MasterCoin: New Protocol Layer Starting From “The Exodus Address”

[ripper234]

@ripper234

Check out this article. It's interesting and overall very positive on Mastercoin http://cryptonewz.com/6-new-things-you-may-want-to-know-about-mastercoin/

On wallets, however, I'd take this point very seriously. It basically emphasizes my earlier point about QT client as separate installer or using it directly instead of having the code built-in, built into the actual Masterchest wallet.

4 . Mastercoin Wallets

The distributed exchange functionality is delivered via wallet, so in order to use the decentralized exchange you’ll first need to download one. Mastercoin offerst a desktop client wallet for windows, and a web-wallet for all other OS types. Get your wallets here (http://www.mastercoinwallets.org/). From what I read the Windows wallet situation seems a bit clunky however, requiring you to already have Bitcoin-Qt installed on your system. Personally, I’m uneasy about this bit as I don’t want any other software touching my Bitcoin-Qt wallet out of a security concern. But if you only have small amounts of Bitcoin on your system you might not mind.

Right you are. This was always part of the future plans ...
I opened an issue to track this - thanks!

[1713304591]

1713304591

[1713304591]

1713304591

[ripper234]

It's going to be better than the 7 months it took to launch 1 feature of the protocol live right?
Because if it only takes the Counterparty guys 2 months to fork what you plan to implement 3, they're always going to be ahead.

Amen. Mastercoin seems like a very closed off dev community. I have been lurking in the MSC and XCP threads ever since they launched, not saying much but honestly, MSC seems like everyone is going in different directions.

You would think that for the launch of the DEx, there would be screenshots, guides, and links of everything you would need to use the DEx, posted on this thread, but I have not seen that. Extremely poor delivery of the DEx after more than 7 months of development, and no official wallet or no working wallet either. Whats the point of launching the DEx if the wallet isn't even in beta yet?

Whats up with 4 different implementations trying to get consensus? Alot of the times, consensus is not 100%. Why not use 1 implementation that gets 100% consensus? I am not familiar how it works, but wouldn't something like mastercoind do the trick?

This. What's going to happen if there is high volume and a lack of consensus?

Consensus will soon be a thing of the past (I believe within 1-2 months, no exact ETA yet).
We are migrating to mastercoin-tools as the reference implementation.

See also https://github.com/zathras-crypto/masterchest-wallet/issues/15

[littleblue]

thanks. i use blockchain-wallet，can i use this wallet？ only btc-qt？

I don't use the blockchain.info wallet, but I think I found a way: Can you go to your blockchain.info wallet - "Receive Money" and then click on "Actions" right from your address? There should be an option called "Show Public Key". A line like this should appear:

Code:

Public Key of 15Aw7uyrpqchpA8oQbNAYAgRUsE4AyzFPD is 04d2d0fc5e3454bf657ae18af06538e0b00907d760c080a5461dee53cfef0a5e79f6e98b552bc463c5be7f639d38ab9eca07541257f1a97d916a38210ac7b776eb

The last long thing (which will start with 02, 03 or 04) is your public key!

yes，it is. i get it .than ? how i use this at msc-web-wallet?
 thank you  very much.

[littleblue]

thanks. i use blockchain-wallet，can i use this wallet？ only btc-qt？

I don't use the blockchain.info wallet, but I think I found a way: Can you go to your blockchain.info wallet - "Receive Money" and then click on "Actions" right from your address? There should be an option called "Show Public Key". A line like this should appear:

Code:

Public Key of 15Aw7uyrpqchpA8oQbNAYAgRUsE4AyzFPD is 04d2d0fc5e3454bf657ae18af06538e0b00907d760c080a5461dee53cfef0a5e79f6e98b552bc463c5be7f639d38ab9eca07541257f1a97d916a38210ac7b776eb

The last long thing (which will start with 02, 03 or 04) is your public key!

yes，it is. i get it .than ? how i use this at msc-web-wallet?
 thank you  very much.

  it is ok!! i input public key(not add)

[littleblue]

thanks. i use blockchain-wallet，can i use this wallet？ only btc-qt？

I don't use the blockchain.info wallet, but I think I found a way: Can you go to your blockchain.info wallet - "Receive Money" and then click on "Actions" right from your address? There should be an option called "Show Public Key". A line like this should appear:

Code:

Public Key of 15Aw7uyrpqchpA8oQbNAYAgRUsE4AyzFPD is 04d2d0fc5e3454bf657ae18af06538e0b00907d760c080a5461dee53cfef0a5e79f6e98b552bc463c5be7f639d38ab9eca07541257f1a97d916a38210ac7b776eb

The last long thing (which will start with 02, 03 or 04) is your public key!

yes，it is. i get it .than ? how i use this at msc-web-wallet?
 thank you  very much.

  it is ok!! i input public key(not add)

but "prepare" :invalid address  !   

