“What makes this approach interesting is that it is based on a deep insight: the bitcoin network and the bitcoin currency are not the same thing. The key insight of mastercoin is that you could also build a distributed asset register on top of the network services, without making much use of the bitcoin currency itself.  That is: whereas a bitcoin transaction and a colored coin transaction are really the same thing, a mastercoin transaction could have no real conceptual linkage to the underlying bitcoin transaction that happens to carry it. It would, in effect, be a second currency system sitting on the same network infrastructure.”

http://gendal.wordpress.com/2013/11/10/decentralised-digital-asset-registers-mastercoin/

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