Overview of BitShares 2.0 Named Accounts and Transfer Mechanism
BitShares is a decentralized autonomous organization (DAO) designed to provide high-performance blockchain financial services. Its 2.0 version, with the mainnet migrated from 1.0 in January 2019, introduced the "transferable named accounts" feature. Unlike many other blockchain networks, BitShares allows users to make transfers using easy-to-remember and communicate account names, rather than complex addresses or public keys. These named accounts themselves are considered valuable digital assets that can be transferred between users.
The core mechanism of account transfer is achieved by updating the permissions that control the account. When an account name is transferred to another user, the BitShares blockchain executes a special transaction that clears all links in the "web-of-trust," aiming to protect the privacy and security of both buyers and sellers. Additionally, BitShares 2.0 has built-in advanced multi-signature functionality, allowing account control permissions to be assigned to other accounts with set weights, increasing the flexibility and security of account management.
Historical Operating Guide: Key Points for BitShares 2.0 Account Transfer (Based on 2016 Community Sharing)
The following operating steps are based on sharing from BitShares community users in April 2016, aiming to review the practical methods of account transfer at that time. Please note that blockchain technology develops rapidly, and current interfaces and specific processes may have changed. This guide is for historical reference only.
1. Preparation Before Transfer
- Fee Preparation: Ensure that the account to be transferred (e.g., "Account A") holds enough BTS tokens to cover transaction fees. According to 2016 community discussions, if the account is not a lifetime member, it was recommended to keep at least 20 BTS to cover potential transaction fees.
- Obtain Recipient Information: You need to prepare the recipient's (e.g., "Account B") account name and the public key corresponding to their "Memo Key."
2. Accessing Permission Settings
Open your BitShares wallet and select Account A, which you wish to transfer. On the right side of the wallet interface, find and click the "Permissions" option to enter the account permission management page.
3. Transferring Three Core Permissions
Account transfer requires updating the following three types of permissions sequentially:
- Active Permissions: This permission controls daily transactions and operations. In the settings interface, find the active permissions section, enter the recipient's Account B name, and set its weight to 1. Be sure to remove Account A's original public key after adding Account B's public key.
- Owner Permissions: This permission is the highest control right for an account, used to change active permissions and other advanced settings. The operation method is similar to active permissions: enter the recipient's Account B name, set the weight to 1, and remove Account A's original public key.
- Memo Key: The memo key is used to encrypt and decrypt transaction memos. In the memo key settings section, enter the recipient's Account B public key and remove Account A's original memo key.
4. Save Changes and Test
After completing the transfer settings for all three types of permissions, click the "Save Changes" button and wait for the system to broadcast the transaction and confirm success. To ensure the operation is correct, community users once suggested conducting a transfer test with a small amount account first.
5. Account Status After Transfer
After the account transfer is completed, the original Account A will still be displayed in the original wallet, but since all its control permissions have been transferred to Account B, the original wallet will no longer be able to perform any operations on Account A. This means the original wallet only "collected" the historical records of that account.
BitShares (BTS) Trading Channels
BitShares (BTS), as a cryptocurrency, can be traded on platforms that support this token. As of the time of publication, users can find BTS trading pairs on cryptocurrency exchanges such as MEXC, Gate, and Poloniex. Please verify the availability and compliance of the platform yourself before conducting any transactions.
The platform information mentioned in the article changes with the listing and delisting dynamics of various exchanges. Please refer to the official announcements of the exchanges.
