Would it be possible to build an layer on top of the blockchain which allowed for the transfer of various currencies, both crypto and fiat, through the blockchain? I am guess you would still be required to pay a fee in BTC... unless it were somehow possible to keep track of the various transfers that take place in a block and then offer the fee to the miner in the mix of currencies that were transferred. I am not asking about an alt coin here, it's really not about the coins themselves but rather the transfer protocol. Perhaps it would have to be an alt coin - but one that was decentralized an is supported by a reward system, unlike Ripple Labs.
I think there is great potential in the money transfer aspects of bitcoins, but why does it have to be limited to BTC itself?
Just wondering.
This is presently being built now. Please look at https://bitcointalksearch.org/topic/mastercoin-new-protocol-layer-starting-from-the-exodus-address-265488 or mastercoin.org. The new decentralized exchange will be running in a week or two. Presently, it will do BTC and MSC. You can trade these on the test platform today! In about 6 months I expect Euro and USD to also be included. I think there is great potential in the money transfer aspects of bitcoins, but why does it have to be limited to BTC itself?
Just wondering.
Its not a new idea. JR Willett had this idea more than two years ago.
Mastercoin runs ON the bitcoin blockchain. Mastercoin is going to enhance the already awesome bitcoin.
