Open Transaction

I asked this in the IRC channel, but nobody is there.

Do you guys know about Open Transactions? [color=rgb(0, 102, 33)][font=arial][size=13px]opentransactions[/size][/font][/color][color=rgb(0, 102, 33)][font=arial][size=13px].org [/size][/font][/color][color=rgb(29, 64, 255)][font=helvetica neue][size=14px][/size][/font][/color]
You have very similar ideas, and last I talked to some of the developers they were planning to start using colored coins as well – which means you’re both pretty much doing the same thing.

OTs been around for awhile though, since 2010 I believe.

What’s your opinion on OT? Positive or negative?

Apologies for the extreme delay in the reply. I was just doing some “Open Transactions and Counterparty” research and this thread came up on Google.

It looks like OT would be very beneficial to CP because CP would have the most secure assets embedded in the Bitcoin Blockchain and OT would allow for additional functionality external to the Blockchain - e.g. micropayments, reduced fees etc. OT really complements the whole “Clearing house” core functionality of CP.

They do seem dead set on using Colored Coins (presumably of the Open Assets variety). One of the problems with Open Assets is that they have not got a protocol feature for creating Locked or Lockable Assets. This means that you cannot enforce scarcity of the Colored Coins. While this is fine for some applications, for others it is useless. I don’t think that Mastercoin have an Asset Issuance Locking feature either but I may be wrong.

@alphonse23 if you want you can join the Skype chat, there’s activity in there.

If I’m not mistaken OT is not Proof of Work-based, so it’s quite different. In that way it’s slightly similar to Dogeparty which is “basically the same” but not really because it doesn’t run on the same blockchain.

Possible “support for OT” was discussed and if I recall correctly PhantomPhreak said it could be done, but it’s a matter of requirements, resources & priorities. 3rd party developers could develop this as well, it wouldn’t necessarily be done by Counterparty developers.
 I don't think that Mastercoin have an Asset Issuance Locking feature either but I may be wrong. - Mastercoin have not.