Here's another feature which may be in the 1.2 version of the spec if people like it: Proof of Stake voting
https://bitcointalksearch.org/topic/m.3524354
https://bitcointalksearch.org/topic/m.3524354
A comment about protocol version:
I would like us all, Willett include, to do changes changes in pieces, and not in bulk.
I believe Willett is currently working on a big pull request for "1.2". This is not the best way to develop software (or specs for this matter).
Instead of one big pull requets that is either accepted or not, let's separate each change to its own pull requests and/or github branch. This will help us all move faster.
We could still have a process of versioning the spec (we don't have to!). If we choose to version it, the the process of deciding on a version would be just that we (= Willett) designate a specific point on the master branch as "1.2", and tag it appropriately.
We need to include some way to propose votes, and to allow the proposer to set a time period.
I propose we add a new message to the protocol: Request Vote.
This message will currently be free of charge (except underlying btc costs). In the future we might want to add a certain price at vote requests, because otherwise anyone will be able to spam vote requests ... we can decide on what a good price for this vote later. We can have the vote request cost go to 1Exodus. Note that I'm not talking about a cost required in order to vote, but a cost required to publish a vote request. Alternative mechanisms to prevent spam are also possible.
Whoever initiated the vote request needs to set a few parameters:
1. Time frame until the voting closes.
2. Percent of stake required for a decision. This should be at least > 50% of all potential votes. The percentage is never out of the people who actually voted - I think we should, at least for now, treat abstaining from voting just like voting "No". Regardless, we might want to have some votes have a higher degree of consensus than 50% like 60 or 70% of all mastercoin holders. Whoever creates the vote request should be able to decide this.
Proof of stake voting is a wonderful feature.
This can provide a secure fully decentralized source of data streams for asset prices.
The price would be an emergent property of a long series of binary votes adjusting it up and down by a small amount.
There are strong incentives for honest reporting because:
a) The mastercoin owners have a strong incentive to maintain accurate data streams. Such accurate datastreams could allow mastercoinUSD (though the plan needs tweaking) and successful implementation of mastercoinUSD would lead the coin to take on tremendous value.
b) individual capacity to influence outcomes is too limited to profit meaningfully from manipulation
This can provide a secure fully decentralized source of data streams for asset prices.
The price would be an emergent property of a long series of binary votes adjusting it up and down by a small amount.
There are strong incentives for honest reporting because:
a) The mastercoin owners have a strong incentive to maintain accurate data streams. Such accurate datastreams could allow mastercoinUSD (though the plan needs tweaking) and successful implementation of mastercoinUSD would lead the coin to take on tremendous value.
b) individual capacity to influence outcomes is too limited to profit meaningfully from manipulation
Yeah, I've been toying with ideas like that. I think it's too early but that's definitely a valid direction to explore!
I suggest starting a dedicated thread to discuss that.
Adam from LetsTalkBitcoin has approached us about our sponsoring his show. I really like that idea because Adam's show was instrumental in getting the word out in the last days of our fundraiser (and he owns some MSC, which helps too).
I believe he said it would cost 1.5 BTC to produce a 30-second spot for us, which we can then pay to have on his show. I'd like to suggest that we pay Adam do that, and once we all hear the result, we can decide if it is something the community is enthusiastic about. If so, we can sponsor a few episodes so that the spot is included. I believe his show reaches about 5500 rabid bitcoiners twice a week (so about 11000 impressions per week)
I'd be interested to hear opinions on this. What do you guys think the spot should say? I'd also be interested in hearing what Adam thinks the spot should say.
I believe he said it would cost 1.5 BTC to produce a 30-second spot for us, which we can then pay to have on his show. I'd like to suggest that we pay Adam do that, and once we all hear the result, we can decide if it is something the community is enthusiastic about. If so, we can sponsor a few episodes so that the spot is included. I believe his show reaches about 5500 rabid bitcoiners twice a week (so about 11000 impressions per week)
I'd be interested to hear opinions on this. What do you guys think the spot should say? I'd also be interested in hearing what Adam thinks the spot should say.
I prefer organic traffic first. I have emailed Adam and asked him to interview us - a lot better than a 30-second spot!
If that can't be scheduled for whatever reason, we could do the 30-second spot ... but that's just such a pale comparison, I want to fully explore the option getting an entire interview (free or paid) first.
. That's the book and it looks to be the defacto bitcoin book based on the outline. Also cool that Creative Commons will apply so easy for anyone to access. 
