Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address” - page 101. (Read 448462 times)

I Second this.

I'd use the word symbiotic rather than parasitic, since I believe we'll be good for bitcoin in the long run.

Back to back meetings today but will take a look this evening

Hey Tachikoma,

I think you are missing a zero on your time limit, however other than that looks good.

Decoded it's a transaction for selling Test MSC for BTC.  Transaction type is 20 (00000014), currency type is test mastercoin (00000002), selling 1 Test MSC (0000000005f5e100) for 0.01BTC (00000000000f4240) with a time limit of 6 blocks (6, should be 06?) and a min fee of 0.001BTC (00000000000186a0).  The rest is just padding.

Thanks!

It's hard to evaluate this project without whitepaper, source code, or even knowing who is behind it. Still, I won't be surprised if they raise a LOT of money. People have seen this fundraising method work for MSC (and pay off handsomely for our investors), and people will be a lot more willing to give it a try now that it has been proven to work.

This may not be a scam, but if we don't see some scam fundraisers using this model, I'll be amazed!

Proof of stake is very interesting to me. If we see a POS system take off, we might set up a parallel MSC on top of it someday, just to cover all our bases. Note that if we do something like that on ANY alt chain I'd want to look for a way to seed it by giving current MasterCoin holders the new coins, rather than starting with a new fundraiser.

Back to back meetings today but will take a look this evening

Here are parts about Mastercoin:

    {Parasitic consensus systems}

    A proof-of-work blockchain, such as the Bitcoin blockchain, can be made use of parasistically for a secondary consensus system. Recall the two fundemental proofs that a blockchain provides: consensus ordering/timestamping and and proof-of-publication. A Satoshi-style blockchain can be used as an ordered message publication service - it is not possible to completely prevent the publication of data without whitelisting censorship ...Thus for a given block height i we have a set of blocks B={b_0 ... b_i} containing messages M={m_0 ... m_j}. By applying a fixed set of rules to that set of messages multiple parties can independently arrive at the same state of the system.

    ... (here goes description of "string bling" system used as an example)

    The Mastercoin system uses this principle. While not yet well developed, there exists an agreed upon set of rules that, from the contents of the Bitcoin blockchain, can derive a set of "Mastercoin" transactions and a final ledger state derived from data encoded in the Bitcoin blockchain.

    Parasitic consensus systems inherently gain the benefits of the security of the underlying consensus system. Though the "string bling" system may have only a handful of users interested in it, an attacker attempting to change the state of the consensus of what strings have what bling would need to attack the Bitcoin blockchain directly - a signififantly harder problem. A merge-mined or independently mined string-bling implementation would probably never be secure against an attacker with a budget of even just a few thousands dollars, by parasiticly using the Bitcoin blockchain the attackers required budget swells to tens of millions.

I've created public keys for a  "Sell Mastercoin for Bitcoin" offer. I would appreciate it if an other developer could decode the keys and tell me what they think it says before I broadcast it to the world

I've created public keys for a  "Sell Mastercoin for Bitcoin" offer. I would appreciate it if an other developer could decode the keys and tell me what they think it says before I broadcast it to the world

Did you guys catch this Colored Coins vs Mastercoin thread?
(I know Willett did, he's replying out there)

Here's a conversation I just had with J.R. via PM:


A bounty would be a great incentive. I'll try to contact Ken to let him know about Mastercoin – I'm not sure if he's aware about our project.

Very interesting. We're still a few weeks away from doing smart property that they could use, but they would definitely be the sort of company who would be interested in using that feature!

I wonder if we should be thinking of setting up a bounty for the first users of our smart property for stuff like this. Maybe a bounty for the first smart property to trade more than $100k worth of something on our platform, and another bounty for the first property to trade more than $1M worth.

Feel free to post about this on the project thread

I'd like to inform you guys of a new alt coin that borrows some basic ideas from Mastercoin.
I'm talking about Nxt.

I just found it today and skimmed through the thread, so my understanding might be a little off.
They are doing some Mastercoin-style fundraiser, and creating a brand new Proof of Stake coin, where the initial stake is based on the donated funds. This does not use the Bitcoin blockchain at all, but is a separate blockchain that can be mined without any electricity burned (is it the first pure PoS alt?)

There are missing details, and I think the fundraiser was constructed rather clumsily (The end date wasn't set in stone when the fundraiser started, no bonus for early adopters). The op doesn't intend to actually raise a lot of money ... but the market might decide that they do want to invest in this new alt.

I believe the fundraiser ends Jan 3 2014, and you can see their version of 1Exodus at 1BCN1u.

Here is my first reply to their thread.

FYI, they don't see their creation as a feature-rich protocol such as Mastercoin, but rather just as one more alt that attempts to fix some of bitcoins flaws.

Concat the two keys seems to me the better option because of space saving.