<p>New information: </p>

<p>See David Schwartz's response at <a href="https://bitcoin.stackexchange.com/questions/19199/are-there-examples-of-asset-backed-virtual-currencies/19221#19221">examples-of-asset-backed-virtual-currencies</a> for a short description of Ripple.</p>

<p>Older information:</p>

<p>The <a href="https://bitcointalk.org/index.php?topic=134179.0" rel="nofollow noreferrer">List of all Cryptocoins</a>  mentions both Mastercoin (MSC) and Ripple (XRP).  This URL is dated, and Ripple is now <a href="https://www.ripplelabs.com/" rel="nofollow noreferrer">open sourced</a>. The <a href="http://www.youtube.com/watch?v=pj1QVb1vlC0" rel="nofollow noreferrer">ripple video</a> is informative.  According to <a href="http://en.wikipedia.org/wiki/Ripple_%28monetary_system%29" rel="nofollow noreferrer">Wikipedia</a>, Ripple is currency agnostic. Ripple has network consensus times of 2 to 5 seconds (which is much less than 2.5 or 10 minutes) and already has 100 billion units of XRP which probably explains why it is not visible at <a href="http://www.coinchoose.com/charts.php" rel="nofollow noreferrer">Mining Revenues</a>. I've yet to dig into the <a href="http://opencoin.in/" rel="nofollow noreferrer">Bitcoin Ripple Open Forum</a>.</p>

<p>The Central Banks are scared that an open source architecture is emerging that will be redefining the FIRE Sector, and thus threatening their monopolies.  The FIRE Sector is starting to go through a very disruptive innovation revolution with the genius of Open Source Technologies. If these distributed technologies are implemented properly, we could be on the verge of another 1776. I would love to see the diagram below updated and refined by the Open Source Community so we all have a bigger picture road map to focus our efforts.</p>

<p><img src="https://i.sstatic.net/YGPnh.png" alt="Exter&#39;s Pyramid and Emerging Open Source Technologies"></p>

CC BY-SA 3.0
2013-12-19T03:11:50.577Z
2013-12-27T02:06:47.847Z
2017-04-13T12:47:36.647Z
skaht
<p><a href="http://wiki.mastercoin.org/index.php/FAQ#What_is_Mastercoin_and_why_is_it_needed.3F" rel="nofollow">Mastercoin</a> is described as:</p>

<blockquote>
  <p>"both a new type of currency (MSC) and a platform. It is a <strong>new protocol layer running on top of Bitcoin like HTTP runs on top of TCP/IP</strong>. Its purpose is to build upon the core Bitcoin protocol and add new features".</p>
</blockquote>

<p>Are there any other protocols or similar built on top of the Bitcoin protocol in this way?
(As an aside, the way <a href="https://en.wikipedia.org/wiki/Namecoin" rel="nofollow">Namecoin</a> uses a Bitcoin-like P2P model to act as an alternative, decentralized DNS is interesting...are there similar things built on top of Bitcoin itself?)</p>

<protocol><alternatives><omni>
What protocols are built on top of Bitcoin?
Jonathan Deamer
# What protocols are built on top of Bitcoin?

(Asked by: username_0 on 2013-12-18)

[Mastercoin](http://wiki.mastercoin.org/index.php/FAQ#What_is_Mastercoin_and_why_is_it_needed.3F) is described as:

> "both a new type of currency (MSC) and a platform. It is a **new protocol layer running on top of Bitcoin like HTTP runs on top of TCP/IP**. Its purpose is to build upon the core Bitcoin protocol and add new features".

Are there any other protocols or similar built on top of the Bitcoin protocol in this way?
(As an aside, the way [Namecoin](https://en.wikipedia.org/wiki/Namecoin) uses a Bitcoin-like P2P model to act as an alternative, decentralized DNS is interesting...are there similar things built on top of Bitcoin itself?)

**Tags:** protocol, alternatives, omni


---

## 1 answers

### Answer by username_1 on 2013-12-19. Score: 2

New information:

See David Schwartz's response at [examples-of-asset-backed-virtual-currencies](https://bitcoin.stackexchange.com/questions/19199/are-there-examples-of-asset-backed-virtual-currencies/19221#19221) for a short description of Ripple.

Older information:

The [List of all Cryptocoins](https://bitcointalk.org/index.php?topic=134179.0) mentions both Mastercoin (MSC) and Ripple (XRP). This URL is dated, and Ripple is now [open sourced](https://www.ripplelabs.com/). The [ripple video](http://www.youtube.com/watch?v=pj1QVb1vlC0) is informative. According to [Wikipedia](http://en.wikipedia.org/wiki/Ripple_%28monetary_system%29), Ripple is currency agnostic. Ripple has network consensus times of 2 to 5 seconds (which is much less than 2.5 or 10 minutes) and already has 100 billion units of XRP which probably explains why it is not visible at [Mining Revenues](http://www.coinchoose.com/charts.php). I've yet to dig into the [Bitcoin Ripple Open Forum](http://opencoin.in/).

The Central Banks are scared that an open source architecture is emerging that will be redefining the FIRE Sector, and thus threatening their monopolies. The FIRE Sector is starting to go through a very disruptive innovation revolution with the genius of Open Source Technologies. If these distributed technologies are implemented properly, we could be on the verge of another 1776. I would love to see the diagram below updated and refined by the Open Source Community so we all have a bigger picture road map to focus our efforts.

![Exter's Pyramid and Emerging Open Source Technologies](https://i.sstatic.net/YGPnh.png)


---

