|
Title: A Bitcoin sidechain design that does not require a new token/Altcoin? Post by: BiteMy5hinyMetalAss on June 05, 2015, 12:26:40 PM I have looked at colored coins, sidechains and alt-coins and it appears that all of these 'enhancements' just re-invent the concept of a bitcoin token. Why, I asked my self, do we need a new token/altcoin when we have tokens already in Bitcoin?
Making a new token just appeared to complicate the usage of these new 'enhancements' in many ways (i.e. you need to convert BTC into some other token coin, then manage that other coin token etc). I think I have a working theory on how a blockchain can be created that does not include a new token/altcoin. But I do not think it is possible that I am the first person to think along these lines? Thus does anyone know of another altcoin/coloredcoin/sidechain theory that does not introduce a new token for the new blockchain? Any pointer appreciated. Title: Re: A Bitcoin sidechain design that does not require a new token/Altcoin? Post by: Manipulator on June 05, 2015, 01:56:36 PM I'd like to know as well. I often hear talk of such but never actually see one working on a coin that doesn't involve tokens.
Title: Re: A Bitcoin sidechain design that does not require a new token/Altcoin? Post by: ple on June 06, 2015, 06:32:59 PM Coinprism is based on the Open Assets Protocol.
Colored coins Uses the Bitcoin blockchain Uses no intermediate currency http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/ (http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/) Title: Re: A Bitcoin sidechain design that does not require a new token/Altcoin? Post by: Sourgrapes2015 on June 06, 2015, 08:06:36 PM Coinprism is based on the Open Assets Protocol. Colored coins Uses the Bitcoin blockchain Uses no intermediate currency http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/ (http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/) Biased, intentionally crafted comparison table by coinprism devs to represent their developments in the best possible way whilst throwing the others under the bus. They have been message about incorrect information but refused to update it. the following entries for example Quote Send to multisig address, Native Android Wallet, Other platforms , Open source, Support for unconfirmed transactions , Asset icon , Associate contract with asset, Proof of authenticity , Send assets to multiple recipients. are ALL marked as an X in the counterparty table column (ie they claim counterparty does not support any of those features) when in fact the platform supports every one of those. only coinprism open source? seriously?.. That's just negligent. They have purposefully left of a bunch of argument points that would paint coinprism in a less positive light an e.g open assets doesn't support true spv, requires use of either a centralized asset tracking server or running your own server, does not allow locking of assets (their genius solution is to delete the private key ::) ), not compatible with vanilla bitcoin addresses, stores certain data in centralized manner, (they try and somehow push this as a benefit ::)) DOES NOT HAVE DECENTRALIZED EXCHANGE FUNCTIONALITY, unwieldy tracking of complex colors, opens gates for asset tracking gateways to monetize transactions - their business model (and likely some reasons nasdaq chose it ) Counterparty has at least: * the same functionality as colored coins (it costs 0 XCP to create an asset, only bitcoin is required) * decentralized asset trading with automatic order matching <-- this is the reason we're here... * assets that can pay distributions (dividends) * assets can be customized (divisibility, callback, locked or issueable, total amount, description) * peer-to-peer betting * broadcasts * contracts for difference * smart contracts |