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Hi bytemaster,
I finally took a look at your whitepaper; this latest version of your project is much more ambitious than I had imagined! The sheer scope of what you are attempting boggles my mind. The name you have chosen, "Project Quixote", definitely seems appropriate given those grand ambitions.
Do you have a feeling for when mining of bitshares will begin? Am I correct in assuming that mining will begin well before the planned feature set is complete? How much code has been written so far?
I'm frequently amazed at how unimaginative people can be when they try guess where distributed currency might be going and what might be possible. Your project definitely does not have that problem.
Best of luck!
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Oh man, thanks for the encouragement guys. It really means a lot to me. I was offline yesterday (caring for my wife who just had a minor surgery), and it was awesome to come back to see these friendly comments (and triple-digit transactions!) My tiny slivers of project time are very focused on the next two milestones. I have a very good feeling about what will happen once MasterCoins are no longer for sale at the Exodus Address, and we have a distributed exchange set up. I think most of us (especially me) are long-term MasterCoin investors, so any influx of buyers after this month could make the price go crazy since the vast majority of them won't be available for sale  Can I say that? I hope I can. This is a currency rather than a stock, so hopefully I won't get in trouble. Still I should probably mention that I am not a financial adviser (and you should consult one before investing), past performance does not predict future results, any forward-looking statements are guesses rather than guarantees, results not typical, size enlarged to show texture, and whatever else I am supposed to say to not get in trouble! |
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Done by removing address from sig (1donutMH4L7kdRqh4xvSvesfd3KFu3UNm)
Don't use twitter or facebook (or g+ for that matter).
OK - Your post will be 72 hours old on Friday, but I may wait until Monday to send the next batch. |
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Some wonderful person just invested 50 BTC at the Exodus Address! Thanks, whoever you are. I'll do my best to make sure your MasterCoin purchase is the best purchase you ever made  |
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I wouldn't want to distract with a discussion of Freicoin, or BitShares or MasterCoin except in so far as it relates to this proposal.
People are so passionate about their own projects that it is hard to not threadjack and say "But look at what I'm doing! It's so much better!" Presumably we all have a pretty big stake in the success of distributed currency, and if any of us are successful, all of us profit. For that reason, I don't see these somewhat competing ideas as being in cutthroat competition. That said, if somebody is criticizing your approach, and they also happen to run a competing project, take it with a big grain of salt You won't hear any criticism from me though. I know you guys are smart, and I'm watching with great interest. |
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Hi guys! Very pleased to see stuff like this going forward. As you may know, I'm up to my eyeballs doing my own version of some of these features One question: Are you looking for investors or are you looking for donors? I can't tell from what you have posted so far if there is a way for donors to earn money if you are successful. Best of luck to you! Don't listen to anybody who says you can't do it |
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I love them!
I don't think the Red Sea one looks enough like an "M" to use in the word MasterCoin, so that one would probably have to be revised in some way if we use it. All the Radioactive ones look good to me as part of the word. I agree that taking out the bottom part of it looks slightly better.
I'm afraid to express much opinion, since my UI/design skills are less than minimal. Anybody else have opinions?
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Whichever one is chosen, I'll provide vector/png formats for them and release them as open source. As far as what logos seem to be going for, I'm happy with whatever donations people would like to offer. Logos range in price so I don't really have a specific number, but typically it's between 1-2 btc. Obviously I'd love to have access to some mastercoins so that would be great too, except I would have to download the client onto my desktop, right?
The "parting of the red sea" idea is both cool and hilarious. Could you post a couple pictures of the word "MasterCoin" with the "M" replaced by the radiation symbol one and then again with the Red Sea one? I think we can leave out the circle of 0's and 1's, although people will probably put them on our physical coins someday . . . Regarding a bounty, I think it should be easy to pay you in MasterCoins if that is what you want. You can use a regular bitcoin client - you don't need MasterCoin-specific software until you want to spend them. I've been thinking maybe the Exodus Address should purchase a few MasterCoins once the distributed exchange is working, which I can then use for bounties like this. I think it would be cool to hold some of the Exodus Address funds in MasterCoins, both because I consider it a better investment than bitcoins and since (like many of you) I have no plans to sell my personal MasterCoins, even a small purchase might cause the price of them to go up quite a bit if there aren't many sellers |
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I'd like some if you got 'em.
Info and promotion in sig.
