BitShares

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In 2013, the decentralized exchange Bitshares was built, and in 2014 Bitshares was launched. Created by Dan Larimer, it used delegated proof-of-stake giving 3 second confirmation times with very predictable, reliable block production. The first version of Bitshares was built off of some of the same ideas as Bitcoin and shared some technology, but still didn't meet the performance requirements of an exchange.

In April 2016 a TechCrunch article written by Neil Haran classified that Bitshares used a setup and switch method to attract mass adoption. Similar to the central app strategy, this method establishes a user base first, and then introduces the currency. Bitshares and its array of associated startups is a good example of this. Several networks with varying currencies - Steemit and their STEEM Tokens, Peerplays and their tokens, for instance — slowly built their user base and value exchange system, and now they plan to adopt a central currency with Bitshares. This allows them to create a stable base first before pooling their resources.

In June 2016 Dan Larimer in his Steemit blog told that over the past three years he have worked with the BitShares community to implement the worlds first Decentralized Autonomous Organization based upon many of the same principles as Ethereum's The DAO. Money was raised, tokens were allocated, and token holders were given the ability to vote on how to spend community money and set blockchain parameters.

Graphene

In 2015 Graphene was created, and Bitshares was completely rewritten. This was able to achieve 100,000 transaction per second on a single machine, and decentralized global stress testing achieved 18,000 transactions per second on a distributed network. Account names were also introduced with Bitshares (advanced hierarchical dynamic threshold multisig), which separated accounts from keys, allowing organizations to be structured and permissions to be delegated to other users.

From Bitshare to Steem

In 2016 Steem was launched which had new conceptual issues. Social media users don't want to have to pay for every vote, they need account recovery options, etc... Steem also took the block rewards which are wasted in mining and redistributes them to people who are posting on the blockchain, enabling thousands of people to become active participants through massive decentralization allocation of funds. Steem went from concept in January to working blockchain in March to working website in July. At this point, Steem and Bitshares have more real world transactions occurring every day than the rest of the major blockchains combined. Steem also has a higher female-to-male ratio of users than any other blockchain. However, both Steem and Bitshares are application-specific blockchains. If you want to run multiple apps on the same blockchain, there are significant scalability issues that need to be solved.

BitShares Blockchain Foundation

The (Stichting) BitShares Blockchain Foundation is a non-profit organization registered in Deventer, Netherlands. It is operational since June 2016 and has been preparing industries behind the scenes ever since. In July 11th. 2017, after the block production incidente explained below, the website was lauched: http://www.bitshares.foundation The Foundation’s mission is to promote, advocate and grow the BitShares ecosystem to its full potential.

Block Production Incident

On Monday, July 10th 2017 at 9:00am UTC, an incident occurred on the BitShares network that caused an unplanned interruption of block production. All block producers have been affected by a memory corruption that was caused by an automatic resize of a flat_index container that resulted in an unrecoverable stale state. This has happened for the first time in over two years of blockchain operations. This halting of the network was a first for Bitshares 2.0. The witness team came together and even Dan Larimer showed up to write a patch, in order to pull together and recover from this issue. After several core developers debugging the code, the cause was identified and a patch was quickly delivered to the block producers. Shortly after that, the blockchain recovered and new blocks have been generated. All transaction that made it into the blockchain prior to this incident are unaltered.


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