BitShares/BTS - Terminology

approved and published on 07/18/2018

Most public blockchain systems carry a core native token, such as the BTC on the Bitcoin Blockchain, the ETH or Ether on the Ethereum blockchain, or XRP on Ripple. But, not so fast. Let’s take a look at what wikipedia/bitcoin has to say about it:

There is no uniform convention for bitcoin capitalization. Some sources
use Bitcoin, capitalized, to refer to the technology and network and
bitcoin, lowercase, to refer to the unit of account.[7] The WSJ[8] and
The Chronicle of Higher Education[9] advocate use of lowercase bitcoin
in all cases, however.

and en.bitcoin.it

* Since Bitcoin is both a currency and a protocol, capitalization can be
  confusing. Accepted practice is to use Bitcoin (singular with an upper
  case letter B) to label the protocol, software, and community, while

* bitcoins (with a lower case b) to label units of the currency.

As you can see, the Bitcoin community has yet to decide on the correct use of terminology.

However, it is very clear that we need a distinction between the system that operates a token and the token itself.

Terminology in BitShares

The purpose of this short article is to clarify the terminology around the BitShares Blockchain and its core native token BTS as it is used in the whitepaper. Although this is widely accepted by the community by now, the terminology used by the BitShares Blockchain Foundation is a mere proposal.

We distinguish between

We do this consistently to distinguish technology from token and economics.

This means that

Sources:

  1. stackexchange.com
  2. bitshares whitepaper
  3. wikipedia/bitcoin
  4. en.bitcoin.it

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