Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address” - page 80. (Read 448462 times)

Hey guys - Just a quick warning that I may be unresponsive for a couple days while I catch up on other responsibilities. Thanks!

That's great news!
No need to keep searching all over the forums.
A central place to discuss Mastercoin Improvement Proposals.

This is a great news, congrats ripper. The forming core team is full of brilliant people, one more with you on board.

Ooh, I have one more announcement to make.

I'm very happy to say that I will be dedicating more time to the Mastercoin project.
I'm still not sure what role will I take yet (beyond being a board member of the Foundation) ... we'll see what fits naturally as time progresses.

I will be starting to manage my own Mastercoin-related tasks on this Trello board (it's still mostly empty). If anyone wishes to join me, you're welcome - just ask for an invite.

Right now it's J.R and myself ... and I still need to understand from J.R what kind of process he envisions for authorizing these pull requests.
Minor "non-breaking" pull requests will be accepted more easily.

For any major feature or breaking change we'll of course need some form of buy-in from J.R/developers/community/foundation.

This makes me very happy, finally we can send pull requests to amend the standard. Who is authorised to verify/accept pull requests?

Zathras could you make a pull request for your PDF? I am happy to also do it if you rather spend time finishing up the exchange code at this point.

1.
I encourage you all to read and participate on this thread that compares BitShares and Mastercoin. It's important to understand the various systems out there. BitShares has just launched its ProtoShares altcoin today (more details inside).
I finally managed to understand BitShares today, after seeing their short video.
It seems a lot like the CFD feature Vitalik recently proposed.

2.
I'm happy to announce that the Mastercoin Whitepaper is finally up on github (thanks prophetx for your help!). Pull requests are very welcome ... we have some work to do to standardize the excellent work done in the last few month and reflect it back into the spec, as well as start developing upcoming features in more detail.



Great news. How about you just give an talk titled "Introduction Mastercoin"?

You can use my slides if you want (they need a bit of updating but otherwise provide a good introduction).

I thought about attending, but I'm not sure I can justify the price of a plane ticket.




Thanks for the prodding and help - Done!

I encourage you all to submit pull requests to the spec for the various updates and features we added since v1.1.

From the words of J.R:


Definitely.

We're all working towards the same goal here, just trying different methods of getting there.
Please keep the discussion respectful.


Betting relies on Price Feeds.
At the point in time where the bet is resolved, everybody just looks up the appropriate underlying price feed (provided by a 3rd party), and see who one.

There are a few ideas regarding distributing away that 3rd party, but for now our baseline is choosing an relying on someone "official" (e.g. a Forex company) to publish their idea of what the price should be.

The MasterCoin specification gives an example about accepting a bet
"Once GoldCoins reach a value of 20 or the bet deadline passes, the bet winner gets 99.5% of the money"

But how is it decided (and enforced) who wins and who loses?
Is there something more concrete than discussion in this thread
https://bitcointalksearch.org/topic/m.2895109
and
https://bitcointalksearch.org/topic/m.3393152

Can it happen automatically (in this case, because GoldCoin in implemented in MasterCoin) without ProofOfAnything
and without having to trust someone?

Totally agree here, I am so excited so many similar projects evolve! See MSC, Colored coins, Bitshares, Nxt and who knows what else.

+1 to that

it is important that we try to keep the conversation positive, it is a small world and we do not know who might be able to help each other tomorrow.

Guys why the hostility towards coloured coins? This is not a competition. We are both trying to solve a problem, just in a different way. Let's be respectful to each other and each others work. 

Thanks for writing this up I always appreciate seeing the differences.

There should be a role for exchanges implementing MSC and related assets for higher frequency trading and other value added services, yet the core protocol retains inherent trading functionality should an exchange go down.

Everything has a cost, particularly on chain transactions in p2p networks, so traders will leave their MSC based assets on exchanges, long term investors who want to maintain privacy will not do that.

Just to clarify, we already released this kind of thing back in January: ArmoryX implemented p2ptrade. However, there was a problem with ArmoryX: being based on Armory, it required way too much RAM.

Then we implemented a wallet in JavaScript: http://bitcoinx.github.io/webcoinx/ (The problem with it is that it's quite a bit buggy and incomplete.)

So, I was talking about a third incarnation of p2ptrade in NGCCC. NGCCC is meant to be a secure and reliable wallet without inherent performance problems. So what's what we focus on now. However, we also consider fixing WebcoinX.

BTW I remember people here mentioned that colored coins are dead. Well, ~5 developers work on NGCCC now, so it isn't really dead.

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And while we are here, there is an important difference between Mastercoin's distributed exchange and p2ptrade which is implemented for colored coins:

Mastercoin uses blockchain to store orders, while p2ptrade doesn't. p2ptrade can work with any communication medium.

Our first version simply uses a HTTP service for communication. This doesn't look like a distributed system, does it?

Well, it is decentralized in the sense that people are not tied to a particular server; they can launch their own and use it, for example. Moreover, some trivial add-on will let different servers to inter-operate, thus making a distributed communication medium.

Furthermore, there is a plan to use BitMessage as a fully p2p communication medium.

In any case, p2ptrade requires some additional infrastructure which, probably, isn't as reliable as blockchain itself. However, being flexible about orders has some advantages too:

• it is possible to cancel offers up until the point when they are being executed
• trading is as fast as communication; it is possible to make trade in matter of seconds
• it is possible to aggregate multiple trades in one transaction to reduce blockchain bloat and fees

So, to summarize, colored coins p2ptrade uses different approach and has different characteristics.

I hear color coin is going to release their barely useable alpha of distributed exchange this week

if you are comfortable with distributed trading, show people how to set up an order and execute an order or two.

this is by far the coolest part at the moment that can be shown, and get people excited about it actually working. 

i think now there is a wallet that works with this but I need to check that out and adjust my tutorial

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if the Social Radius folks get the fact sheet done by then perhaps you could use that as well as a hand out


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China is BitShares town. Goodluck

We have gathered some information in Chinese regarding mastercoin in the following link:
http://8btc.com/forum-69-1.html

Anybody who has ideas for nmak to help him promote MSC at the Singapore conference, let him know!

thanks, i sent him a note

there is a script for that format as well

I'm embarassed to say that the spec source is not a Google Doc - it's a doc file. BUT I've at least been using OpenOffice to edit it

Ron Gross just posted that he is already working on this (https://bitcointalksearch.org/topic/m.3483533). I'm sure he'd appreciate your help though.