Quote from: jcrubino on April 04, 2015, 01:13:50 AM

I have been working on creating hybrid assets of various altchains tokens and came to the conclusion that colored coins (thus my post above) was the way to go as it allows for hyper decentralization of the exchange of value among blockchains.

My basic approach to a provable decentralized chain exchange is:

1. proof of burn coins or use a multi-million year time locks
a. in this transaction, embed the prepared colored coin issuing transaction on the other chain
b. hash tag
2. Issue Colored Coins on external chain with hash tag

This creates immutable cross-referenced color coins fit for value exchange on the external chain

Bitcoin would be great for this application for security purposes and audience but the metadata political limit might cause problems if used for anything other then the color coin issuance.

Using a meta friendly blockchain like Florin would allow an auditable decentralized clearing-house platform that can track coins burned and colored coins issued on external chains.

Overall this provides a platform viable as a distributed cross chain clearing-house platform and enable hyper decentralization of the altchain token and asset trade.

I am interested in hearing your thoughts on this approach, on whether Florin should host this application protocol or should a fork take place to host this specific application. As Florin is a Blockchain Tech creation, its seems a fork is the norm and is a good idea when the distribution of current currency is unknown, additionally the proof of work feature while proven might not be the best fit for this application purpose. Yet I can't think of a better name than Florin and there is enough altcoins where reduce, reuse and recycle might be a smart choice.

Hi, sooner or later bitcoin will adapt to sidechain technology. Proof of Burn with coins created in sidechain is the future of Bitcoin. With this feature it will probably kill altcoins. BTC is worldwide accepted and with sidechains it will be as good as any other alt coin. There can be many sidechains, anonymous, fast, etc.. Even with smart contracts like Ethereum:) It is much easier for Bitcoin to adapt to sidechain technology, compared to getting worldwide acceptance for some altcoin with sidechain technology. But the fact is, sidechain technology is a huge advantage for altcoin compared to other alt coins. Anyway, all those ideas can be obsolete compared to Thelonios+decerver technology. Check: https://thelonious.io/ and https://decerver.io/.