Bitshares is a token creation platform that enables users to create digital tokens that track the prices of real world assets. These tokens, called “Smart Assets,” can be pegged to any exchange traded asset, such as the Euro or a company’s stock, and are backed and marked-to-market by the BTS token. The underlying peg between these tokens is maintained and enforced through a Contract for Difference, or CFD, a type of contract usually used for equity derivatives. Bitshares was the one of the first blockchain projects to employ a Delegated Proof of Stake (DPoS) consensus algorithm, which has since been adopted by several other digital tokens. The architecture of Bitshares’ DPoS makes the network relatively centralized as only 101 delegates are responsible for the validation of blocks in its blockchain. Bitshares' delegates are elected by stakeholders, whose voting power is proportional to their stake. The project was created and initially developed by Dan Larimer, who later created Steemit and EOS. At the time of writing, Larimer is no longer a part of the Bitshares development team.