The solution is to create a bitcoin-like system that is fully asset aware. A system being asset aware provides two major advantages. First, it allows the client and RPC commands to protect the asset from being destroyed accidentally. Second, it allows a single native client to issue, track, and transfer the assets.
Lastly, to provide security for the underlying assets, the bitcoin-like system functions only with a market value, a strong mining community, and wide distribution.
Assets are tokens that can be issued by users of the Patriot Party protocol without the need to be mined. Users of the Patriot Party protocol create these assets and decide their purpose and rules independent of the protocol. These assets or tokens exist on the Patriot Party Coin blockchain and could be whatever name, denomination or purpose selected by the creators of each asset, coin, or token. The tokens are transferable and move with the same ease as bitcoin, or other similarly functioning cryptocurrencies. In Patriot Party Coin, an asset is just a limited quantity of a unique symbol, and transferable to any Patriot Party Coin address. Assets have been available for some time on other platforms such as Open Assets, Mastercoin, Counterparty, and as an ERC20 or ERC223 token on Ethereum. Assets created on the Patriot Party protocol have several advantages: they are easier to use, tightly integrated with a native coin, and secured with fair POW mining and open-source code not run by a centralized organization.
Uses for Assets
Assets or tokens can be used for anything the creator’s imagination can conjure. The ideas presented here are a sampling.
Representing real-world custodied physical or digital assets to tokens
- Gold bars
- Silver coins
- Physical Euros
- Land Deeds
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- Energy credits (Electricity, Wood, Gas, Oil, Wind)
Representing a share of a project
- Securities tokens: stock or shares of a company where the shares are represented by a token rather than a physical stock certificate
- Securities or partnership interests with the built-in ability to pay dividends in 1776
- Tokens which represent a co-op, limited partnership, royalty sharing or profit-sharing platform
- A token that represents a crowd-funded item with the ability to transfer or resell the item
Representing virtual goods
- Tickets to an event such as a music concert with the ability to resell
- A license to allow an activity
- An access token to use a service
- In-game currency and items, transferable outside of the game platform
Representing a credit
- Gift cards
- Airline miles
- Reward points
Satoshi Nakamoto described bitcoin as an implementation of Wei Dai’s bmoney , designed to afford users more control, security, and privacy than more centralized systems. A design with the potential to prevent violence and discrimination, given the holder of bitcoin remains private. Patriot Party Coin aims to continue this implementation by focusing on assets other than cash, providing a platform that users can easily issue assets they control under the rules they establish on a secure blockchain.