Visionary Programmer and Architect of BitShares, Steemit, and EOS
Dan Larimer is a programmer and the visionary creator behind BitShares, Steemit, and EOS systems. A tech genius and entrepreneur, he specializes in blockchain technology, cryptocurrency, decentralized exchanges, and economic systems. Dan’s stated mission in life is: “to find free market solutions to secure life, liberty, and property for all.”
Dan Larimer’s Background
Daniel Larimer graduated from Virginia Polytechnic Institute and State University with a Bachelor of Engineering (BE) in Computer Science in 2003. He became interested in blockchain technology during the early days of Bitcoin in 2009, and began communicating with Bitcoin founder, Satoshi Nakamoto, on a Bitcoin forum. Larimer was concerned about the number of centralized exchanges that were being arbitrarily closed down in those days, and became convinced of the need for “decentralized” exchanges.
His first invention was the decentralized network BitShares, along with BitUSD, the first trustless cryptocurrency tied to the dollar.
For more about EOS, click on the link to see a fascinating and informative interview with Dan Larimer.
Companies and Inventions of Dan Larimer
Larimer developed the blockchain technology known as Graphene, which powers the decentralized network BitShares (2014), the Steemit token cryptocurrency (2016), and Steemit, a social networking site built on the blockchain. His latest endeavor, the EOS cryptocurrency and platform, has been one year in development and is coming to launch date. He’s also the CEO of Cryptonomex, Inc., which is a blockchain technology consulting company that was founded with his father, Stan Larimer.
The BitShares Exchange
BitShares is a real-time public financial platform. It offers a “decentralized exchange” for cryptocurrencies, resembling the New York Stock Exchange. A decentralized exchange uses a large network of computers for its operations, in which anyone with a computer can participate. It eliminates the need to put trust into one central authority for handling all the money, and is based on blockchain technology, which makes decentralized exchanges possible. The BitShares cryptocurrency token, BTS, can be used to receive payments for network operations and as loan collateral. BitShares has been a part of Microsoft Azure Blockchain as a service package since 2016.
History of the BitShares Exchange and DPOS
In 2013, while working on designing a decentralized cryptocurrency exchange, Dan Larimer came up with the concept that became BitShares. He discussed his ideas with other cryptocurrency enthusiasts, including Charles Hoskinson (later co-founder of Ethereum and Cardano), who helped to develop the project and set up a business plan. Li Xiaolai, a Chinese Bitcoin multi-millionaire, agreed to fund the revolutionary project. From there, Larimer and Hoskinson founded their company, Invictus Innovations, and in late 2013, they presented the BitShares concept at the Atlanta Bitcoin Conference.
In the process of creating BitShares, Larimer came up with an alternative to cryptocurrency mining in the form it was practiced at the time, which he felt had some serious flaws. So he decided that his projects would utilize a different method called DPOS (Delegated Proof of Stake), a simple algorithm that anyone could use on their personal computer.
In 2015, Dan formed a company called Cryptonomex with some of his BitShares developers, seeking to find solutions to some of the major obstacles for BitShares 1.0 and other blockchains, namely, scalability and performance. Six months later, Cryptonomex released BitShares 2.0, based on Graphene, the name of their new blockchain software system. Graphene was capable of 100,000 transactions/second, and the most advanced model of governance ever.
Main Features of the BitShares Platform….Speed
The BitShares platform can process 100,000 transactions per second, and more under optimal conditions. Let’s compare that with our Visa card, provided by one of the largest financial institutions in the world, which can handle on average 2,000 transactions/second, and a maximum of 24,000/second.