The main thing I love so much about the world of cryptocurrency is the fact there is still so much left to learn each and every day. As a result, I came across PeerShares today, and after doing some reading. I learned something new today. But then I saw BlackShares, which is the concept of PeerShares for the Blackcoin digital currency. More things to learn, which I will gladly share with our readers!
What are PeerShares?
Most people will have never heard about PeerShares in their life, and that’s only normal I’m afraid. PeerShares is an inexpensive decentralized ledger which can be used by businesses in order to track share ownership, as well as distributing dividends in an automated fashion. Like with regular cryptocurrencies, these shares can be transferred from one person to another, or held in a wallet.
One of the main benefits of using PeerShares comes in the form of organizing a fundraiser through an initial offering/crowdfunding without the involvement of a third party exchange or platform. Even though trading shares on other platforms is a good way of providing liquidity, Peershares can be traded on any number of exchanges just like Peercoin can.
However, perhaps the most important part of PeerShares is how each business or entity using PeerShares will have their very own independant blockchain. Securing this blockchain can be done relatively easily, as long as the involved cryptocurrency offers Proof-of-Stake capabilities, after the initial shares have been generated through Proof-of-Work.
From a developer standpoint, I’m quite surprised PeerShares has not been adopted by other cryptocurrencies just yet.The source code is completely open source and free to download, so why is there very little interest in this amazing concept? Or, at least there seems to be some interest right now, from the Blackcoin community.
Meet BlackShares – PeerShares for Blackcoin
It was only a matter of time until one of the many digital currencies took an interesting in PeerShares and try to adapt it to their own coin. Do keep in mind this is not an official initiative by the BlackCoin Foundation or Blackcoin developers at this point in time, but an idea brought up by community member noerc.
The first step was forking the current Blackcoin development tree on GitHub and implementing the extensions provided by PeerShares for the Blackcoin network. All of this was successfully achieved by noerc, and you can see the result on GitHub by clicking here. You can also find the steps there in order to create your very own asset with separate blockchain.
The required parameters for creating a Share blockchain have been put in a single header file, allowing for customization if needed. Genesis blocks are generated and printed automatically once certain parameters are changed, automating most of the process and requiring very minimal input from third parties when they want to issue a Share with BlackShares.
A lot of work is still to be done, and independent reviewers are more than welcome to take a look at the current code implementation. Do keep in mind this software is highly experimental and it should be used with the utmost caution. It will be interesting to see if this project takes off, and what will be done with the technology in 2015.