reading more about colored coins suggests to me that it is the right tool for the job.
My question is how far along is this project? Does useable software exist?
How do I learn how to use the system? There are several incomplete implementations. Currently our flagship implementation, NGCCC, is probably too heavyweight for this kind of stuff. Doesn't proof of bits also have an implementation? |
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reading more about colored coins suggests to me that it is the right tool for the job.
My question is how far along is this project? Does useable software exist?
How do I learn how to use the system? There are several incomplete implementations. Currently our flagship implementation, NGCCC, is probably too heavyweight for this kind of stuff. On the other hand, a web client called WebcoinX might be OK. As it is web based, it is relatively easy to tweak user interface for a particular cause. However, while it works on testnet, there are many problems which prevent it from working properly on mainnet. What are the problems with WebcoinX? Is it due to not using bitcoind? |
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Update:
(1) Source code for 0.8.6 released. Mac OS X binary available for testing.
(2) Hash rate is now at 3,141,211 GHs. Not bad for a coin that is priced at around 11 cents.
(3) ixc.boards.net Forum now open for iXcoin discussions.
Still lots of work to do, testing the client and working on the chromawallet.
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Well I suspect the author's decision to invest in WDC and NXT. Still, getting the word out is always great. |
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Vircurex has made good both times that they were hacked in the past, so they seem to have been reasonably safe so far. They also give you "interest" (a portion of their fee-earnings) on certain coins (such as bitcoin). So you can presumably place buy offers offering to use bitcoin to buy things, and earn interest on those bitcoins even while they lurk at some lowball price. This makes it an excellent place to support the bottom end of the price range of a coin whose price you want to try to keep from crashing, as you can put offers at every satoshi of price all the way up from one satoshi, and still earn (assuming they really do pay "interest", especially on coins you are devoting toward providing liquidity and stability in this way) even though you hope no one will ever end up actually selling to you for only one satoshi. (You hope that because you want to support the market cap of the coins you are supporting; obviously if people do dump so many coins that they do take you up on your entire huge pile of lowball offers you stand to pick up a lot of coins dirt cheap so hey it is good either way... Either you get bargain basement prices or the market cap is upheld, either way you win.  ) Furthermore you can get a discount on trading fees at Vircurex by signing up using a referral link, so here is a referral link: https://vircurex.com/welcome/index?referral_id=597-1636-MarkM- Nice strategy, indeed. Holding BTC while earning interest at the same time supporting the value of an alt-coin. Very nice indeed. Also so just realized that you can buy almost anything under the sun with BTC using Gyft. IMHO, an alt-coin does not need be even honored by merchants. It only needs to be exchangeable with BTC and provide functionality that BTC cannot provide. |
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OK, so where can we buy it safely ?
iXcoin is traded on exchanges like Vircurex and Cryptsy. |
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Actually, you reminded me to look at Open Transactions. Thanks |
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So what again am I looking at here? |
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iXcoin - The Internet eXchange Coin (IXC)
developed in April 2011, after a long hibernation in development, has now been upgraded to the latest Bitcoin 0.8.6 code base.
In addition to the latest upgrades, the development team is now working in four promising areas:
(1) Micro-transactions - Permit micro transactions without the overhead.
(2) Armory wallet - The most advance secure wallet
(3) Colored Coins - Exchange financial instruments (i.e. Bonds, Stocks etc) using IXC
(4) Ripple Integration - Move IXC across exchanges with zero confirmation times.
These innovations will make iXcoin, the most advanced alternate crypto currency.
iXcoin was the first alternate crypto currency. It will now become the most advanced alternate cryptocurrency.
It's an old coin, but how does it make it valuable ? About "Colored coins"... There are already projects to implement this as a layer on top of Bitcoin's blockchain. It is more valuable because most of the coins have already been mined and have already traded on the street. Therefore the price is much more stable than a coin that was just create a few weeks ago or 6 months ago. All these newer coins are still at an inflationary stage where miners can mine coins at next to nothing and sell at a profit on exchanges. By contrast, iXcoin, it is very difficult to accumulate a sizeable stash of IXC. Yes, the problem with colored coins on top of bitcoin's blockchain is that bitcoin considers anything less than 5,400 satoshi as spam. So to create bonds or shares on Bitcoin by consuming bitcoin is now prohibitively expensive and will continue to become more expensive over time. However by contrast, doing so with iXcoin is economical. |
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And GRouPcoin? (We ran GRouPcoin during development of devcoin so its genesis block obviously must have an earlier datestamp than devcoin's.) I suppose we can pretend UKB, CDN, UNS, NKL, MBC, GRF, GMC and UNS never existed... ( See http://galaxies.mygamesonline.org/digitalisassets.html ) Along with weeds, BEER and other coins that used the multicoin codebase... -MarkM- Well, if you can resurrect these coins and get them traded in exchanges, then perhaps there's a chance. |
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Could someone explain how Mastercoin prevents double spending?
