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

[dacoinminster]

Are you out of your mind?!!! WTF?  Did you blame your mother . . .

(abusive flame deleted)

HammerFist's flame made me laugh, but I still deleted it. If I ever need someone to write a flame for me, I'm coming to you, man.

Let's try to keep it civil, folks.

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[synechist]

Are you out of your mind?!!! WTF?  Did you blame your mother . . .

(abusive flame deleted)

HammerFist's flame made me laugh, but I still deleted it. If I ever need someone to write a flame for me, I'm coming to you, man.

Heh. I must admit I laughed too, despite it being aimed at me.

Good comedy, HammerFist, though perhaps not the sort of thing that facilitates constructive discussion.

[ASICSRUS]

A good read (as always from Coindesk):
http://www.coindesk.com/bitcoin-core-dev-update-5-transaction-fees-embedded-data/

"...they don’t want to cripple the network with a critical bug.." nice read!  thanks

[ripper234]

I had an interesting conversation this week with Vitalik from the Bitcoin Magazine, and he suggested this cool feature:

Spending Limit

This feature would limit the rate at which a particular address can send mastercoins.

Here is how I would specify the feature: We would add two new operations SETUP_LIMITED_ACCOUNT and SET_LIMIT.

SETUP_LIMITED_ACCOUNT(priv_key_x, pub_key_y)

This operation would designate address Y as the "limiting address" of address X.
This means the owner of address Y can control the spending limits of address X.

SET_LIMIT(priv_key_y, pub_key_x, currency_ID, limit, time_period)

After a SET_LIMIT operation is transmitted (by the owner of address Y), only if there was a prior matching SETUP_LIMITED_ACCOUNT with Y's public key, then from now on outgoing transactions from address X in the specified currency are limited - for any window of blocks with length time_period, if any send operation would cause the sum of all send operations from address X within this window to cross limit, this send operation would be invalid.

The reason to use two different addresses is that we want to prevent an attacker that gained the private key of X to cheat the system by changing the send limit. You would use a more secure address Y to specify a send limit on address X (just like the Saving Account feature uses a Guardian Address (Y)).


The above is just my initial specification, we can beautify and formalize this a bit more.
I think it's a useful easy to implement feature and would love to see it in an upcoming version of the whitepaper.

[klee]

I also think there's a degree of responsibility on the part of those behind Mastercoin's funding initiative

Are you out of your mind?!!! WTF?  Did you blame your mother for your ugly red hair too?  

Dude, over 1000 people got it.  The instructions weren't complex.  Only a moron could expect JR to prepare a full 8 page description of how dumb you are.  It's like Jack-in-the-box after the McDonalds coffee incident.  They now write on coffee cups: "Hot coffee is hot".  Is that what you need?  A warning like that?  

JR said clearly don't use web wallets.  Now you come here a bitch that you got 'misled'.  JR - why didn't you write a moron clause which excludes them from participation?  Holy crap.  This guy will blame the moon when can't get his finger out of his butt.  

Stop bitchin'  You F-ed up your deal and its finished.  Move on and do it right next time.

I think something ought to be done for people in my position.

How about cyanide?  That should do it.

TomHirsch, could you please stop beeing so rude.

TomHirsch, under new account (guess why) HammerFirst, is a lamer who almost screwed the project from the start (check TomHirst past posts). Ignore it if you can.

Stalking again? What's your problem you can't find a boyfriend?

[dacoinminster]

I had an interesting conversation this week with Vitalik from the Bitcoin Magazine, and he suggested this cool feature:

Spending Limit

This feature would limit the rate at which a particular address can send mastercoins.

Here is how I would specify the feature: We would add two new operations SETUP_LIMITED_ACCOUNT and SET_LIMIT.

SETUP_LIMITED_ACCOUNT(priv_key_x, pub_key_y)

This operation would designate address Y as the "limiting address" of address X.
This means the owner of address Y can control the spending limits of address X.

