BitShares is a family of DACs that implement the business model of a bank and exchange. BitShares X offers a bank account where funds can be transferred in seconds anywhere in the world with more privacy and security than a Swiss bank account and the account can never be frozen, funds cannot be seized, and the bank can never face collapse. Unlike existing banks, account balance can be denominated in gold, silver, oil, or other commodities in addition to national currencies.
BitShares also serves as an exchange where currencies, commodities, and stock derivatives can be traded including shorts and options. The bank takes a cut on every transaction and pays these transaction fees to the delegates and then shareholders by way of the Burn Rate.
The BitShares blockchain was the blockchain that was custom tailored for Social media and became the Steem Blockchain. Both BitShares and Steem are the brainchild of Daniel Larimer and are Sister blockchains deploying very similar technology to achieve their goals..