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

[Tachikoma]

Yes. As long as you have access to the private key it should work.

Ok. What is the private key needed for? Is it needed for sending out the Mastercoins from my Electrum wallet through Mastercoin Advisor?

It's needed to send out Mastercoins, regardless of which method. Electrum is harder since there is no way to create these transactions using the GUI.

[1714611128]

1714611128

[1714611128]

1714611128

[1714611128]

1714611128

[1714611128]

1714611128

[devthedev]

How can I get my hands on a few of these Mastercoin? 

[klee]

How can I get my hands on a few of these Mastercoin? 

https://bitcointalk.org/index.php?topic=287145.0

[devthedev]

How can I get my hands on a few of these Mastercoin? 

https://bitcointalk.org/index.php?topic=287145.0

Thanks.

[mughat]

I would love to hear what will drive the demand for the coins of mastercoin.

a) What functions of mastercoin will create a demand for the master-coins?
b) And how many coins will be needed by a normal user using the decentralised exchange functionality?
c) What planned functions if any can be used without actually buying any master-coins?

Thanks
mughat

[rbdrbd]

Created a new thread to discuss charging fees for certain Mastercoin services, which is a concept JR and I talked a bit about on this thread earlier:

https://bitcointalk.org/index.php?topic=347653.new#new

Please check it out and comment with your thoughts.

[nanobit]

Yes. As long as you have access to the private key it should work.

Ok. What is the private key needed for? Is it needed for sending out the Mastercoins from my Electrum wallet through Mastercoin Advisor?

It's needed to send out Mastercoins, regardless of which method. Electrum is harder since there is no way to create these transactions using the GUI.

Would someone have instructions on how to do this when using Electrum?

[Tachikoma]

Instructions can be found here: https://github.com/spesmilo/electrum/pull/283

[vokain]

For the marketplace ("Distributed E-Commerce") feature down the line, how does metadata like pictures and such descriptive info get stored? Reference to somewhere off the blockchain?

[zathras]

For the marketplace ("Distributed E-Commerce") feature down the line, how does metadata like pictures and such descriptive info get stored?

Well, with Class B we're limited to a touch over 7KB per transaction so technically we could fit in a thumbnail or small image, but personally (just my view) I come firmly down on the side of keeping things as light as possible.  At first thought I'd posit if we need images we store them externally (eg link to a http resource or secondary blockchain that's fit for purpose as a storage provider). 

From my suggested amendment EDIT: Sorry old habits, this is actually part of the spec now

The size of a Mastercoin packet in a compressed public key is thus 31 bytes (33 bytes minus the first and last bytes for the key identifier (02) and ECDSA manipulation byte). The Mastercoin packet reserves the first byte for the sequence number, providing a total of 30 bytes per packet for Mastercoin transaction data. The range of sequence numbers in a Class B transaction is 1 to 255, providing for a total 7,650 bytes maximum actual transaction data storage per Mastercoin Class B transaction.

[ripper234]

Would someone have instructions on how to do this when using Electrum?

http://wiki.mastercoin.org/index.php/FAQ#Where_does_Mastercoin_derive_its_value_from.3F_Why_is_it_valuable.3F

[Gab1159]

For the marketplace ("Distributed E-Commerce") feature down the line, how does metadata like pictures and such descriptive info get stored?

Well, with Class B we're limited to a touch over 7KB per transaction so technically we could fit in a thumbnail or small image, but personally (just my view) I come firmly down on the side of keeping things as light as possible.  At first thought I'd posit if we need images we store them externally (eg link to a http resource or secondary blockchain that's fit for purpose as a storage provider). 

From my suggested amendment EDIT: Sorry old habits, this is actually part of the spec now

The size of a Mastercoin packet in a compressed public key is thus 31 bytes (33 bytes minus the first and last bytes for the key identifier (02) and ECDSA manipulation byte). The Mastercoin packet reserves the first byte for the sequence number, providing a total of 30 bytes per packet for Mastercoin transaction data. The range of sequence numbers in a Class B transaction is 1 to 255, providing for a total 7,650 bytes maximum actual transaction data storage per Mastercoin Class B transaction.

What about an API fed exchange on a website? The API data would come from the raw blockchain data, but could be nicely designed like any other web based exchange. Is that even possible? I'm think something similar to blockchain.info's redesign of the raw blockchain...

[Gab1159]

I would love to hear what will drive the demand for the coins of mastercoin.

a) What functions of mastercoin will create a demand for the master-coins?
b) And how many coins will be needed by a normal user using the decentralised exchange functionality?
c) What planned functions if any can be used without actually buying any master-coins?