SET_LIMIT(priv_key_y, pub_key_x, currency_ID, limit, time_period)

After a SET_LIMIT operation is transmitted (by the owner of address Y), only if there was a prior matching SETUP_LIMITED_ACCOUNT with Y's public key, then from now on outgoing transactions from address X in the specified currency are limited - for any window of blocks with length time_period, if any send operation would cause the sum of all send operations from address X within this window to cross limit, this send operation would be invalid.

The reason to use two different addresses is that we want to prevent an attacker that gained the private key of X to cheat the system by changing the send limit. You would use a more secure address Y to specify a send limit on address X (just like the Saving Account feature uses a Guardian Address (Y)).


The above is just my initial specification, we can beautify and formalize this a bit more.
I think it's a useful easy to implement feature and would love to see it in an upcoming version of the whitepaper.

Ron and I discussed this a bit earlier today. I think it's really a great idea and would mesh nicely with the savings wallet. Possibly they should be implemented together.

So many changes queueing up for the spec! Sorry guys.

I heard a rumor that somebody might be converting it to markdown for me, so we can put it in github

[rbdrbd]

I love this thread and am really looking forward to mastercoin continuing to mature.

I think several people would be interested in a wealth analysis of mastercoin wallets, either as a one-time/ad-hoc thing or integated into mastercoin-explorer (i.e. for instance see the top balances for YaCoin over at http://yacexplorer.tk/graphs.htm#stats) ... top 25 balances would be great, or with all wallet balances, we could do a lot (statistics/analysis-wise, such as gauging wealth distribution over time to judge the "spread"/diffusion of the currency). And if someone had a csv or excel spreadsheet with this info, I wouldn't mind making a few charts, but the cats meow would be to integrate in into the explorer for day-to-day updates and historical trends.

Another useful stat would be measuring the rate of mastercoin transactions, in order to judge the 'velocity' of MSC (i.e. http://en.wikipedia.org/wiki/Velocity_of_money). This could then be plotted on a graph. That would be another great look at the health of the MSC ecosystem.

Sample distribution of wealth graphs (could be created with a JS graphing library like 'flot', provided with the raw MSC data...I'd be able to lend some assistance here if needed):
http://en.wikipedia.org/wiki/File:U.S._Distribution_of_Wealth,_2007.jpg
http://www.motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph
http://thesocietypages.org/graphicsociology/files/2009/05/conley_champagne_distribution.png

[prophetx]

I just posted the latest blog, a ton of information on there summarizing all the activities from the last week.  If I missed anything please let me know so I can include it next week.  Or if I made any errors (especially in the more technical parts) please inform me via PM.

Making History With Distributed Exchange

News for the week 43.2013.

Last week we discussed the fantastic results of the 1st code contest. Through out this week a few key exciting events took place.

J.R. Willet, the person behind the Mastercoin protocol, announced the 2nd code contest which is to enable distributed exchange transactions between two currencies (BTC <-> MSC); this ambitious contest is giving away 300 BTC and will need support not just from those who will be developing the wallet and website applications but also from those who are willing to test the developed applications, so take a look and get involved. Your contributions will be rewarded.

We also saw an important decision take place with the Bitcoin code base.  According to Gavin Andresen Bitcoin a pull request which allows for the association of up to 80 bytes of arbitrary data transactions will make it into Bitcoin’s 0.9 major release; this will enable Class C Mastercoin transactions (more information below).

Lastly, earlier this week the Mastercoin Foundation Board had its first meeting...

Read more...

http://blog.mastercoin.org/2013/10/26/making-history-with-distributed-exchange/

[HammerFist]

Heh. I must admit I laughed too, despite it being aimed at me.

Good comedy, HammerFist, though perhaps not the sort of thing that facilitates constructive discussion.

Way to go synechist -
Three cheers for you.  Too many wimps in the world run crying to grandma.  At least you get it.  

I suppose it is easier to laugh when you don't really have red hair.  lol  

[maxmint]

I just posted the latest blog, a ton of information on there summarizing all the activities from the last week.  If I missed anything please let me know so I can include it next week.  Or if I made any errors (especially in the more technical parts) please inform me via PM.

