Today we are going to review PeerAssets, new blockchain protocol which has appeared on our radar and looks very interesting.
What is PeerAssets?
PeerAssets is an agnostic blockchain protocol whose main function is to enable peers in a P2P network to issue and transact with assets. The idea is to use a blockchain to transmit other tokens besides the native tokens which are used on that specific blockchain. This idea became “mainstream” (for the standards of the initial blockchain industry, of course) in 2013 and inspired this company.
This lead to the creation of the so-called “colored coins”, which are other types of cryptocurrencies which used the Bitcoin blockchain. This also inspired the creation of this protocol. Basically, the PeerAssets protocol was created to enable to develop the ability to create assets which can represent any type of bond or equity.
How Does PeerAssets Work?
PeerAssets works as a light protocol which does not need to utilize extra layers under the blockchain to work. It also does not require tokens with an external value other than the native currency of the selected blockchain which will be used to pay the transaction fees of the assets. Basically, this protocol uses the blockchain technology and structure to distribute messages and store these messages in a permanent way.
This protocol can be used on top of every type of cryptocurrency which has been forked from the original Bitcoin blockchain because it is based on the Bitcoin blockchain’s code. This includes popular cryptocurrencies like Litecoin and other ones like Peercoin. PeerAssets also do not require any type of hard or soft fork of the network which will be hosting the protocol.
If you want to know all the details about how PeerAssets work, you can read all the information about how it works and what it is on the White Paper:https://peerassets.github.io/WhitePaper/.
How to Invest in PeerAssets?
As this is an open source project located on GitHub, you do not need to invest in PeerAssets. The project is being done for free and you can just use it for your own project or to get more money. If you want, you can go to the project’s page and you will be able to donate money, so the development of this program can continue to be continuous and strong.
The PeerAssets Verdict
Is it a good idea to use the PeerAssets protocol? It really depends. This is not a protocol for a non developer or technical user, so it will surely not be that interesting for many our readers, especially the ones who are more interested in the investment side of the blockchain industry than in the technical side of this industry. Because of this, it might not be very useful for these readers.
On the other hand, PeerAssets can be a very good idea for developers who want to create new products and to use the blockchain technology for the development of new ideas and possibilities which can be used to create new products.
If you are one of these developers, you can be sure that there is a good investment to be made in studying and using protocols like this one because the blockchain technology is still very new and there are much that still can be used to improve it and to use it as the backbone of many different and interesting new types of business.