Home Articles Pros and cons of BitShares exchange: an overview

Pros and cons of BitShares exchange: an overview

Today, blockchains on Graphene code base are considered to be among the most technically advanced and actively used. However, the activity tends to come mainly from the large number of transactions generated by BitShares and Steemit due to the high speed of query processing. This high speed compensates for the inconvenience, complexity, and lack of guidance that the user is confronted with while using the interface.

This gap and lack of optimized workflows is an unmistakable factor in why BitShares is still considered to be one of the most undervalued blockchain amongst market leaders. Despite many unique financial tools designed to meet the needs of both corporate and individual users, BitShares, which has been operating for almost five years, still has not reached its full potential in the cryptocurrency market because of these pitfalls.

The existing official application includes a wallet, a decentralized exchange, and a rather advanced system for managing dynamic access rights to accounts. However, to use these tools you will most likely need help, or you need to delve into a long learning curve.

For example, very few people realize that they have the ability to create their own tokens in BitShares, not to mention other, no less significant, opportunities that the blockchain provides to both individuals and businesses.

In the BitShares community there are regularly born initiatives aimed at popularizing the blockchain, but the effect of such initiatives tends to be quite short-term. Each time an obstacle for new users is recognized as an extremely inconvenient and difficult to use interface of the official application.

However the good news is the situation is about to radically change due to the new joint initiative of Rossul and Graphene Lab, which brings together the efforts of dedicated experts in the field of UX / UI design and development on the Graphene platform. Unlike previous attempts to improve the existing solution, the new initiative aims to radically rethink the logic of the user interface of the official platform application.

It assumes not just a new design, but, the creation of an open component library that will allow developers to maintain and develop the BitShares ecosystem more easily.

The effect of such transformations will be very significant. This is especially true against the backdrop of the continuing security and transparency problems faced by the increasing number of users from centralized exchange, for which there are a lack of decentralized alternatives.

“Our goal is to make the new official BitShares application, become a competitive leader in the cryptocurrency exchange market,” – a member of BitShares team explained. 

All modern crypto-exchanges invest considerable resources in the development of UX, and in order to get ahead and remain the best decentralized exchange, the BitShares community now needs to take all necessary steps to prioritize the users.