Making History With Distributed Exchange

News for the week 43.2013.

Last week we discussed the fantastic results of the 1st code contest. Through out this week a few key exciting events took place.

J.R. Willet, the person behind the Mastercoin protocol, announced the 2nd code contest which is to enable distributed exchange transactions between two currencies (BTC <-> MSC); this ambitious contest is giving away 300 BTC and will need support not just from those who will be developing the wallet and website applications but also from those who are willing to test the developed applications, so take a look and get involved. Your contributions will be rewarded.

We also saw an important decision take place with the Bitcoin code base.  According to Gavin Andresen Bitcoin a pull request which allows for the association of up to 80 bytes of arbitrary data transactions will make it into Bitcoin’s 0.9 major release; this will enable Class C Mastercoin transactions (more information below).

Lastly, earlier this week the Mastercoin Foundation Board had its first meeting...

Read more...

http://blog.mastercoin.org/2013/10/26/making-history-with-distributed-exchange/

Another great article, really enjoyed reading it!

[Tachikoma]

I love this thread and am really looking forward to mastercoin continuing to mature.

I think several people would be interested in a wealth analysis of mastercoin wallets, either as a one-time/ad-hoc thing or integated into mastercoin-explorer (i.e. for instance see the top balances for YaCoin over at http://yacexplorer.tk/graphs.htm#stats) ... top 25 balances would be great, or with all wallet balances, we could do a lot (statistics/analysis-wise, such as gauging wealth distribution over time to judge the "spread"/diffusion of the currency). And if someone had a csv or excel spreadsheet with this info, I wouldn't mind making a few charts, but the cats meow would be to integrate in into the explorer for day-to-day updates and historical trends.

Another useful stat would be measuring the rate of mastercoin transactions, in order to judge the 'velocity' of MSC (i.e. http://en.wikipedia.org/wiki/Velocity_of_money). This could then be plotted on a graph. That would be another great look at the health of the MSC ecosystem.

Sample distribution of wealth graphs (could be created with a JS graphing library like 'flot', provided with the raw MSC data...I'd be able to lend some assistance here if needed):
http://en.wikipedia.org/wiki/File:U.S._Distribution_of_Wealth,_2007.jpg
http://www.motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph
http://thesocietypages.org/graphicsociology/files/2009/05/conley_champagne_distribution.png

I'm working on adding a permanent view into Mastercoin-explorer but because time is as always the limiting factor :/

Here is a one time off top-50.

Code:

