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Author Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address”  (Read 403766 times)
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Tachikoma
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November 10, 2013, 10:21:22 AM
 #1821

Just an FYI.

Mastercoin-explorer is stuck on block 268560. There is a problem parsing a weird transaction in one of the following blocks and bitcoin-ruby will have to be patched to fix this. I am hoping to find some time to do this today.

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November 10, 2013, 03:28:34 PM
 #1822

I had a quick question, which may have been answered before, but I could not find it:

What if the private key to the exodus address gets compromised or lost? Is there a plan for implementing a more distributed design which could indicate which transactions are mastercoin transactions?

EDIT: I suppose that same functionality would remain even if the key were lost/compromised, but there would then be two ghost addresses associated with an MSC transaction, and the reward mastercoins which are supposed to fund development on into the future would also be lost. I understand the utility in having a central location for the purposes of parsing the block chain for MSC data, but it seems too centralized to have just one address. Thoughts?

Not an Alt-Coin: Mastercoin! A new protocol layer on top of bitcoin.
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November 10, 2013, 03:45:05 PM
 #1823

Although I think this is highly doubtful I also don't think it's a real problem. Yes the funds will be gone but most open source projects run fine without backing. It will still work wether somebody is in control of Exodus or isn't.

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November 10, 2013, 04:12:59 PM
 #1824

Although I think this is highly doubtful I also don't think it's a real problem. Yes the funds will be gone but most open source projects run fine without backing. It will still work wether somebody is in control of Exodus or isn't.

Good point. It will retain the crucial functionality of acting as a pointer to all the MSC transactions.

Not an Alt-Coin: Mastercoin! A new protocol layer on top of bitcoin.
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November 10, 2013, 06:27:21 PM
 #1825

OK, a few interesting brainstorms today made me dream out more work for you guys!
Sorry for all the extra work I'm causing you...  Grin

https://trello.com/c/6iy9kvwl/18-spec-for-gambling-aka-masterdice

Quote
We can build a decentralized SatoshiDice quite easily.

Player1 bets against Player 2 on the result of the hash of block height N % 2. The blockchain locks in the funds and decides the winner.


https://trello.com/c/6P2o8QZS/19-spec-for-copy-trades-aka-mastertoro-etoro-clone

Quote
Rough idea:

COPY(my_address, my_priv_key, copied_address)

From this moment onward, every operation done by copied_address is copied by my address, in proportion to our funds. Meaning if copied_address holds X MSC and my_address holds Y MSC, and copied_address now places a market offer to sell Z MSC, then my_address will sell Z*Y/X MSC.

This of course needs more details to account for multiple currencies and assets stored on the same address.

https://trello.com/c/MX0ZymMD/20-soec-for-events-feeds

Quote
Anyone can publish events into the blockchain.

E.g. A soccer league publishes results of all soccer games..

(This is analogous of course to Price Feeds)

https://trello.com/c/6ZXtVWKz/21-spec-for-prediction-market-event-betting

Quote
1. Using Event Feeds, users can bet on the results of events.
2. A prediction market is phase two - once bets that were already closed can now be freely traded.

It also made me fear that we might put some serious strain on the bitcoin blockchain soon.
Think of what SatoshiDice did to BTC... now add prediction markets, copy trades etc.

So I also added

https://trello.com/b/uRutPlms/project

which is perfect for our upcoming Documentation Week!

Quote
A lot of people don't know this is possible, but it is. Mastercoin isn't a specific technology, it's a project that can switch backends/infrasturcture if needed.

I think we need to brainstorm about this a bit, and see whether this can help us combat some potential future scalability issues / changes in the Bitcoin protocol. This ticket is for creating a wiki article document this scenario.

We decide on a certain block height in the future. The decision is done via decentralized voting of course.

Then we start a new dedicated alt chain which is entirely premined by holders of Mastercoin. Tokens on the new chain are initially owned by private keys of MSC holders.

