Topic: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread - page 15. (Read 165286 times)

State of the Layer: ALL HANDS – MARCH 24 2015

http://blog.omni.foundation/2015/03/24/state-of-the-layer-all-hands-march-24-2015/

Repo moves, OP_RETURN, 0.10 Blockchain, UI updates, OmniJ, HFT exchange engine using DEx API, instructional videos….

And stay tuned for announcements this weekend at the Texas Bitcoin Conference with some new uses of the Omni Layer.

You may continue the “is MSC dead” debate now. 

Craig

33BTC so far.
https://blockchain.info/address/3BNGSfyKdTLvZwZAiUHdhgdENA9dJqgVq9

dacoinmaster still didn't go online here for over a month.

How much money did the social network raise so far? Judith has pumped it to the moon since months back. Maybe now she'll finally shut up.

Ok.  I'm just trying to understand how the system splits the payment.

jerry has $10 (locked) Elaine paid $10.1.  Winner gets $1 ( ($10.1 -$10) x $100 / $10).

system pays jerry $11 and Elaine gets $9.  ( where does .1 go)?

That's right - it's the leverage.

Notional value is $100, margin req. $10.

Those numbers seems to be based on the underlying value of what the contract represents:

jerry has $10 and 1 Seinfeld.
Elaine has -1 Seinfeld
Elaine paid $10.1 for jerry's 1 Seinfeld

After netting.

How did jerry get $11 and Elaine $9? 

Hello everyone,

Here's a conceptual preview of the futures contract:

http://www.metaliquid.io/post/110737608153/the-seinfeldian-contract

We're going to have a special kind of smart property that gets issued/revoked dynamically as people transact, allows a negative balance (i.e. a short position) and locks up a corresponding amount of OMNI. Then it has an index of transactions that is reference at expiration to settle everyone against a data feed. We're trying to nail down a prototype for the hackathon next weekend, initial data-feed will be a random walk number. The initial contract will be very short duration and very basic in terms of paramters. Later iterations will support more sophisticated indexing so people can get settled either immediately or sometime before expiration when taking profits, and can get settled immediately when taking losses.

Then later, rolling contracts, and then double-locking 100% collateral to issue what was originally called "user currencies" in JR's original spec. I refer t this as decentralized banking. There's a potential to earn interest from the yield gained as one rolls a contract at a slight premium paid by speculators who want leveraged exposure to the underlying reserve asset (OMNI in this case) - that yield balances out tail-risk that a 50% move in the underlying i 6 hours or whatnot might lead to a breaking of the buck. Very experimental but this would enable billions of people to dynamically get liquidity to peg payments to minor fiat currencies or commodities, and also to save with pretty high yields, and it can become an engine to rocket the valuation of OMNI and even BTC into the giga-bucks range. 

So as a board member, I want to see that vision realized - so all OMNI holders get fabulous returns. We've got negative interest rates in the EU, a crazy stock market bubble in the US, gold temporarily suppressed, BTC as a monetary commodity facing headwinds (which this protocol can help alleviate by boosting transaction volumes 1000x), maybe OMNI can create a new paradigm for money and be the digital platinum to bitcoin's digital gold.

Your contributions have been exceptional from that issue onward.  It’s amazing working with you.  For those who want a peek at the depth of talent, diligence and consideration that DexX7 provides to Omni, (and to see how much he and Zathras understand the complexities of an embedded consensus system) please take a look at the current discussion:

https://github.com/mastercoin-MSC/spec/issues/281 (regarding the removal of the Exodus address and the move to OP_RETURN)


Factom records information in the blockchain, once per block.  Do to this, they need several distributed systems that can each publish data to the blockchain, but guarantee that the addresses that do publish are, in fact, valid Factom addresses.  Since these addresses will cycle (as servers are added, replaced, removed, etc), a mechanism to establish the “publisher” of the data (similar to the “issuer” of an asset) is needed.  Some of what this publisher needs to be able to do is add and remove addresses that validators should consider valid and legitimately coming from the Factom network (and not someone faking it).  This is considered an “anchoring” of addresses into the blockchain so that data planted there has an accepted home.  Omni (and any other meta layer on Bitcoin) can use this method (since it is not “consensus affecting” with regards to asset balances) as a third-party validator of these addresses because they conform to the correct format, and because they follow the rules established for anchoring.

I have a call with Paul Snow tomorrow to go over this, as the vast majority of this mechanism has been completed by Factom.  The current goal is to make sure that the tag type used (and the bytespace needed for identification) is generic enough such that any other group can also become a publisher (of their own data stream) with anchored and validatable addresses that may change.

This address anchoring method will go into the spec first once the format is agreed upon, and will be implemented in a subsequent version of Omni Core.

Regarding the futures market DEx extension - this is where I will need to defer to Patrick and Dave, who really are the experts on this.  In essence, they’re working on a self-balancing sub-asset issuance method that creates derivative assets against other Omni assets held as collateral.  The possibilities are staggering, and I honestly can’t do justice to the description myself.

Craig

Craig, you're great.

I can see the blog is available, even with Adblock plugins enabled. Thanks!