[dexX7]

Can you tell me what you put in the fields or make a screenshot? Of course per PM is fine. I'll take a look and try to help.


Did you already see this video tutorial? http://www.youtube.com/watch?v=P_gOu566EOU

You can probably skip the first half of the video and start at 5:33. Edit: this video is about sending MSC.

Edit: there is also one about buying and selling: http://www.youtube.com/watch?v=2aJyQATQx3Y

[littleblue]

Can you tell me what you put in the fields or make a screenshot? Of course per PM is fine. I'll take a look and try to help.


Did you already see this video tutorial? http://www.youtube.com/watch?v=P_gOu566EOU

You can probably skip the first half of the video and start at 5:33. Edit: this video is about sending MSC.

Edit: there is also one about buying and selling: http://www.youtube.com/watch?v=2aJyQATQx3Y

when i Create sell offer, i input public key"044aac0598ebeb77c9ded3962de1369a8dc0938e97a62186dd863f01a6c135f8ceb4c9eba705176 f624026602cbc42d015bc98dae54717252a3fdee10c3d1f8382" ,it is ok .but "prepare" is :invalid address

[dexX7]

when i Create sell offer, i input public key"044aac0598ebeb77c9ded3962de1369a8dc0938e97a62186dd863f01a6c135f8ceb4c9eba705176 f624026602cbc42d015bc98dae54717252a3fdee10c3d1f8382" ,it is ok .but "prepare" is :invalid address

Do you have a blank char/space within this address?

Try to copy this line:

Code:

044aac0598ebeb77c9ded3962de1369a8dc0938e97a62186dd863f01a6c135f8ceb4c9eba705176f624026602cbc42d015bc98dae54717252a3fdee10c3d1f8382

[littleblue]

when i Create sell offer, i input public key"044aac0598ebeb77c9ded3962de1369a8dc0938e97a62186dd863f01a6c135f8ceb4c9eba705176 f624026602cbc42d015bc98dae54717252a3fdee10c3d1f8382" ,it is ok .but "prepare" is :invalid address

Do you have a blank char/space within this address?

Try to copy this line:

Code:

044aac0598ebeb77c9ded3962de1369a8dc0938e97a62186dd863f01a6c135f8ceb4c9eba705176f624026602cbc42d015bc98dae54717252a3fdee10c3d1f8382

i have not a blank char/space within this address.

when i "Send coins"(send msc), i input public key"044aac0598ebeb77c9ded3962de1369a8dc0938e97a62186dd863f01a6c135f8ceb4c9eba705176 f624026602cbc42d015bc98dae54717252a3fdee10c3d1f8382" ,it is ok . but "prepare" is :Not enough bitcoin funds on address.
 
whatever，thank you again. very much!

[littleblue]

when i Create sell offer, i input public key"044aac0598ebeb77c9ded3962de1369a8dc0938e97a62186dd863f01a6c135f8ceb4c9eba705176 f624026602cbc42d015bc98dae54717252a3fdee10c3d1f8382" ,it is ok .but "prepare" is :invalid address

Do you have a blank char/space within this address?

Try to copy this line:

Code:

044aac0598ebeb77c9ded3962de1369a8dc0938e97a62186dd863f01a6c135f8ceb4c9eba705176f624026602cbc42d015bc98dae54717252a3fdee10c3d1f8382

i have not a blank char/space within this address.

when i "Send coins"(send msc), i input public key"044aac0598ebeb77c9ded3962de1369a8dc0938e97a62186dd863f01a6c135f8ceb4c9eba705176 f624026602cbc42d015bc98dae54717252a3fdee10c3d1f8382" ,it is ok . but "prepare" is :Not enough bitcoin funds on address.
 
whatever，thank you again. very much!

i have 0.0000546btc (or 0.0025msc) at this address.

[dexX7]

Hehe, I see you used the faucet!

Okay, the problem here is that you need some Bitcoins there, because you actually send a Bitcoin transaction which includes the Mastercoin data. If it's a simple send, then you'd need about 0.000341 BTC (probably a little less) in that address, if I'm not mistaken.

This is how a simple send transaction would look like:

https://blockchain.info/tx/5d78eeace44ed05d6cc1642c00ba1d6be4cd666d5dce870b9cff15a624929b48


Here is some explanation about the involved amounts. What we are dealing with is a "class B" transaction:

https://github.com/mastercoin-MSC/spec#appendix-e---understanding-the-cost-of-master-protocol-messages

[zbx]

Alright, it's pretty disappointing that after so many months that still isn't an easy to use wallet. What's the ETA for an alpha release of Omniwallet?

