#### What is BitShares? BitShares (BTS) is an open-source, [blockchain](https://www.coinbase.com/learn/crypto-basics/what-is-a-blockchain)-based platform designed to facilitate high-performance financial operations. It is a [decentralized autonomous organization](https://blog.coinbase.com/daos-social-networks-that-can-rewire-the-world-128b73732547) ([DAO](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/decentralized-autonomous-organization--dao-)) that allows its core utility token (BTS) holders to influence the future direction of the blockchain. BitShares aims to extend the innovation of blockchain to all industries that rely on the internet to provide their services, including banking, stock exchanges, lotteries, voting, music, auctions, and more. The platform uses a digital public ledger to create [distributed](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/distributed) autonomous companies that provide services at a fraction of the cost incurred by traditional, centralized counterparts. BitShares employs Delegated [Proof of Stake](https://www.coinbase.com/learn/crypto-basics/what-is-proof-of-work-or-proof-of-stake) (DPoS) to find efficient solutions to distributed consensus decision-making. #### How does BitShares work? BitShares operates using a core utility token (BTS), which is used as a fee to submit transactions over the BitShares blockchain and for development purposes. BTS token holders have the power to manage and develop the BitShares blockchain through several integrated built-in decentralized voting functions. The platform uses a system that reduces the need for multiple transaction confirmations, ensuring BitShares transactions can be finalized quickly. Delegates, known as witnesses, are responsible for producing and broadcasting [blocks](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/block), with numerous safeguards in place to ensure these witnesses act in the best interests of the network. BitShares also supports a range of decentralized products, including a [decentralized exchange](https://www.coinbase.com/learn/crypto-basics/what-is-a-dex) (DEX), user-issued assets (UIA), market pegged assets (MPA), and more. #### What are the potential use cases for BitShares? BitShares offers a wide range of potential use cases. It can be used to issue and trade corporate shares, sell event tickets, and make software and music licenses transferable. BitShares also supports [decentralized finance](https://www.coinbase.com/learn/crypto-basics/what-is-defi) (DeFi) platforms, allowing digital assets to be traded in an automatic and permissionless manner through the use of [liquidity](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/liquidity-) pools. Other use cases include the creation of price-stable [cryptocurrencies](https://www.coinbase.com/learn/crypto-basics/what-is-cryptocurrency), which are fully collateralized, and the issuer only needs to be trusted to appoint an honest set of independent feed producers. BitShares also supports the creation of non-fungible [tokens](https://www.coinbase.com/learn/crypto-basics/what-is-a-token) (NFTs). #### What is the history of BitShares? BitShares was launched on October 13, 2015, following community efforts since 2013 to build a decentralized blockchain platform capable of processing high-performance financial technologies. The platform was co-founded by Daniel Larimer, a renowned software engineer and co-founder of several other prominent blockchain ventures, and Charles Hoskinson, one of the original eight co-founders of [Ethereum](https://www.coinbase.com/learn/crypto-basics/what-is-ethereum). As of January 2021, the BitShares core team consists of 17 permanent workers, supported by more than 60 long-term contributors. BitShares was initially funded by community investments totaling 5,904 [BTC](https://www.coinbase.com/learn/crypto-basics/what-is-bitcoin) and 415,000 ProtoShares (PTS) in 2014, which was worth around $3.6 million at the time.