Was this an another form of what we've already known, ethereum smart contract? But runs on the bitcoin and LTC blockchain on the other side? If that so, then it might be intended to create more cryptocurrency on the same blockchain and I don't want that to happen. As a crypto enthusiast and trader. Limiting the coins circulating on the market is increasing the market value and price of the existing coins. So, let us stick with what vintage coins can do. But on the other hand, let us give a chance to this system first, if it works good, and we better go little by little.
Yes, this is similar to Ethereum in many ways. Allowing you to launch second layer currencies, prediction market applications etc.
This software is oriented towards currencies backed by tangible sources of value. When creating a new currency, you can put dollars, BTC etc into an escrow account and set up a mechanism to allow coin holders to unlock funds from escrow by destroying their coins, or to issue new coins by depositing funds into escrow. This allows you to create coins pegged to other currencies.
Or otherwise specify the intellectual property, commodities, streams of revenue etc that ownership of the coin gives you.
With this approach, we may not be directly in competition with many of the existing hype-based coins.