcointalk who don't grasp BTSX and what makes it so innovative yet. If you're confused, here's a brief overview:
BitShares X implements the business model of an
exchange and bank in an unmanned, autonomous way. It is an exchange where securities, currencies, and commodities trade. By market shorting mechanism, Bitshares X creates BitAssets, such as
BitUSD,
BitCNY, and
BitGLD, which track the value of their real world counterparties. Therefore in the form of Bitassets, you can deposit your hard-earned wealth in Bitshares X. Unlike traditional banks, your account can never be frozen, your funds can never be seized, and the bank will never face bankruptcy. With your money sitting in Bitshares X, you can now sleep well.
What is a BitAsset?BitAssets are an experimental digital asset class that are fungible and market-pegged to the value of anything from dollars, to gold, to gallons of gasoline. BitAssets can be transferred between users in the same way as bitcoins.
How does BitSharesX work?There are two interlinked components to BitShares X: BitAssets and the Exchange. A BitAsset is a special type of token that tracks the value of a real-world asset; for example, one
BitUSD will be worth one US Dollar. Users of BitShares X are able to trade their BTSX for BitAssets on the decentralized exchange.
What is a DAC?A Distributed Autonomous Company (DAC) is an unmanned company that generates profit on its own. It is a software entity that operates autonomously on a blockchain. It runs without any human involvement under the control of an incorruptible set of business rules. These rules are implemented as publicly auditable open source software distributed across the computers of their stakeholders. By holding “stock” of a DAC, you are a stakeholder and share the profits it generates.
Other than Banking, BitShares also features other DACs such as Bitshares DNS, Play, ME, Vote, Music, Insurance...
Learn more about these DACs here.If all this sounds interesting to you, you can learn about more details over at the
BitShares Wiki