15WrQhYhHts7jTMoGJ9rDCD12JuCTKy7MM - MSC 175195.17794312
196V2uB471HoMHwbkQRQRiwd3aYpU6RtWg - MSC 59941.29166667
1D11zSkRGnn6VMgaipqNeD2rtQfN5ywos3 - MSC 50420.46130952
17VP7dV8dxn3pDVxrjtgPiKhs37FLBBX7u - MSC 29960.53799753
1BBTQrfsZQVoGwdPfp7NfMg7F4pYes2F1s - MSC 20133.76085646
1HcQb16RSjdiH622sNs7Qsqt5vNWWa7oKV - MSC 18014.50892857
172mDyjew7PnUpMRdNPjjv1bU1u4Ftgs3M - MSC 13799.64285714
1G3Cyx194o3yLbKFmzR4NtNE6fxJSRowkp - MSC 10283.43584656
16pdW8RQjJpF37FLMm7R65HBvn6WY33Pq8 - MSC 10030.18683862
163dXoX3bfrM8t8DwbhzfHdGYNQfYfXhK6 - MSC 7035.14632937
139Dx25QXHBJD1tfLQMwASAAJrWFiM4BPz - MSC 6775.31586309
1CbYgvA148Ew5j22S2rbgFCKToQTwRnKfS - MSC 5993.36778588
1K9ETVUmDcfahqzoanBBmbaDqVmUmqrQJS - MSC 5888.10138889
1LX1Nv7C6RnR18ir3r5GrmyVvG1yy2EnRa - MSC 5737.73946346
1NQSMowgQVWprE1dwdbzTwCfFrVXK6sUh2 - MSC 5372.22387566
1Eo6FGPytuYvuA3ZS6ToXqP8sScWWtKhWN - MSC 5016.50257937
12SdZk7Gd19zbvQZDF447PpHSpGY5SGYE2 - MSC 4809.98334741
1Pd1ESY2Hfb8Mom6aTJnpJBEAnkzghgRJq - MSC 4407.0484127
1AGFxUanxnWnrTiwLsY4NyvNZTv3RWFnfT - MSC 3687.47620688
17bGDJTMeiWx4LJdf8gECEPFMmCpY2jA66 - MSC 3361.61142053
1Bqp4VEweM1S8FKGHWYviRRtSxv5tMAVih - MSC 3145.95691137
18WANHBTcj8u2GU1PY4h1iG4EbvgYJM4gL - MSC 3037.97619048
1HLdSSpvRDcAyD9k91yS7X9o2jaJiKeqp4 - MSC 3027.44598213
18fjRdAxg1aQbw1DeNM68nsD2PiEfayqfJ - MSC 3024.51636905
1K5ZEkQ8Pzwqedg2WHsKQd3xiAGnj7MeCD - MSC 3013.15819775
1KRaQh3k47P4Mu4XXviRGHrgYi7BK5hsAV - MSC 2666.25859788
1AJzXcrPJbXudbRF43d9j2pympLo5k5Gut - MSC 2533.18511571
1JU1GS7GyHg6XYqq5JjNUquzsWgHoUFAGR - MSC 2384.23635218
1PA8qhEzW7to6EeqBAdhVZYGbVj2MfmN2n - MSC 2311.91243386
14S5bE4ZGbb4oMXsnNn4zErdKBN5Lyiihb - MSC 2153.05886243
1CQhTj5tAtvzGti2oUiBqF2D8gGvGkJbTo - MSC 2136.4582403
1KDCt8VoY45ya3QnExwtZEdugAnRAncr1Z - MSC 2120.53654101
12bDX26J84x545pzfSZouULeqjfBtAe9Lv - MSC 2097.99940476
1FLyLEzRvV5ucRaHBcXfhqSQnwjsnCaVhH - MSC 2086.75
17CoqK7cqNVLyv1CawzsGT12eTMP2fmHuy - MSC 2025.85582011
1Po9mw5bbgx3HxHZ8Vch24XcmHTiFTRDuW - MSC 2003.19874339
12VamRhmcgsWWKWdNuzWqVYTvnuk2Dsx9b - MSC 1865.62833994
13xyUnidQ1JhQk7hor17eQAPw96hwNZhHJ - MSC 1854.4081968
1roLMd1dT3Arpsq6sqjProZU7vtKL8cx1 - MSC 1832.63488609
1Na6CZdvTMzaq6f6Xn9jyEfmbf5NiEp65c - MSC 1596.95300198
1AKQX7Qso4UQeAPD7rPWnDAQr43z6eByui - MSC 1566.12276786
1AMgiLXpQ2rxtrVagtCfxjXJV44QumWNhP - MSC 1360.27369378
1589KFRBj95mUZvjoyhTDv9xp89EpHSdh8 - MSC 1335.42873676
1P2KXwVg2h4iDSqiQf4tCkSL2XEVTAyqrB - MSC 1333.40029762
1AAciKr6aNMwcYrApgAp336e8EjBwrYPWj - MSC 1320.38340067
1Q1sFqsi8S5DxV5hz6sWLamGBp9To93iG7 - MSC 1277.23987298
13NRX88EZbS5q81x6XFrTECzrciPREo821 - MSC 1254.63027669
16JbDstcRNzevcBSVu7XwUKJ3bB6btxWHh - MSC 1144.59047619
1Ki1Uxc1P1HRfk7Awq8ayZghzwGCsYWe9o - MSC 1076.8785549
15WsYinrZCiPa95JRYfzh3wu2GXopaNZWu - MSC 1030.0

Here is a CSV of each address and their balance. Seeing this overview I spotted a transaction that is being parsed wrong so that's worth something.

