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RE: Interview: Philip Lima Founder of CoExistCoin
Sorry, it's early and I still haven't had my coffee, but he said they have moved to the Waves platform. Is it possible for any coin to move to any platform? Is that the future for smaller coins??
It's a token of the waves platform. Basically anyone can make their own token. A lot of blockchain companies are already doing this. NXT, CounterParty, WAVES and many others allow you to create tokens on their platforms. These can be used just like coins. These companies are trying to make it easier for anyone to create a digital asset.
Technically any coin can be moved to any platform. I'm not 100% on the specifics but x-amount of coins are issued on the new platform, the dev takes the old coins in a coin swap, issues the new tokens and burns the leftover unclaimed tokens. I'm over simplifying the process a bit, but that's the general gist of it.
Using platform specific currencies just makes it easier for someone to create a token and give it a specific use based on the limitations of the platform. For instance in the future a store might issue digital tokens on the CounterParty platform like they used to issue wooden nickels in the old days. For example every time a guy ordered a pizza online he might receive x-amount of PizzaCoins and after reaching a certain amount he gets a free pizza or can cash them in for a prize.
I'm not sure this will replace smaller coins. One of the great things about the altcoin market is that many devs are experimenting with new technology. Altcoins are almost a testing ground for future cryptocurrency use cases. Creating a token utilizing a platform limits you to what that platform can do. Creating your own cryptocurrency limits you only to your skill level as a coder.
One way I've thought of Ethereum and other OS coins is as a kinda company store where other coins would set up shop and sell their goods. I think this will become a more important way of looking at these platforms in the future. If you are on one of the bigger one's it gives you more exposure & opportunity. Going it on your own is getting tougher unless you have some amazing tech and good PR. There are just too many coins now and new ICO's everyday. I'm going 60/30 OS/shitcoins from now on.
The industry is growing! We've all come along way now. It's going to be very interesting to watch the future unfold.