Can we build a new platform / cryptocurrency on top of Monero like Counterparty / Factom is built on top of Bitcoin?
asked Oct 10, 2016 at 18:17
Add a comment
|
1 Answer
The Monero blockchain can be used to send any information, as long as it's part of a transaction. There is a field (tx_extra) where you can effectively put whatever you want in there. It's really a matter of size as the limiting factor. As with the bitcoin blockchain, tx fees need to be paid (based on the size of the transaction). So, yeah, it would work in sort of the same way.
-
That is nice to hear, i think soon we will see new altcoins built on top of Monero block chain. Commented Oct 10, 2016 at 18:28
-
Indeed. And I'm hoping you'll get a slightly more technical answer than mine, to provide some more insight into this arena. Commented Oct 10, 2016 at 18:30