Bitshares (BTS), formerly known as ProtoShares, is a peer-to-peer distributed ledger and network that can issue collateralized market-pegged smart coins known as bitAssets. For instance, it can issue crypto-based assets, denominated by “bitAsset”, that track real-world markets like the USD, such as the bitUSD. Each smart coin has at least 100% of its value backed by the BitShares’ native currency, the BTS, which can be converted at any time at an exchange rate set by a trustworthy price feed. Bitshares was created by Dan Larimer, the co-founder of EOS, Steemit, and Cryptonomex. BitShares also has its own decentralized exchange.