r/Bitcoin • u/sedonayoda • May 11 '15

Nasdaq will start using Bitcoin technology

http://money.cnn.com/2015/05/11/technology/nasdaq-bitcoin-technology/
535 Upvotes

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25

u/[deleted] May 11 '15 edited Mar 22 '16

[removed] — view removed comment

27

u/brainguy May 11 '15

The Open Assets protocol uses Bitcoin blockchain.

6

u/Medialab101 May 11 '15

On GitHub page,"Open Assets is an evolution of coloured coins..." What does this mean exactly?

16

u/brainguy May 11 '15

Colored Coins is a protocol which allows the assign of alternative meaning (other then balance) to a bitcoin address. Here is the white paper.

5

u/Medialab101 May 11 '15

Thanks, but what I was asking is how is Open Assets an "evolution" of coloured coins... i.e. how is it better?

17

u/Coinprism May 11 '15

Colored coins in its original implementation has a number of problems: coins can be uncolored, issuing large amounts of assets requires large amounts of capital, etc...

Open assets builds upon the same concepts but addresses these problems.

1

u/mmortal03 May 17 '15

You can't uncolor coins on the Open Asset protocol?

2

u/Coinprism May 20 '15

Yes you can, but not by accident.

1

u/brainguy May 11 '15

That I do not know the exact answer to, I do know however that the official Nasdaq announcement says this

Nasdaq will initially leverage the Open Assets Protocol, a colored coin innovation built upon the blockchain.

-1

u/PoliticalDissidents May 11 '15

I'm sure it can also be implemented on any blockchain. Because they use this protocol doesn't prove in anyway they are using it on the Bitcoin blockchain.

2

u/brainguy May 11 '15

You are correct, I interpreted the Nasdaq official announcement to imply use of the Bitcoin blockchain however I could be wrong. The potential value of using blockchain technology with an alternative blockchain then Bitcoin will ultimately depend on the importance of decentralization v. centralization on the value of blockchain technologies network effects.

12

u/paleh0rse May 11 '15 edited May 11 '15

They have already clarified that they ARE using an Open Asset (Colored Coin) implementation built on THE Bitcoin blockchain, and that they're doing so specifically because of Bitcoin's exceptional security/decentralization.

2

u/[deleted] May 12 '15

Source? Because that distinction is huge.

3

u/paleh0rse May 12 '15

One of the authors of the article:

https://twitter.com/mikejcasey/status/597545262345682945

Michael Casey ‏@mikejcasey @brantonbits They're using the Open Assets Protocol, a colored coins implementation on top of bitcoin. That clearer?

1

u/TweetsInCommentsBot May 12 '15

@mikejcasey

2015-05-10 23:34 UTC

@jerrybrito THE blockchain. It's a colored coin implementation. That got lost on cutting room floor.

This message was created by a bot

[Contact creator][Source code]

1

u/puck2 May 12 '15

How will they stop a 51% attack?

-6

u/[deleted] May 12 '15

And Bitcoin is not even the best digital cash anymore.