I'm dissapointed too. I was hoping for more.

I think that one of the key wins we have after these months is ... we finally got a development rythm going, and understand a lot better where we want to be in 1 week, 3 months, 6 months.

The development speed of the Omniwallet has been incredible, and we're going to pick up speed and consistency in the upcoming weeks. We are finally starting to enter a weekly scrum cycle, are focusing our development efforts into 2 wallets instead of 4, and have a clear idea of where we're headed.

True, it would have been nice to have better wallets at this point in time. However please remember it's a marathon, not a sprint, and we learned a ton from the last months ... and that the key product of a startup is validated learning (read 'validated learning' in The Lean Startup).

That's all well and good, but you're still starting from scratch... again. If it takes Mastercoin over 7 months just to "get a development rythm going", how can it possibly compete?

[Herp]

Alright, it's pretty disappointing that after so many months that still isn't an easy to use wallet. What's the ETA for an alpha release of Omniwallet?

I'm dissapointed too. I was hoping for more.

I think that one of the key wins we have after these months is ... we finally got a development rythm going, and understand a lot better where we want to be in 1 week, 3 months, 6 months.

The development speed of the Omniwallet has been incredible, and we're going to pick up speed and consistency in the upcoming weeks. We are finally starting to enter a weekly scrum cycle, are focusing our development efforts into 2 wallets instead of 4, and have a clear idea of where we're headed.

True, it would have been nice to have better wallets at this point in time. However please remember it's a marathon, not a sprint, and we learned a ton from the last months ... and that the key product of a startup is validated learning (read 'validated learning' in The Lean Startup).

That's all well and good, but you're still starting from scratch... again. If it takes Mastercoin over 7 months just to "get a development rythm going", how can it possibly compete?

No one said anything about "starting from scratch".

[littleblue]

Hehe, I see you used the faucet!

Okay, the problem here is that you need some Bitcoins there, because you actually send a Bitcoin transaction which includes the Mastercoin data. If it's a simple send, then you'd need about 0.000341 BTC (probably a little less) in that address, if I'm not mistaken.

This is how a simple send transaction would look like:

https://blockchain.info/tx/5d78eeace44ed05d6cc1642c00ba1d6be4cd666d5dce870b9cff15a624929b48


Here is some explanation about the involved amounts. What we are dealing with is a "class B" transaction:

https://github.com/mastercoin-MSC/spec#appendix-e---understanding-the-cost-of-master-protocol-messages

thank you very much
      that mean is： i need more bitcoin in my address，about 0.000341 BTC...
      thank you again . very very much ..you are good man , l love you

[dexX7]

thank you very much
      that mean is： i need more bitcoin in my address，about 0.000341 BTC...
      thank you again . very very much ..you are good man , l love you

Haha thanks...

Please tell, if you need anything else. We are here to help.

[Djinou94]

Master Sub Zero
When the price will increase?

[zbx]

Alright, it's pretty disappointing that after so many months that still isn't an easy to use wallet. What's the ETA for an alpha release of Omniwallet?

I'm dissapointed too. I was hoping for more.

I think that one of the key wins we have after these months is ... we finally got a development rythm going, and understand a lot better where we want to be in 1 week, 3 months, 6 months.

The development speed of the Omniwallet has been incredible, and we're going to pick up speed and consistency in the upcoming weeks. We are finally starting to enter a weekly scrum cycle, are focusing our development efforts into 2 wallets instead of 4, and have a clear idea of where we're headed.

True, it would have been nice to have better wallets at this point in time. However please remember it's a marathon, not a sprint, and we learned a ton from the last months ... and that the key product of a startup is validated learning (read 'validated learning' in The Lean Startup).

That's all well and good, but you're still starting from scratch... again. If it takes Mastercoin over 7 months just to "get a development rythm going", how can it possibly compete?

No one said anything about "starting from scratch".

v0.0.1 of Omniwallet was released 10 days ago. How many projects (wallets, parsers, explorers) has the Mastercoin project begun and suddenly abandoned? But I'm sure this one will be awesome.

[crazy_rabbit]

Alright, it's pretty disappointing that after so many months that still isn't an easy to use wallet. What's the ETA for an alpha release of Omniwallet?

I'm dissapointed too. I was hoping for more.

I think that one of the key wins we have after these months is ... we finally got a development rythm going, and understand a lot better where we want to be in 1 week, 3 months, 6 months.

The development speed of the Omniwallet has been incredible, and we're going to pick up speed and consistency in the upcoming weeks. We are finally starting to enter a weekly scrum cycle, are focusing our development efforts into 2 wallets instead of 4, and have a clear idea of where we're headed.