Edit: Couldn't help myself and added the top 50 to Mastercoin-explorer. It might be a tad slow since it's not being cached and the lookup is very inefficient but it works for now.

[zathras]

FYI masterchest.info won't show any new transactions for an hour or two while I rescan with all the new changes.

Thanks!

[synechist]

Heh. I must admit I laughed too, despite it being aimed at me.

Good comedy, HammerFist, though perhaps not the sort of thing that facilitates constructive discussion.

Way to go synechist -
Three cheers for you.  Too many wimps in the world run crying to grandma.  At least you get it.  

I suppose it is easier to laugh when you don't really have red hair.  lol  

Yeah, it can frustrate me too when people act as if the world should take liability for whatever they do. For anyone to actually support the idea - and the sort of bureaucratic nannying that results on a societal scale - is beyond me. It ends up limiting personal freedom way too much. Take the UK for example. So yes, let's all be responsible for our actions.

You'll be surprised to know that I do have red-ish hair. And my wife is a redhead. But I make a point of trying to understand people from their perspective rather than just reacting and getting defensive about mine. Maybe if I was less sure of the truth of my position - or less secure in my identity - I'd have taken offense.

But now that that's out of the way, let's discuss the facts openly. First off, I think learning the technical details of how Mastercoin works is not analogous to learning that hot coffee is hot. It's a whole lot more difficult and a whole lot less familiar to a mere bitcoin trader with no coding or computer science background.

Secondly, this thread didn't actually say "don't use web wallets". It said "don't use web wallets like Mt. Gox, but the Blockchain wallet is ok." The situation was anything but black and white.

So I don't think my error is a case of someone blaming the maker of hot coffee for it being hot. It's like a Kickstarter campaign where if you make a particular mistake in filling in the form, you're screwed.

[superfluouso]

Here is a CSV of each address and their balance. Seeing this overview I spotted a transaction that is being parsed wrong so that's worth something.

Edit: Couldn't help myself and added the top 50 to Mastercoin-explorer. It might be a tad slow since it's not being cached and the lookup is very inefficient but it works for now.

Very Cool!  Thanks Tachikoma! Didn't realize the number of wallets with MSC was so low.

[maxmint]

Edit: Couldn't help myself and added the top 50 to Mastercoin-explorer. It might be a tad slow since it's not being cached and the lookup is very inefficient but it works for now.

Yes, very cool Tachikoma, thanks! Would it be possible to also get a column showing each addresses percentage of all Mastercoins?

[Tachikoma]

Edit: Couldn't help myself and added the top 50 to Mastercoin-explorer. It might be a tad slow since it's not being cached and the lookup is very inefficient but it works for now.

Yes, very cool Tachikoma, thanks! Would it be possible to also get a column showing each addresses percentage of all Mastercoins?

You ask, I code. Refresh the page.

5 addresses (people?) control 60% of all Mastercoins.

[superfluouso]

Edit: Couldn't help myself and added the top 50 to Mastercoin-explorer. It might be a tad slow since it's not being cached and the lookup is very inefficient but it works for now.

Yes, very cool Tachikoma, thanks! Would it be possible to also get a column showing each addresses percentage of all Mastercoins?

You ask, I code. Refresh the page.

5 wallets (people?) control 60% of all Mastercoins.

Still not seeing the percentages but I could tell from the values its pretty top heavy...the new 1 percenters?  Will be interesting to watch how these distributions change once a proper exchange mechanism is put in place.

[maxmint]

Edit: Couldn't help myself and added the top 50 to Mastercoin-explorer. It might be a tad slow since it's not being cached and the lookup is very inefficient but it works for now.

Yes, very cool Tachikoma, thanks! Would it be possible to also get a column showing each addresses percentage of all Mastercoins?

You ask, I code. Refresh the page.

5 wallets (people?) control 60% of all Mastercoins.

Wow, you're fast
It seems most of the large holders have not sold any MSC yet (at least they have no outgoing transactions).

