The following paper describes a simple, blockchain agnostic protocol which enables peers to issue and transact with assets. It is similar to already existing solutions like OpenAssets or CoinSpark but offers some smart optimizations to enable really fast querying of relevant transactions and it reduces the blockchain bloat by reducing amount of data that needs to be written in the OP_RETURN.
PeerAssets is a light protocol, as it utilizes no extra layers over the underlying blockchain. It does not require external value tokens beside the blockchain's native currency, which is used to pay transaction fees. PeerAssets does not participate in organizing nor maintaining of the public ledger, but takes advantage of its stability and trustworthiness. PeerAssets can work on top of every cryptocurrency that is forked from Bitcoin and has kept a compatible codebase, which includes Peercoin, Litecoin and alike.