“Backers of a new ‘programmable money layer’ called Mastercoin claim their system will allow anyone to devise their own currency by using the preexisting Bitcoin economy as a foundation. It will allow anyone in the world to exchange their Bitcoin for Mastercoin, which can then be traded again for user-generated currencies. If it works, within the next few months anyone with a passing knowledge of the digital economy could start up their very own currency which could serve a variety of purposes. Perhaps you want to track the price of gold or produce a currency that can only be traded for a certain commodity or service. The Mastercoin developers want to help you do that.”
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