Looks like the link is getting clipped in that signature! Fix that, and I'll include you in the next round (although probably not for much since you don't have a huge post count like the other guys promoting with their signature). If you want to add a tweet or some such additional stuff, that would help. |
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I just realized I paid 20 cents each for those transactions instead of 2 cents each. Doh! I was typing 0.0006 BTC instead of 0.00006 BTC  |
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In the interest of total transparency, I just sent 4.5 BTC to the Exodus Address on behalf of a friend. He gave me cash to buy him some bitcoins a few weeks ago, which I have been holding for him, and when I told him about my project, he wanted to invest his bitcoins. They don't belong to me, but I technically have control over them since I am holding them on my friend's behalf. Probably nobody cares, but I figured I should mention it. My dad also said he was going to write me a check, so I'll do the same thing for him if he does. Obviously, I warned both of them to only invest what they could afford to lose |
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Do you mean that full rescan of blockchain is needed after each reorg?
Bitcoin nodes handle reorgs much more efficiently.
I can tell you have traveled this path before! Initially a full rescan will be used just to keep things simple, but eventually I'll probably optimize my time/space efficiency tradeoffs. |
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MasterCoin clients can safely ignore the vast majority of bitcoin transactions, since only transactions with an output to the Exodus Address need to be parsed. (For instance, no MasterCoin client will ever need to look at a SatoshiDice transaction.) The only reliable way to find all transactions which mention certain address is to scan all Bitcoin transactions. So this doesn't buy you anything: you still need to read all transactions in block, parse them as Bitcoin transactions, checking whether they mention exodus address. If they don't you can skip further processing step. This doesn't improve scalability. Maybe you'll have processing twice faster if you avoid "multipart" transactions, but processing time/download time is linear on number of transactions in blockchain. You might be able to fetch only transactions which mention exodus address if you use centralized service like blockchain.info, but then you will depend on such service. For example, such service might omit a transaction to perform a double-spend on you.
If you only consider 'full node' clients (or ones using similar design), you should be concerned with what they need to keep in db and what changes they need to apply to it, not with number of transactions processed, since full node clients need to process all transactions anyway. Say, what do you do in case of reorg, i.e. how do you unwind the state back to the point it was N blocks ago where fork happened? One way to do this is to keep track of all changes to the state, but then you'll store the whole history... Yes, one way avoid the server-trust problem is to use multiple independent data sources, so they would have to collude to perform a double-spend. But yes, full nodes will still have to scan the full block chain. However, they should need WAY less RAM to do so, since the vast majority of it can be just thrown out once it is determined to not apply to MasterCoins. Since unwinding bitcoin transasctions (in event of reorg) also unwinds MasterCoin transactions, I don't think anything would be needed other than a re-scan of the block-chain data. |
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Project update 8/19/2013I spent a good portion of my weekend contemplating scalability, and I am pleased with my findings so far: - MasterCoin has excellent usability early on, since the data the first 250038 blocks can be ignored (the first transaction to the Exodus Address was in block 250039)
- MasterCoin clients can safely ignore the vast majority of bitcoin transactions, since only transactions with an output to the Exodus Address need to be parsed. (For instance, no MasterCoin client will ever need to look at a SatoshiDice transaction.)
- MasterCoin scalability issues only become noticeable if the project is insanely successful. If MasterCoin transactions are the vast majority of bitcoin transactions, it will take longer and longer to parse them all. HOWEVER in that distant future, as with bitcoin, thin clients which sign transactions locally but rely on trusted servers for parsing previous transactions are a good performance/security compromise, and heavy users will invest in the hardware to run a full node locally, just as they do now with bitcoin.
In order to better support scalability, I'll be making a couple changes to the spec: - The most important change will be that MasterCoin clients will require using sendmany, rather than having the option to send them one at a time. This means that a MasterCoin client never needs to look at ANY transactions other than those which contain the Exodus Address as an output
- I believe that every major client (with the notable exception of the Android wallet) supports this feature. Hopefully, sendmany is coming soon to Android, but if not, I'll be sure to provide a way to transfer MasterCoins out of your Android wallet to a wallet which supports SendMany for those of you who used Android wallet to purchase MasterCoins.
- I will also change the spec so that data streams use a MasterCoin transaction to publish data (with an output to the Exodus Address) rather than just being standard bitcoin transactions. This will also improve block chain parsing and scalability.
These two changes mean that EVERYTHING needed to parse EVERY MasterCoin transaction (including every user currency transaction, every bet, every piece of data published on every datastream, every property transaction, every currency sale, etc) can be calculated just from the Exodus Address transactions: http://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4PTechnically, even my GreaseMonkey script currently used to calculate MasterCoin purchases on that page ( http://userscripts.org/scripts/show/175196) could be expanded to parse all those MasterCoin transactions! (Although that won't scale as well as native clients.)
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