Master_Protocol_Product_Requirements/5.Technology_Overview_and_Use_Cases at master · marv-engine/Master_Protocol_Product_Requirements · GitHub

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5. Technology overview and Use Cases

I. Overview

The Master Protocol is a meta-layer using bitcoin protocol for a variety of purposes.  The prime uses are the creation and transfer of of meta-layer currencies that leverage Bitcoin's transaction security, shared ledger and public-private key address model.

II. Transfers and Trade Use Cases

Regarding transfer and trade this can be accomplished by a few methods and depends on the particular use case in terms of transfer of property or rights.  The are classified using the following structure:

A. Single Party Initiated Transfers, without expressed consent of the other Party:

1. One to One Transfers

The simplest use case is the transfer of a meta-layer currnencies between two Bitcoin addresses, which may or may not involve two distinct parties.

2. One to Many Transfers

Similar to a one-way transfer however, however involving multiple parties as output.  Note that this could either be done at the Bitcoin protocol level or at the Master Protocol level depending on the particular use case.

B. Single Party Initiated Transfers, with expressed consent of the other Party:


1. Many to One Transfers

Calling back a virtual currency. Note that this can only be accomplished at the Master Protocol level and should only be available to virtual currency issue which specifically enable this parameter so that there is explicit consent.

2. Many to One to Many Transfers

When calling back a virtual currency, if a final redemption payment is required.  Again only Master Protocol level and needs to be explicit at time of virtual currency issuance, so that there is explicit consent.

3. Peer to Peer Trades

a. Meta-Layer Trades

In this case this typically should involve two parties who do not want to trust each other for trading one virtual currency for another.  The enforcement of the trade is written into the protocol, therefor when Bob offers X-Coin and Alice offers Y-Coin, and their orders match, the transfer is recognized by all other participants.

ii. issuances

Issuances are special types of meta-layer trades, which are involved in the creation of new virtual currencies.

b. Bitcoin to Meta-Layer Trades

In this use case the two parties agree on a price, and the meta-layer protocol is able to create a timed contract. But since one of the virtual currencies involved is bitcoin, the meta-layer protocol is not able to enforce the transfer of virtual currencies until the party possessing bitcoins transfers them to the other party within the scope of the agreement

III. Smart Property Use Cases


a. Synthetic Assets

b. Virtual Property Tokens

c. Asset Backed Tokens

d. Debt

e. Shares

f. Smart Properties