I'm very happy about:


... as this was my first non-trivial issue I created on the spec.

Would you mind to go into some detail about the following two points?


I had a few ideas regarding BTC/MSC options, and the concepts/ideas of Patrick Dugan which I saw some time ago were pretty impressive, so I'm even more curious what this is about.

The Wikipedia page needs some updating: http://en.wikipedia.org/wiki/Mastercoin

If only the frustrated girlfriend would remember how great it is every time, and that it gets better each time…

Point taken, TraderTimm.  Touché. 

Normal is normal.  Exceptional is not (but always has caveats).

Craig

All this back-and-forth reminds me of the old joke about how you can tell programmers from normal people when it comes to sex.

The normal guy will jump in the bed and actually do the deed.

The programmer will sit on the edge of the bed and explain to his increasingly frustrated girlfriend how great the sex they are going to have is going to be...

Thank you for the updates Craig, much appreciated!  Please keep on doing so..

OMNI DEVELOPMENT ROADMAP (from http://blog.omni.foundation/2015/03/18/omni-development-roadmap/)

This has been a busy few months, with the team’s efforts dedicated to enhancements to the platform and assisting in Omni integrations with partners and other interesting projects.

The most recent release of Omni Wallet Desktop for Windows capped off a strong development cycle, adding Send-to-Owners capability and a QT user interface (for 64-bit Windows and Linux. Mac OS X build forthcoming).

Our forward looking roadmap, as discussed and agreed upon with the team during our most recent all-hands, is as follows:

1. Continue top priority of stability/reliability above all else.
2. The move to Class C (80-Byte OP_RETURN) for most transactions.
3. Bitcoin Core 0.10 headers-first blockchain compatibility
4. Technical debt (multi-packet transactions, useful RPC commands not yet implemented, etc.)
5. Decentralized Exchange phase II RPC (trade between Omni assets and MSC)
6. Decentralized Exchange phase II UI
7. Omniwallet.org redesign launch
8. Address anchoring for metadata
9. Futures market DEx extension
10. Spec and Documentation improvements

Leveraging Sean’s automated testing suites, the 0.0.9.1 release was the most thoroughly tested yet. The team believes strongly that stability and reliability should remain our highest priority.

Zathras has completed a good portion of the Class C transaction work, and is currently refactoring the Class B code for the few cases where Class B transactions will be required (as they won’t fit into 80 bytes).

DexX has made substantial progress on a Bitcoin Core 0.10-based branch of Omni Core.

Technical debt includes the ability for Omni Core to broadcast multi-packet transactions, output raw transactions, include RPC commands for supported and active features such as dynamic asset issuance and the decentralized exchange, high-decimal precision improvements, etc.

Michael’s work on phase II of the decentralized exchange is mostly complete, and Marv and Sean are preparing the test plans as the matching engine logic is finalized.

Thanks to Adam, Tomás and Warren, Omniwallet.org will be getting its new skin (currently at staging.omniwallet.org), dramatically improving user experience.

Working with Paul Snow, the Omni Layer will gain an “address anchoring” method, used by Factom, for ensuring the validity of eligible “publishers” of data on the blockchain.

Patrick and Dave have been working on an innovative futures market extension to the decentralized exchange, allowing advanced market features for Omni assets.

Through all of this, the team is assisting with around two integrations per week, and meeting with 8-12 additional projects, each at various stages, all coordinated by Judith.

We invite the community to provide feedback, to contribute to the development of new features, and to keep innovating on the Omni Layer. The team continues to move the platform forward, with the assistance of some amazing integration partners helping to create the future of finance.

It keeps getting better, and I’m still humbled by the capacity and talent of this team.  Keep up the great work!

Craig

Mishax,

Most of the work that is occurring is happening in the background right now - we’ve got around 10 large organizations integrating Omni Core as we speak.  We’re also focusing on the next release, including 0.10 blockchain compatibility, the DEx, OS X desktop client, Omniwallet.org re-skin, etc.

As has been mentioned a very long time ago (and several times since then), JR sold a good number of his tokens in a private sale over a year ago so that he could focus on the project as the Chief Architect.

During the all-hands meeting today, we’ll be discussing the roadmap, which I will be publishing on the blog, on /r/Omni and here.

All historical All-Hands meeting notes and agendas are available to the community:
https://docs.google.com/a/mastercoin.org/document/d/1-KPu62xbWgMeAq9RRnYv_qHWyNca19-SXZYF1gHz3sE

People here seem to forget - Omni is the widest-deployed meta-asset software in the world, and continues to get more and more integrations (we’re working with exchanges, wallets, ATM’s/Kiosks, payment providers, issuers, etc).  We’ll try to keep everyone apprised of our progress, but I’d rather we get the development work done ;-)

Craig

JR dumped his MSC at such an early stage when they cost X20 more, the least he can do it to support the price from being turned to zero, but what can you expect from a guy that spends so much money on "development" and a "background" work..

They just scamed you ,got some free token and dump.Why are you so easy be cheated?

These statements right here do not bode well for omni/counterparty etc.

Why would any project need a secondary token for funding anymore?  I hope you guys are good at pivoting.