Author: Luke Dashjr 2016-05-26 03:53:04
Published on: 2016-05-26T03:53:04+00:00
The email conversation discusses a proposal for asset issuance on Bitcoin blockchain called Open Assets Protocol (OAP). The proposed method uses the RIPEMD-160 hash of the SHA-256 hash of the output script referenced by the first input of the transaction that initially issued that asset as the ID of an asset. An issuer can reissue more of an already existing asset as long as they retain the private key for that asset ID. Transactions that are not recognized as an Open Assets transaction are considered as having all their outputs uncolored. Inputs are seen as a sequence of asset units, each having an asset ID, and similarly, outputs are seen as a sequence of asset units to be assigned an asset ID. The whole cryptographic infrastructure that Bitcoin provides for securing the spending of outputs is reused for securing the ability to issue assets. Reissuing more of an existing asset is easy and can be done quickly and at no cost (except for the transaction fee) as long as the issuer retains the private key for the asset ID. For backward compatibility reasons, an older client is allowed to see a colored output as uncolored.
Updated on: 2023-06-11T05:32:40.451489+00:00