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Tuesday 18th May, 2021
On the 17th May 2021 a new repository was announced on the official Bitshares Github account called dBTS_ERC20_token [https://github.com/bitshares/dBTS_ERC20_token].
Named 'dBTS' for short, the new project name stands for Decelerated BitShares and is a collaboration between developers in the Bitshares and Ethereum camps.
The aim of the work is to expose Bitshares to the Ethereum economy, thus allowing BTS to ride on the ERC blockchain making integration into exchanges offering ERC tokens possible. Additionally it will now be possible to have Uniswap pairs, Metamask etc.
This is extremely positive news, but as suggested by the name there is a small trade off in that the moment Bitshares steps out from its native technology (DPoS) it becomes slower and more expensive. Hence 'decelerated'. If you're used to trading in Ethereum this will come as no surprise.
To put things into perspective:
| Bitshares | Ethereum | |
|---|---|---|
| Transaction cost per swap | ~$0.10 (Basic account) | ~$18-$198 |
| Transaction time | 3 seconds fixed | ~3 minutes |
Bitshares as a blockchain is clearly fast and cost effective, and prides itself on being the oldest, fastest DPoS but the thinking here is that expansion into other ecosystems will open new doors for the project. There may well be a future tipping point upon which awareness of the technology problems faced by competing blockchains becomes a mainstream theme understood by the many.
Users of and businesses built on Bitshares can now start thinking about integration into the world of Ethereum wallets, dapps and smart contracts.
Attempts such as this project have been made before, for example wrapped Bitcoin (wBTC) and is an ERC-20 token that represents Bitcoin on the Ethereum blockchain. But, the Bitshares team have ambitions to be better than wBTC having been offering several pegged assets for many years.
Keep checking the official repository for news and updates on this topic. At the time of writing, by 25th May, a gateway for PEG and SWAP along with corporate account on Bitshares blockchain that will be used for proof of issued deposits (BTS proof on Ethereum blockchain for real BTS known as dBTS). A network website will be launched on the same day, as well as Coin Market Cap (CMC) listing.
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BTS: whatifihodl-0 BTC: 1CFJdasPUMnUXz5qBvUtMirnxoeba4PFa6
