By Judith – BizDev at the Mastercoin Foundation
The Master Protocol brings a lot of good to the crypto world
Today, I would like to introduce you to another interesting project that is integrated with the Master Protocol.
Bitlov is a digital currency automation platform that utilizes a predominately trustless network of decentralized, distributed autonomous agents called Rubrics. Bitlov empowers individuals and organizations to determine where money goes and when by simplifying the process of setting rules within contract templates, to write simple-to-complex transaction routines based upon various factors, such as: budget, pre-defined triggers, formulas, times, recipients, and more.
Bitlov uses Pockets as sub-wallet accounts, for the purpose of managing money for various purposes (assigned to each individual Pocket), which can be shared with other users (applicable for companies, families, organizations, etc.). In addition, Pockets function as programmable wallets. These wallets provide Bitlov users the ability to perform basic tasks such as schedule transactions as well more advanced protocols, such as scripting their own complex, conditionally-based transactions. As an example, a Bitlov user might create a script that does not allow a payment to be released until: (1) it has been authorized by a specified third party; (2) before a specified date; and (3) only if a trusted data source reports that a specified company’s stock value reaches a certain threshold.
More practically, however, Bitlov’s Pockets will spawn a proliferation of transaction types and simplify the process of launching businesses in the Bitcoin ecosystem. Uses of Bitlov Pockets can be envisioned in a variety of arenas such as: data brokerage, online marketplaces, social networking, wagers or payments made to IT contractors for machine-accessible services rendered. Some examples of the latter might be set-up to: speed-up an algorithm, increase the accuracy of a predictive model or sending a specific number of visitors to a specific website address.
In today’s world, web applications represent the majority of software projects. These applications need a simple way to connect to Bitcoin and other cryptocurrencies. Over burdened developers do not have the time to learn new languages, or worse, convert to an entirely new development paradigm. To maximize their efforts developers should be able to use the tools and technologies they already know and understand. These developers aren’t looking for a new Internet, but they do want to start moving toward decentralized applications so as to take advantage of the new technologies.
Bitlov is, therefore, creating the Rubric Service Network (RSN) to provide developers access to a variety of crypto-currencies, in a consistent manner. This is accomplished using open source tools and protocols. By leveraging existing tools Bitlov saves developers significant time, whilecreating an easier to use (and maintain) network for users. Utilizing existing standards also means application developers are exposed to an interface with which they are already familiar.
This will enable the large number of existing web applications to quickly and easily implement innovative new applications that utilize cryptocurrencies and block chains.
The RSN is designed to operate as a Decentralized Autonomous Community. Once initial development is completed, the network will generate fees and circulate those fees to the ones providing the infrastructure and development to ensure its continuation. The goal of the RSN is to incentivize running a Rubric as well as funding development and maintenance of the network. Without layers of management and marketing expenses, the RSN will be able to provide these services at a rate conventional businesses cannot provide. In addition, as it’s decentralized,developers do not have to worry about a relying upon a single entity to provide the service.
The Bitlov platform is for anyone who uses money — in particular, digital currency. Oneday, everyone will be using digital currency, but until then, our job will be demonstrating the superiority of various alt coins, by providing a platform that fully realizes their potential withfeatures that are currently impossible with analog money.
Great things are happening to the Master Protocol
Point of contact for companies and organizations who want to issue a token (Judith Jakubovics) Judith (-at-) Mastercoin.org and on Skype: Judith.Jakubovics