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"description": "This token is redeemable for a free copy of the book \"Mastering Bitcoin\"", "description_mime": "text/x-markdown; charset=UTF-8", "type": "Other", "divisibility": 0, "link_to_website": false, "icon_url": null, "image_url": null, "version": "1.0" } Mastercoin Mastercoin is a protocol layer on top of bitcoin that supports a platform for various applications extending the bitcoin system. Mastercoin uses the currency MST as a token for conducting Mastercoin transactions but it is not primarily a currency. Rather it is a platform for building other things, such as user currencies, smart property tokens, de- centralized asset exchanges, contracts, etc. Think of Mastercoin as an application-layer protocol on top of bitcoin’s financial transaction transport-layer, just like HTTP runs on top of TCP. Mastercoin operates primarily through transactions sent to and from a special bitcoin address called the “exodus” address (1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P), just like HTTP uses a specific TCP port (port 80) to differentiate its traffic from the rest of the TCP traffic. The Mastercoin protocol is gradually transitioning from using the speci‐ alized exodus address and multi-signatures to using the OP_RETURN bitcoin operator to encode transaction metadata. Counterparty Counterparty is another protocol layer implemented on top of bitcoin. Counterparty enables user currencies, tradable tokens, financial instruments, de-centralized asset ex‐ changes, and other features. Counterparty is implemented primarily using the OP_RE‐ TURN operator in bitcoin’s scripting language to record metadata enhancing bitcoin transactions with additional meaning. Counterparty uses the currency XCP as a token for conducting Counterparty transactions. Alt-coins The vast majority of alt-coins are derived from bitcoin’s source code, also known as “forks”. Some are implemented “from scratch” based on the blockchain model but without using any of bitcoin’s source code. Alt-coins and alt-chains (in the next section) are both separate implementations of blockchain technology and both forms use their own blockchain. The difference in the terms is to indicate that alt-coins are primarily used as currency, whereas alt-chains are used for other purposes, not primarily currency. 222 | Chapter 9: Alternative Chains, Currencies, and ApplicationsPDF Image | Mastering Bitcoin
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