New currency layer built upon Bitcoin; MasterCoin

This project is named MasterCoin, but should not be confused with an alternate cryptocoin, as it is a newly proposed payment system built on existing Bitcoin (BTC) blockchain.

Main idea of MasterCoin protocol is a system of currency storing and exchange by making small BTC transactions. As these are stored directly into BTC blockchain, they are permanently available. This new layer is about to provide not only a new online value exchange and storage, but also some new security features, which may decrease the complexity of regaining lost or stolen virtual currency.

Currently, this protocol is at the point of having its software implementation developed. Anyone interested in project disclosed may: