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A taxonomy of alternative currencies and chains Bitcoin is an open source project, and its code has been used as the basis for many other software projects. The most common form of software spawned from bitcoin’s source code are alternative de-centralized currencies, or alt-coins, which use the same basic building blocks to implement digital currencies. There are a number of protocol layers implemented on top of bitcoin’s blockchain. These meta-coins, meta-chains, or blockchain apps use the blockchain as an application plat‐ form or extend the bitcoin protocol by adding protocol layers. Examples include Col‐ ored Coins, Mastercoin, and Counterparty. In the next section we will examine a few notable alt-coins, such as Litecoin, Dogecoin, Freicoin, Primecoin, Peercoin, Darkcoin, and Zerocoin. These alt-coins are notable for historical reasons or because they are good examples for a specific type of alt-coin in‐ novation, not because they are the most valuable or “best” alt-coins. In addition to the alt-coins, there are also a number of alternative blockchain imple‐ mentations that are not really “coins”, which I call alt-chains. These alt-chains implement a consensus algorithm and distributed ledger as a platform for contracts, name regis‐ tration, or other applications. Alt-chains use the same basic building blocks and some‐ times also use a currency or token as a payment mechanism, but their primary purpose is not currency. We will look at Namecoin, Ethereum, and NXT as examples of alt- chains. In addition to the Proof-of-Work consensus mechanism used in bitcoin, alternatives include experimental protocols based on Proof-of-Resource and Proof-of-Publishing. We will examine Maidsafe and Twister as examples of these consensus mechanisms. Finally, there are a number of bitcoin contenders that offer digital currency or digital payment networks, but without using a de-centralized ledger or consensus mechanism based on Proof-of-Work, such as Ripple and others. These non-blockchain technologies are outside of the scope of this book and will not be covered in this chapter. Meta-Coin Platforms Meta-coins and meta-chains are software layers implemented on top of bitcoin, either implementing a currency-inside-a-currency, or a platform/protocol overlay inside the bitcoin system. These function layers extend the core bitcoin protocol and add features and capabilities by encoding additional data inside bitcoin transactions and bitcoin addresses. The first implementations of meta-coins used various “hacks” to add meta- data to the bitcoin blockchain, such as using bitcoin addresses to encode data or using unused transaction fields (e.g. the transaction sequence field) to encode meta-data about the added protocol layer. Since the introduction of the OP_RETURN transaction script‐ 220 | Chapter 9: Alternative Chains, Currencies, and ApplicationsPDF Image | Mastering Bitcoin
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