Transparency Color

I wish we had a transparency color on the color library. When we set this color to a leyer, all other elements which stands behind this layer become transparent. Think about that like masking but whole other level. it will make easier even the masking itself. Sometimes i needs elements in my design that has transparent areas. But if i made it with masking it sets me so many boundaries. But think about that i paint a leyer with transparency color and wherever i put this layer it makes transparent. I know you have this feature in Masking Panel but i want to use it more freely. Masking Panel makes it limitative.