[zathras]

I love this thread and am really looking forward to mastercoin continuing to mature.

I think several people would be interested in a wealth analysis of mastercoin wallets, either as a one-time/ad-hoc thing or integated into mastercoin-explorer (i.e. for instance see the top balances for YaCoin over at http://yacexplorer.tk/graphs.htm#stats) ... top 25 balances would be great, or with all wallet balances, we could do a lot (statistics/analysis-wise, such as gauging wealth distribution over time to judge the "spread"/diffusion of the currency). And if someone had a csv or excel spreadsheet with this info, I wouldn't mind making a few charts, but the cats meow would be to integrate in into the explorer for day-to-day updates and historical trends.

Another useful stat would be measuring the rate of mastercoin transactions, in order to judge the 'velocity' of MSC (i.e. http://en.wikipedia.org/wiki/Velocity_of_money). This could then be plotted on a graph. That would be another great look at the health of the MSC ecosystem.

Sample distribution of wealth graphs (could be created with a JS graphing library like 'flot', provided with the raw MSC data...I'd be able to lend some assistance here if needed):
http://en.wikipedia.org/wiki/File:U.S._Distribution_of_Wealth,_2007.jpg
http://www.motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph
http://thesocietypages.org/graphicsociology/files/2009/05/conley_champagne_distribution.png

I'm working on adding a permanent view into Mastercoin-explorer but because time is as always the limiting factor :/

Here is a one time off top-50.

Here is a CSV of each address and their balance. Seeing this overview I spotted a transaction that is being parsed wrong so that's worth something.

Edit: Couldn't help myself and added the top 50 to Mastercoin-explorer. It might be a tad slow since it's not being cached and the lookup is very inefficient but it works for now.

Haha beat me to it Tachikoma   I wanted to ask if the guys doing the order book would publish the chart (howto) so I can have a live update here - at the moment it's just a static image placeholder (the rest of the data is dynamic though).

[maxmint]

I love this thread and am really looking forward to mastercoin continuing to mature.

I think several people would be interested in a wealth analysis of mastercoin wallets, either as a one-time/ad-hoc thing or integated into mastercoin-explorer (i.e. for instance see the top balances for YaCoin over at http://yacexplorer.tk/graphs.htm#stats) ... top 25 balances would be great, or with all wallet balances, we could do a lot (statistics/analysis-wise, such as gauging wealth distribution over time to judge the "spread"/diffusion of the currency). And if someone had a csv or excel spreadsheet with this info, I wouldn't mind making a few charts, but the cats meow would be to integrate in into the explorer for day-to-day updates and historical trends.

Another useful stat would be measuring the rate of mastercoin transactions, in order to judge the 'velocity' of MSC (i.e. http://en.wikipedia.org/wiki/Velocity_of_money). This could then be plotted on a graph. That would be another great look at the health of the MSC ecosystem.

Sample distribution of wealth graphs (could be created with a JS graphing library like 'flot', provided with the raw MSC data...I'd be able to lend some assistance here if needed):
http://en.wikipedia.org/wiki/File:U.S._Distribution_of_Wealth,_2007.jpg
http://www.motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph
http://thesocietypages.org/graphicsociology/files/2009/05/conley_champagne_distribution.png

I'm working on adding a permanent view into Mastercoin-explorer but because time is as always the limiting factor :/

Here is a one time off top-50.

Here is a CSV of each address and their balance. Seeing this overview I spotted a transaction that is being parsed wrong so that's worth something.

Edit: Couldn't help myself and added the top 50 to Mastercoin-explorer. It might be a tad slow since it's not being cached and the lookup is very inefficient but it works for now.

Haha beat me to it Tachikoma   I wanted to ask if the guys doing the order book would publish the chart (howto) so I can have a live update here - at the moment it's just a static image placeholder (the rest of the data is dynamic though).

That's some great stats! Escpecially the "distribution growing" could be a very important metric in the future.

I will publish the chart from the order book, thanks for pointing me to he how-to.