Dan Larimer an Entrepreneur has discovered a way of creating a fiat/Bitcoin exchange without fiat deposits by introducing a token that is backed by another token on the same blockchain On June 2nd 2013.
While discussing this concept with other crypto-enthusiasts on various Internet forums, He introduced his ideas to Charles Hoskinson, a co-founder of Ethereum, who helped to vet the idea and develop a business plan. They both presented the plan to Li Xiaolai, a Chinese Bitcoin tycoon, who agreed to fund the development.
On 4th of July and they have founded a company named Invictus Innovations. Few month later, In October 2013 Hoskinson and Larimer presented the concept of BitShares at the Atlanta Bitcoin Conference .
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