Author: Petr Praus 2013-02-13 21:42:17
Published on: 2013-02-13T21:42:17+00:00
In a discussion between Petr Praus and Jorge Timón, the former expressed his intention to implement trading across chains in a P2P manner. Jorge suggested two related projects for Petr to explore: Colored Coins and Ripple. Colored Coins uses satoshis to represent smart property, shares, IOUs of another currency, which can be atomically traded for bitcoin, and can also be traded for other chain currencies like namecoin or freicoin if the trade across chains contract is implemented. Ripple is a concept by which people who trust each other on a network are able to pay with IOUs transitively, and has a new p2p implementation that is similar to bitcoin but has no mining. According to Petr, Ripple does not have any contract enforcement (by technical means) built in. Petr intended this as an alternative chain development and did not plan to merge it back into the main client. The project was part of his research towards his Master's thesis on multicurrency in Bitcoin.
Updated on: 2023-06-06T09:50:38.107641+00:00