Does mastercoin rely on a single address?

[Realpra]

So the way I understand it so far MasterCoin was created by sending BTC to a certain address:
https://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P

Using Mastercoin also involves sending (a small amount of) BTC to this address.

A KEY feature seems to be that in this way the core developers are well funded and can expand the MasterCoin software ecosystem.


... sooo if a hacker gets this ONE exodus address won't mastercoins be worthless in sort time?

[grishnakh]

Mastercoin transactions don't have to rely on the Exodus address.
If the Exodus bitcoins are stolen, then the development funding of the project will be gone, but the Mastercoin protocol would continue to work.
Regarding the MSC price if this happens, sure a lot of confidence in the project would be lost and the price would fall.

[djohnston]

It's also worth noting that the funds originally collected at the Exodus Address have since been moved into many secured addresses held off line by a variety of the Mastercoin Foundation board members and thus there is no single point of failure for the holding of the funds. JR has publically posted all of the addresses so that anyone can audit against the public Mastercoin Foundation ledger. See links on www.MastercoinFoundation.org