Mastercoin

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In my bitcoin magazine mastercoing post, I discussed how one might build a decentralised asset register on top of Bitcoin. What makes this approach interesting is that it is based on a deep insight: The colored coin shemes I described in my last post can be thought of as providing a third layer above these.

Graphically, we might draw it like this:. The key insight of mastercoin bitcoin magazine mastercoing that you could also build a distributed asset register on top of the network services, without making much use of the bitcoin currency itself.

Bitcoin magazine mastercoing would, in effect, be a second currency system sitting on the same network infrastructure. For example, bitcoin addresses are repurposed to represent concepts other than addresses in a really quite unsatisfactory way.

However, once a seemingly minor change to allow bytes of arbitrary data in a bitcoin transaction is introduced in bitcoin 0. In essence, their architecture might herald a wave of alternative schemes that sit on the core bitcoin network.

I have no idea which approach will prevail economics will no doubt trump architectural purity, as ever! I just want to share a secret with you and your readers. Mastercoin is not about the technology. Are you saying that Bitcoin could be swapped out for Peercoin, for example, — http: Alias, yes, Mastercoin-type technology could be deployed across the Peercoin network and other crypto currency networks someday.

Bitcoin was chosen obviously because it is the frontrunner with the highest security from a POW perspective, at least. However, given that Peercoin 0. I have bitcoin magazine mastercoing reservations about some of the design decisions in the mastercoin system e. Thanks for the comment — very helpful. Yeah, Mastercoin could swap out Bitcoin for Peercoin.

I love Peercoin and am invested from the early days. You are commenting using your WordPress. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email.

Standard Posted by gendal. Posted on November 10, Posted under BitcoinBitcoin magazine mastercoing ServicingUncategorized. Graphically, we might bitcoin magazine mastercoing it like this: However, bitcoin magazine mastercoing can be switched out or modified later if needed. Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in: Email required Address never made public. Post was not sent - check your email addresses!

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Bitcoin Magazine is one of the original news and print magazine publishers specializing in Bitcoin and digital currencies. Richtopia listed Bitcoin Magazine as No. Vitalik Buterin became interested in bitcoin in , and co-founded the periodical Bitcoin Magazine with Mihai Alisie, who asked him to join.

In , Bitcoin Magazine began publishing a print edition and has been referred to as the first serious publication dedicated to cryptocurrencies. In , while still Editor in Chief of the magazine, Alisie was involved with Cody Wilson in the darkwallet project.

From Wikipedia, the free encyclopedia. Retrieved 22 September Retrieved 17 September The Bitcoin Big Bang: Teenage hacker transforms web into one giant Bitcoin network". Retrieved 7 February A radical way to Bitcoin". Retrieved 24 January The Hunt of Satoshi Nakamoto. The Age of Cryptocurrency: How Bitcoin and the Blockchain Are Challenging Retrieved 3 May Retrieved 23 February Retrieved from " https: Bitcoin companies Internet properties established in Cryptocurrencies.

Official website different in Wikidata and Wikipedia Pages using infobox website with unknown parameters All articles with unsourced statements Articles with unsourced statements from September Views Read Edit View history.

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