“The basic functionality of Bitcoin is to store, send and receive the digital currency, but on top of this other functionality can be added to support what are called smart contracts and smart property.  The idea is to eventually provide services like lending, property registries, distributed exchanges, share IPO’s and more all on top of the Bitcoin network that not only includes the block chain, but also an ever increasing information processing capacity through the Bitcoin miners.  In this interview Ron Gross talks about one of the projects seeking to create these new protocols to expand the functionality of Bitcoin: Mastercoin.”

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