True, it would have been nice to have better wallets at this point in time. However please remember it's a marathon, not a sprint, and we learned a ton from the last months ... and that the key product of a startup is validated learning (read 'validated learning' in The Lean Startup).

That's all well and good, but you're still starting from scratch... again. If it takes Mastercoin over 7 months just to "get a development rythm going", how can it possibly compete?

No one said anything about "starting from scratch".

v0.0.1 of Omniwallet was released 10 days ago. How many projects (wallets, parsers, explorers) has the Mastercoin project begun and suddenly abandoned? But I'm sure this one will be awesome.

The more variations of things out there and experimented with, the better. Give it time, everything is getting better and better.

[dacoinminster]

Regarding UI:

Yes, you need to read the instructions (tutorial) to use Masterchain web wallet. Sorry, it simply works differently than what you may be used to. This is mostly because Masterchain chose an unusual security model. However, within a few minutes, you'll have an "a ha!" moment and be off to the races. I have personally found it to be quite usable once I understood what was going on.

Please DO open issues on each of the github repos. We're devoting the remainder of March to making these wallets easier to use. Like Ron, I hope that omniwallet will be easier for casual users to use (won't require you to skim a tutorial before you can get started).

Regarding dEX:

Bitcoin/MSC trading is one-sided because posting a MSC buy order means nothing (it is unenforceable at best, spam at worst). Sure, you can signal your intention to buy MSC with BTC, but nobody can actually make you do it.

Once you are in the MSC ecosystem, order books are two-sided, and are automatically matched as you would hope.

Regarding speed of progress:

We've chosen to be more decentralized, with more implementations, and that means more time. Consequently we have a lot of beneficial cross-checking and redundancy (both technical and legal redundancy). However, we are narrowing down our number of officially supported implementations as we go forward to one PC wallet and one web wallet, as we have realized that the time sink of maintaining all these implementations is just too high.

I'm personally very happy with our progress. I realize it looks slow from the outside, but we are simply doing more, and our final product will be better for it.

You all know (or should know) that venture capital groups have lined up millions of dollars to pour into MSC-based initiatives. The Houstan hack-a-thon was completely dominated by Mastercoin projects. Probably 90% of the projects being worked on were targeted at MSC. Our competitors consist of several systems which have a long way to go to catch up with us, and one knock-off which literally forked our spec and rushed some half-baked stuff out the door.

I'm not saying that our project can rest on our laurels, but rather that we have the momentum right now, and we don't intend to lose it.

[bitexch]

Regarding UI:

Yes, you need to read the instructions (tutorial) to use Masterchain web wallet. Sorry, it simply works differently than what you may be used to. This is mostly because Masterchain chose an unusual security model. However, within a few minutes, you'll have an "a ha!" moment and be off to the races. I have personally found it to be quite usable once I understood what was going on.

Please DO open issues on each of the github repos. We're devoting the remainder of March to making these wallets easier to use. Like Ron, I hope that omniwallet will be easier for casual users to use (won't require you to skim a tutorial before you can get started).

Regarding dEX:

Bitcoin/MSC trading is one-sided because posting a MSC buy order means nothing (it is unenforceable at best, spam at worst). Sure, you can signal your intention to buy MSC with BTC, but nobody can actually make you do it.

Once you are in the MSC ecosystem, order books are two-sided, and are automatically matched as you would hope.

Regarding speed of progress:

We've chosen to be more decentralized, with more implementations, and that means more time. Consequently we have a lot of beneficial cross-checking and redundancy (both technical and legal redundancy). However, we are narrowing down our number of officially supported implementations as we go forward to one PC wallet and one web wallet, as we have realized that the time sink of maintaining all these implementations is just too high.

I'm personally very happy with our progress. I realize it looks slow from the outside, but we are simply doing more, and our final product will be better for it.

You all know (or should know) that venture capital groups have lined up millions of dollars to pour into MSC-based initiatives. The Houstan hack-a-thon was completely dominated by Mastercoin projects. Probably 90% of the projects being worked on were targeted at MSC. Our competitors consist of several systems which have a long way to go to catch up with us, and one knock-off which literally forked our spec and rushed some half-baked stuff out the door.

I'm not saying that our project can rest on our laurels, but rather that we have the momentum right now, and we don't intend to lose it.

This comes off as very defensive and your competitors obviously don't have a long way to catch up with you: Counterparty already has features which you don't intend to have for another 3-6 months. Your attacks just sound ad hominem, and since Mastercoin still has consensus issues and never actually did any testing on testnet, it seems pretty absurd to call their stuff "half baked".

It looks very bad from a PR perspective to be so inflammatory in your "criticisms" of other projects.