BitShares (symbol BTS), formerly known as ProtoShares (PTS), is an industrial-grade “crypto-equity”, peer to peer distributed ledger and network based on a Delegated Proof of Stake (DPoS) algorithm. It was created in 2014 by visionary Dan Larimer (“Bytemaster”), co-founder of Steemit, EOS and, Cryptonomex.
BitShares is based on Graphene, an open-source C++ blockchain implementation, which acts as a consensus mechanism. Graphene is used by several other projects like Steemit.com (decentralized Reddit, blog platform), and PeerPlays.com (gaming site and token PPY) indicating real-world usage.
BitShares operates more as an equity rather than a purist “currency” since BTS tokens are used as collateral for a variety of decentralized financial services like smart contracts, decentralized exchanges, banking, derivative creation (of market pegged “bitAssets”) and currency rails.