Please do not pm me, use ron@bitcoin.org.il instead
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November 10, 2013, 06:29:35 PM
 #1826

Posted the above to reddit

http://www.reddit.com/r/mastercoin/comments/1qbhlx/omg_insane_new_features/

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November 10, 2013, 09:09:48 PM
 #1827

Look who's writing about Mastercoin. http://gendal.wordpress.com/2013/11/10/decentralised-digital-asset-registers-mastercoin/
That's Richard Brown, Executive Architect IBM Banking and Financial markets.

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November 10, 2013, 09:17:47 PM
 #1828

This is getting bigger and bigger...

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November 10, 2013, 09:30:04 PM
 #1829

Although I think this is highly doubtful I also don't think it's a real problem. Yes the funds will be gone but most open source projects run fine without backing. It will still work wether somebody is in control of Exodus or isn't.

Good point. It will retain the crucial functionality of acting as a pointer to all the MSC transactions.

What about the bitcoins that go to the Exodus Address as part of every Mastercoin transaction? I'd rather not have that money go to an address controlled by any person or group of people (whose identities and motivations one can never be certain of). I mentioned this issue to dacoinminster a while back, and he said that he didn't think that very much money would come in that way; but even if it's only a small amount, it's a loose end, and in particular one that smacks of centralisation.

Note that Vitalik Buterin brought this matter up in his recent article on Mastercoin for Bitcoin magazine.

If one of the multi-sig outputs in a Class B (or C) transaction can be used to identify the transaction as a Mastercoin transaction, then there is no reason to have that output be spendable, right?
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November 10, 2013, 10:15:53 PM
 #1830

It can only be decoded by trying to decode the transaction as a Mastercoin transaction. If you would have to do it for every known multisig it would drastically decrease the ease you can identify Mastercoin transactions with.

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November 11, 2013, 03:59:20 AM
 #1831

Look who's writing about Mastercoin. http://gendal.wordpress.com/2013/11/10/decentralised-digital-asset-registers-mastercoin/
That's Richard Brown, Executive Architect IBM Banking and Financial markets.

yep - if you watch  this video it looks like he's describing mastercoin.
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Ron Gross


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November 11, 2013, 05:16:37 AM
 #1832

Look who's writing about Mastercoin. http://gendal.wordpress.com/2013/11/10/decentralised-digital-asset-registers-mastercoin/
That's Richard Brown, Executive Architect IBM Banking and Financial markets.

Woa. Nice.

I posted this comment:

Quote
Hi Richard, and thanks for this interesting article!

I just want to share a secret with you and your readers.
Mastercoin is not about the technology. It’s a project with a goal and a technology stack, which currently relies on Bitcoin.

However, that can be switched out or modified later if needed.

See http://wiki.mastercoin.org/index.php/FAQ#Does_Mastercoin_have_to_run_on_top_of_Bitcoin.3F

What about the bitcoins that go to the Exodus Address as part of every Mastercoin transaction? I'd rather not have that money go to an address controlled by any person or group of people (whose identities and motivations one can never be certain of). I mentioned this issue to dacoinminster a while back, and he said that he didn't think that very much money would come in that way; but even if it's only a small amount, it's a loose end, and in particular one that smacks of centralisation.

Note that Vitalik Buterin brought this matter up in his recent article on Mastercoin for Bitcoin magazine.

If one of the multi-sig outputs in a Class B (or C) transaction can be used to identify the transaction as a Mastercoin transaction, then there is no reason to have that output be spendable, right?

I agree, and I've been bothered with this myself.
If anyone can think of a modification to the spec that makes sense and removes this, please send in a pull request.

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November 11, 2013, 07:31:59 AM
 #1833

I'd like to remind everyone that we're gearing up towards launching our Documentation Contest Week.
I've added many items that need documenting over the various channels

Please see updated information on Trello.

As you might remember, the rewards will be handed out retroactively. You can start working on it now and capture all the good parts even before we launch it.

Documentation is an essential part in our outreach and war against FUD.
It will be a tremendously useful tool for us and will enable us to do much more effective PR and lower the hate level.

Please do not pm me, use ron@bitcoin.org.il instead
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Luckybit
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November 11, 2013, 07:41:58 AM
 #1834

I'd like to remind everyone that we're gearing up towards launching our Documentation Contest Week.
I've added many items that need documenting over the various channels

Please see updated information on Trello.