With Bitcoin, the amount that is transferred from input to output is balanced and audited by miners.
However, with Mastercoin, the encoded Mastercoin packet is not analyzed by miners.
So how does Mastercoin ensure that the data in the Mastercoin packet matches the balance available from the sender?
This is what I seem to fail to understand.
If the miners don't know of mastercoin data, then what is the entity that ensures that money that is transferred is correct?
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Furthermore, each coin is dirt cheap, so using is as a platform for Colored Coins makes more sense.
Your argument is misleading, i.e. one satoshi could be colored. Furthermore, it is unlikely that a competitor in the "advanced feature race" which fails to take advantage of the enormous security and value of the bitocin blockchain will be successful. Might discussion in this thread be centered on MasterCoin rather than advertising/discussing competitors? In that spirit, I have some questions regarding issuance of new currencies and datastreams in the mastercoin protocol. What possibilities are there to automate the stability concept of Escrow-Backed User Currencies? (If unfamiliar, see: https://github.com/mastercoin-MSC/spec) I am wondering what mastercoin protocol features exist or could exist for a decentralized system to both issue and manage a user currency on the mastercoin protocol. In this way users could trust the design of a "user issued" currency on the mastercoin protocol rather than an individual. Specifically, how might a network of users or an instrument such as a separate blockchain possess the capacity to distribute or transact a mastercoin protocol user issued currency? I can think of many ways to create an automated, redundant system which could do this but all of them suffer significant counterparty risk, i.e., they require trust in the creator of the distribution system rather than trust in the distribution system itself. Is there some possibility to decentrally sign mastercoin protocol data streams or transactions? You forget that there is code that treats anything less than around 5,000 satoshi as 'dust'. Therefore there is considerable effect of the price of the coin. |
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You forgot about Friemarkets. The proposal is very solid, they are going to develop it as a Bitcoin protocol upgrade (which is superior to colored coins in many ways, but requires much more work), and add it to Freicoin, the alt-coin. They have a competent team...
The only problem is that they are looking for $200k in donations to make this happen.
Yes, the Freimarkets proposal looks impressive. |
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You think anyone would "print" their shares on top of a bitcoin that costs over $600 a share?!
Do you think it's impossible to print their shares on top of mBTC, that costs 0.6 USD? Say we have a company with a typical 20 million shares out standing. So if we go with you bitcoin solution using mBTC, it will cost 12 million USD to use bitcoin to distribute the shares. What about an iXcoin solution using mIXC, it will cost 2,200 USD to get the IXC to distribute the shares using a crypto currency. With bitcoin and iXcoin you can go down to 1 millionth of a coin ( the rest will be considered spam). So let's go to to that level with shares. 1 millionth of a bitcoin is, 0.00065. 1 millionth of a iXcoin is, 1.1e-7. 20 million shares (no fractional shares) costs $13,000 for bitcion. 20 million shares of iXcoin costs $2.2. Now we are talking about the price of bitcoin today, if bitcoin continues to go up, it would be uneconomical to use bitcoin for smart properties. |
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Right now, I think there is 5 different names competing in this space right now
Mastercoin
NXT
Colored Coins
Bitshares
eMunie
Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development
bitshares is far far behind and seems no developer other than the CEO himself. eMunie is supposed to be released late January. Nxt will be formally open on January too. Currently, only alias function is implemented. This is all bordering in ridiculous in that none of these coins have been shown to have a real implementation in the wild. People are betting on untested prototypes! Mastercoin - doubtful how this approach of protocol layering prevents double spending. NXT - Closed source implementation. Does anyone have any idea of how this actually works? How fair is the distribution when all coins were bought for a mere 21 BTC. Colored Coins - Fortunately, they don't have a ridiculous buy in vehicle to support their work. Bitshares - So these folks use a bitcoin like clone to raise funds. They are redoing everything from scratch. Anybody's guess that this even works out. eMunie - I heard about it 6 months ago, not certain if their multiple simultaneous block chain forks really work. Anyway, my plan for iXcoin (The Internet eXchange Coin) is dirt simple. Stick with tried and proven Satoshi Nakamoto bitcoin technology and layer on top of it Colored Coins. iXcoin surprisingly has already secured 1/2 of all bitcoin network hash rate. So any financial instrument you layer on top of iXcoin will automatically get the tried and proven security of 1/2 of the bitcoin proof of work scheme. Mastercoin, NXT, Bitshares and eMunie don't even come close to this kind of security. Furthermore, each coin is dirt cheap, so using is as a platform for Colored Coins makes more sense. Anyway, keep informed with iXcoin developments at www.ixcoin.coAdvertisement. Well, let's see which implementation gets to the finish line first! |
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I think the reason why most people here do not like colored coin is simple. They cannot invest on it. Colored coin is just like a traditional open source project, where people earn reputation but no money.
