http://www.coindesk.com/brock-pierce...ency-realcoin/
http://en.wikipedia.org/wiki/Brock_PierceBitcoin entrepreneur Brock Pierce has announced the launch of ‘realcoin’, a new cryptocurrency backed by the US dollar.Realcoin aims to bring the advantages of the bitcoin protocol to the dollar, meaning it can utilise the bitcoin network for low-cost transactions without a third party, but it is backed on a one-to-one basis by the company’s dollar reserves.
The approach is ultimately aimed to eliminate volatility, but will help prevent confusion over divisions of higher-value coins like bitcoin too – as one dollar will be worth one realcoin, rather than 0.001608 BTC at the current price.
This is not the first altcoin to use this particular name. However, the new cryptocurrency announced by Pierce, along with ad-industry entrepreneur Reeve Collins and Mastercoin’s Craig Sellars, is unrelated to previous ‘realcoin’ projects.
It is, however, based on the same concept as Coinaaa (AAA), a cryptocurrency backed by Norway’s national currency, the krone (NOK).
‘Digitizing the dollar’
Realcoin uses the bitcoin protocol and can be described as a ‘Bitcoin 2.0’ venture, that is, one that is built on top of the existing bitcoin infrastructure.
In chat with the Wall Street Journal, Collins explained the confusion that often arises over bitcoin’s different aspects:“Unfortunately, there has been confusion for people between the currency called bitcoin and the technology called bitcoin, when they are distinctly different things.”Realcoin, he said, is basically “digitizing the dollar” by giving it access to the bitcoin block chain.
How it works
With each coin backed by USD, realcoin will have an additional layer on top of the block chain to make it work. This is made possible by the Mastercoin protocol, which is used to infuse each realcoin with the necessary digital signature.
Realcoin will maintain a real-time record of all USD reserves that will be held in “conservative investments” and the full record will be authenticated by the block chain.
The company explains:“Realcoin will be completely transparent, safe, secure and insured. Every dollar that is held in our reserve will be represented by one coin in circulation and can be redeemed at any time.”The one-to-one reserve will be fully auditable, too, according to realcoin.
Brock Pierce (born November 14, 1980 in Minnesota) is an American entrepreneur and former child actor. As a child actor, he was in Disney films The Mighty Ducks (1992), D2: The Mighty Ducks (1994) and First Kid (1996).
Pierce has been involved in the establishment of digital currencies and virtual goods. He "played an early role in the development of virtual goods, founding Internet Gaming Entertainment (IGE) in 2001 and Zam in 2003".[1] Many of Pierce's companies have operated in this virtual space. In May 2014, Pierce was elected Director of the Bitcoin Foundation. [2]
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