Thanks
mughat

Also very interested by these questions!

[ripper234]

FYI, I have just funded Mastercoin Israel with 1.1 BTC = $1,016.40

Some of that money will already be spend to cover the video photographer we hired to video the last meetup.
They will setup a separate balance sheet for future expenses.

Amnon Gilboa is the treasurer for now.

(I am not an official part of Mastercoin Israel. We just had the pre-founding meeting last night)

TX: https://blockchain.info/address/1G1fRTKzdsuacVKeGzoNFfqgG8jGktNdKZ

I added a record to my expenses ledger.

[Tachikoma]

For the marketplace ("Distributed E-Commerce") feature down the line, how does metadata like pictures and such descriptive info get stored?

Well, with Class B we're limited to a touch over 7KB per transaction so technically we could fit in a thumbnail or small image, but personally (just my view) I come firmly down on the side of keeping things as light as possible.  At first thought I'd posit if we need images we store them externally (eg link to a http resource or secondary blockchain that's fit for purpose as a storage provider).  

From my suggested amendment EDIT: Sorry old habits, this is actually part of the spec now

The size of a Mastercoin packet in a compressed public key is thus 31 bytes (33 bytes minus the first and last bytes for the key identifier (02) and ECDSA manipulation byte). The Mastercoin packet reserves the first byte for the sequence number, providing a total of 30 bytes per packet for Mastercoin transaction data. The range of sequence numbers in a Class B transaction is 1 to 255, providing for a total 7,650 bytes maximum actual transaction data storage per Mastercoin Class B transaction.

I would like to go further then that and actually use a sidechain for data like URLs, names, pictures and whatever. I haven't properly formalised how that would work yet but I think it should be explored.

Would someone have instructions on how to do this when using Electrum?

http://wiki.mastercoin.org/index.php/FAQ#Where_does_Mastercoin_derive_its_value_from.3F_Why_is_it_valuable.3F

Are you linking to the right anchor?

[vokain]

^unbelievable respect to you coders. I've always known it but maybe just this morning I came to appreciate it: you fellas can literally do anything logically imagineable, and the effects of that even extend outside the Matrix

[abuelau]

Guys, today I sent MSC for the first time (from me to myself!) and I was very excited that it worked.

But I don't understand why it worked! 

I used MasterCoinAdvisor, I input the amount I want to send, etc. So far so good. Then, it tells me to send 0.00006 BTC to 3 addresses, I used Blockchain.info to send it.

What I don't understand though is this: I tell MasterCoinAdvisor how much MSC I want to send, but then I don't use that information anywhere when sending the 0.00006 BTC to the 3 addresses in Blockchain. So does this mean that MasterCoinAdvisor is communicating with the Mastercoin network somehow to record the information about my transaction before I send the 3 x 0.00006 BTC and then when I do send the 3 x 0.00006 BTC that's when the Mastercoin network acknowledges the transaction as valid?

If that's the case, then who is MasterCoinAdvisor communicating with exactly to store my transaction information before I send the 3 x 0.00006 BTC?

[zathras]

Guys, today I sent MSC for the first time (from me to myself!) and I was very excited that it worked.

But I don't understand why it worked! 

I used MasterCoinAdvisor, I input the amount I want to send, etc. So far so good. Then, it tells me to send 0.00006 BTC to 3 addresses, I used Blockchain.info to send it.

What I don't understand though is this: I tell MasterCoinAdvisor how much MSC I want to send, but then I don't use that information anywhere when sending the 0.00006 BTC to the 3 addresses in Blockchain. So does this mean that MasterCoinAdvisor is communicating with the Mastercoin network somehow to record the information about my transaction before I send the 3 x 0.00006 BTC and then when I do send the 3 x 0.00006 BTC that's when the Mastercoin network acknowledges the transaction as valid?

If that's the case, then who is MasterCoinAdvisor communicating with exactly to store my transaction information before I send the 3 x 0.00006 BTC?

The data for your transaction is encoded into the 3rd output address from MastercoinAdvisor (known as the data address).

[Rampion]

Any ETA for a Mastercoin advisory that works on Linux and OSX? I only see a Windows executable, and Windows is a PITA...

[Tachikoma]

Any ETA for a Mastercoin advisory that works on Linux and OSX? I only see a Windows executable, and Windows is a PITA...

The original script is Python and will work anywhere