Well... you can invest in iXcoin. Here's the deal, we take iXcoin which is a merged mine coin with Bitcoin. It has a ridiculous network hash rate of over 4 peta hash per/sec. It is also dirt cheap at 11 cents with only 17 million coins minted. It has been around for 2 1/2 years. Now layer chromawallet on top of it. You want buy in? You want exclusivity? Well, you buy iXcoin when it is dirt cheap. Of course, I could always say that I got an 'exodus address' that requires a buy it. But let's for now just call it an address where collect funds for development. |
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Have you guys seen the news on the colored coins front? It's looking quite cool: https://bitcointalk.org/index.php?topic=106373.0maybe this has been answered a thousand times already, but.. imagine both Colored Coins and MasterCoin works. What is really the difference between them to the END USER? I know the technical aspects, but users don't care much about those. One difference is that Mastercoin has a 100 Million dollar market cap. Its owners will be fiercely protective to do what it takes to keep the project moving forward. Colored Coin has some asshole named KillerShitStorm who keeps trying to make trouble for mastercoin because his project is an unfunded 'for the good of man' system where the programming team will finally burn out and quit as doing hard work without pay finally turns out to be a dumb ass business model. But don't worry, KillerShitStorm will be over here telling everyone why they should run from Mastercoin. Colored Coin was dead on arrival. The end user will never know about Colored Coins. Well true, Colored Coins is a labor of love, who knows if the developers will ever see a payout! However, it also does not matter how much money you have in development. You still have to prove that the approach actually works and is rock solid secure. |
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Right now, I think there is 5 different names competing in this space right now
Mastercoin
NXT
Colored Coins
Bitshares
eMunie
Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development
bitshares is far far behind and seems no developer other than the CEO himself. eMunie is supposed to be released late January. Nxt will be formally open on January too. Currently, only alias function is implemented. This is all bordering in ridiculous in that none of these coins have been shown to have a real implementation in the wild. People are betting on untested prototypes! Mastercoin - doubtful how this approach of protocol layering prevents double spending. NXT - Closed source implementation. Does anyone have any idea of how this actually works? How fair is the distribution when all coins were bought for a mere 21 BTC. Colored Coins - Fortunately, they don't have a ridiculous buy in vehicle to support their work. Bitshares - So these folks use a bitcoin like clone to raise funds. They are redoing everything from scratch. Anybody's guess that this even works out. eMunie - I heard about it 6 months ago, not certain if their multiple simultaneous block chain forks really work. Anyway, my plan for iXcoin (The Internet eXchange Coin) is dirt simple. Stick with tried and proven Satoshi Nakamoto bitcoin technology and layer on top of it Colored Coins. iXcoin surprisingly has already secured 1/2 of all bitcoin network hash rate. So any financial instrument you layer on top of iXcoin will automatically get the tried and proven security of 1/2 of the bitcoin proof of work scheme. Mastercoin, NXT, Bitshares and eMunie don't even come close to this kind of security. Furthermore, each coin is dirt cheap, so using is as a platform for Colored Coins makes more sense. Anyway, keep informed with iXcoin developments at www.ixcoin.co |
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iXcoin has a lot of promise and we'll be working on new developments to exposed that potental.
Glad to hear it. We're going to make Mastercoin and Protoshares/Bitshares look like a bad joke. Let's be real here, why re-invent the wheel when all the tried and tested technology already exists. The only problem with Bitcoin in implementing these innovations is that it is now too expensive too build innovation on top of. You think anyone would "print" their shares on top of a bitcoin that costs over $600 a share?! If you want to buy in to innovation, IXC is already trading in the open market. None of these bogus restricted buy ins from Mastercoin with ludicrous claims that there approach actually works. These folks are in the experimental stage and folks have bet a fortune that what they're doing works. |
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