Protocols built on the Bitcoin Blockchain
Bitcoin's design allows developers to encode small pieces of information into each transaction. Using a predefined protocol, developers are able to build an entirely new alt-coin on top of the existing Bitcoin blockchain.
Several examples of blockchain protocols exist, each with different characteristics. Using these protocols, the developers can define various types of units of accounts, create assets and tokens, and transfer them using standard Bitcoin addresses.
This opens up the blockchain to many useful applications within the business world. As a real world example, the NASDAQ was the first public company to issue private equity using the Colored Coins protocol. With a high level of transparency, the ...
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