As you might remember, the rewards will be handed out retroactively. You can start working on it now and capture all the good parts even before we launch it.

Documentation is an essential part in our outreach and war against FUD.
It will be a tremendously useful tool for us and will enable us to do much more effective PR and lower the hate level.

This is something I can help out with, keep me updated on what needs to be documented and on the contest. I will contribute to this when/if I get the chance to.
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November 11, 2013, 08:09:55 AM
 #1835

I'd like to remind everyone that we're gearing up towards launching our Documentation Contest Week.
I've added many items that need documenting over the various channels

Please see updated information on Trello.

As you might remember, the rewards will be handed out retroactively. You can start working on it now and capture all the good parts even before we launch it.

Documentation is an essential part in our outreach and war against FUD.
It will be a tremendously useful tool for us and will enable us to do much more effective PR and lower the hate level.

Will keep watch and pitch in some hours once I get this rid of this flu.

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November 11, 2013, 12:52:29 PM
 #1836

This is something I can help out with, keep me updated on what needs to be documented and on the contest. I will contribute to this when/if I get the chance to.

Updates will go over the Trello ticket.

Will keep watch and pitch in some hours once I get this rid of this flu.

I hope you feel better soon!



I wanted to let everyone know we now have an official Masercoin Opportunities Thread
Bounties and job openings will be posted there, to make it easier for people looking to contribute.

I'll also quote by publishing one new position and one new bounty:

Quote
Everything is organized on Trello, you can find the current bounties there.

I remind everyone that on a lost of the tasks you will have to specify how much BTC/MSC the bounty is worth for you, instead of us thinking about the sum for each bounty. If you need extra budget to get something done, let us know. You are expected to be Feature Owners.

I would like to use this chance to announce a new position and a new bounty:

Security Auditor
https://trello.com/c/FDNNdZ5H/24-security-auditor

We are looking for someone to become Mastercoin's official security auditor.
This person needs to come with the highest credentials possible.

He will own the task of auditing the spec, various clients and infrastructure components.
He will also be responsible for setting up various bounties for detecting security related bugs.

Price Charts website AKA Mastercoincharts
https://trello.com/c/MmaWrEZu/25-mastercoincharts-price-charts

Mastercoin already has some price history, and soon we'll have the distributed exchange and a real price history.

This bounty goes to developing this site. Note that the site will need to support multiple currency pairs and other asset types ... you should start with BTC/MSC at first.

Please do not pm me, use ron@bitcoin.org.il instead
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Tachikoma
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November 11, 2013, 01:36:09 PM
 #1837

Price Charts website AKA Mastercoincharts
https://trello.com/c/MmaWrEZu/25-mastercoincharts-price-charts

Mastercoin already has some price history, and soon we'll have the distributed exchange and a real price history.

This bounty goes to developing this site. Note that the site will need to support multiple currency pairs and other asset types ... you should start with BTC/MSC at first.

FYI, this is already coded up, but not online yet on mastercoin-explorer. There is nothing really interesting to see yet so I haven't put it online. As soon as we have some transactions going on I will make them visible.

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November 11, 2013, 01:47:27 PM
 #1838

It can only be decoded by trying to decode the transaction as a Mastercoin transaction. If you would have to do it for every known multisig it would drastically decrease the ease you can identify Mastercoin transactions with.

Is it harder to identify a transaction as having a particular string in a multi-sig output than as having a particular string in a regular tx_out? What if MSC transactions were identifiable by the fact that the first public key in their multi-sig output was, except for the last byte, all zeros?
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November 11, 2013, 01:49:27 PM
 #1839

Then it wouldn't be a valid ECDSA point.

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November 11, 2013, 03:11:13 PM
 #1840

Then it wouldn't be a valid ECDSA point.

I thought that it was decided that any arbitrary 33-byte number can, by manipulation of the last byte, be made into a valid ECDSA point.

In any case, the public key would just have to be both obviously unspendable and still a valid ECDSA point. It could be, for instance, the point on the curve in question which, when in compressed form, has the lowest numerical value. (This is just another example.)
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