Author: Jorge Timón 2013-02-11 11:03:01
Published on: 2013-02-11T11:03:01+00:00
There are two related projects that may be of interest. The first is Colored Coins which allows the use of satoshis to represent smart property, shares, and IOUs of other currencies. These coins can be traded atomically for Bitcoin, and with the implementation of a trade across chains contract, they can also be exchanged for other chain currencies such as Namecoin or Freicoin. The second project is Ripple, where people who trust each other on a network can pay with IOUs transitively. It has a new P2P implementation, similar to Bitcoin in certain senses but without mining. Bitcoin IOUs can be traded on this platform. In a message from Petr Praus on 2/8/13, he expressed an intention to implement trading across chains in a P2P manner. This is described by Mike Hearn in https://en.bitcoin.it/wiki/Contracts#Example_5:_Trading_across_chains. However, this is intended more as an alternative chain development, and there are no plans for merging it back into the main client. He is looking at making relatively small changes in the mainline Bitcoin client rather than diving into something entirely new. This research is part of his Master's thesis on multicurrency (alternative chains) in Bitcoin. Overall, both Colored Coins and Ripple offer unique features and opportunities for cryptocurrency trading. While Petr Praus is pursuing research in alternative chain development, these projects continue to evolve and provide valuable options for users.
Updated on: 2023-06-06T09:52:11.117847+00:00