I'm having a very difficult time understanding both, but from what I gather, they are both trying to accomplish similar things
Why does Mastercoin have actual coins that you can "buy" that are unique to bitcoins? What is the function of these Mastercoins and why do they have value? How do I use them?
whereas coloredcoins doesn't? (from my understanding, "coloredcoins" are simply marked pre-existing BTC that allow separate functions using the bitcoin network/protocol and aren't, in the traditional sense, a separate "coin" like mastercoin is to bitcoin )?
I'm clearly way over my head here, and confused myself writing this.. can somebody shed some light? Much appreciated
IMHO, Mastercoin is a flawed implementation. If the miners aren't aware of the coins that are spent on a mastercoin transaction, then how do they prevent double spending?
If Mastercoin does not leverage Bitcoin to prevent double spending, then how exactly does it even work as a coin?
If you want something that leverages Bitcoin infrastructure, then consider LegitCoin.
