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

[DGulari]

Have you guys seen the news on the colored coins front? It's looking quite cool: https://bitcointalk.org/index.php?topic=106373.0

maybe this has been answered a thousand times already, but.. imagine both Colored Coins and MasterCoin works. What is really the difference between them to the END USER? I know the technical aspects, but users don't care much about those.

One difference is that Mastercoin has a 100 Million dollar market cap.  Its owners will be fiercely protective to do what it takes to keep the project moving forward.

Colored Coin has some asshole named KillerShitStorm who keeps trying to make trouble for mastercoin because his project is an unfunded 'for the good of man' system where the programming team will finally burn out and quit as doing hard work without pay finally turns out to be a dumb ass business model.  But don't worry, KillerShitStorm will be over here telling everyone why they should run from Mastercoin.  Colored Coin was dead on arrival.  The end user will never know about Colored Coins.

[abuelau]

Have you guys seen the news on the colored coins front? It's looking quite cool: https://bitcointalk.org/index.php?topic=106373.0

maybe this has been answered a thousand times already, but.. imagine both Colored Coins and MasterCoin works. What is really the difference between them to the END USER? I know the technical aspects, but users don't care much about those.

One difference is that Mastercoin has a 100 Million dollar market cap.  Its owners will be fiercely protective to do what it takes to keep the project moving forward.

Colored Coin has some asshole named KillerShitStorm who keeps trying to make trouble for mastercoin because his project is an unfunded 'for the good of man' system where the programming team will finally burn out and quit as doing hard work without pay finally turns out to be a dumb ass business model.  But don't worry, KillerShitStorm will be over here telling everyone why they should run from Mastercoin.  Colored Coin was dead on arrival.  The end user will never know about Colored Coins.

So, end users will prefer Mastercoins because you don't like the guy behind Colored Coins?

Hm.. I get the "funding" argument, although right now that doesn't come across in the product itself, I think the colored coins website is probably clearer, simpler and more user friendly.

[BitThink]

I think the reason why most people here do not like colored coin is simple. They cannot invest on it. Colored coin is just like a traditional open source project, where people earn reputation but no money.

That said, it make sense to say that msc may have better chance to succeed because the developers have more incentives. Colored coin has been developed for a long period and the slow progress Could be explained by its volunteer nature.

Nonetheless, in a project like master coin, there's another problem. If the wealth is not distributed fairly, the progress may be even slower than colored coin. Human's nature makes us hate working hard to make others to be super rich. We may feel better if no one gets rich at all.

[abuelau]

I think the reason why most people here do not like colored coin is simple. They cannot invest on it. Colored coin is just like a traditional open source project, where people earn reputation but no money.

That said, it make sense to say that msc may have better chance to succeed because the developers have more incentives. Colored coin has been developed for a long period and the slow progress Could be explained by its volunteer nature.

Nonetheless, in a project like master coin, there's another problem. If the wealth is not distributed fairly, the progress may be even slower than colored coin. Human's nature makes us hate working hard to make others to be super rich. We may feel better if no one gets rich at all.

Well said.

I hope that Mastercoin gets a really amazing website with a very cool video and all the other stuff like p2p exchanges, assets etc... soon... with all the money at their disposal, I am a bit impressed with the slow progress so far.

[dance4x]

I have a question when it comes to the decentralized exchange. How fast will it be? I must be misunderstanding the protocol because the way I have read about Mastercoin makes me think that trades will only be possible with each bitcoin confirmation (roughly every ten minutes). So will the decentralized exchange work like the exchanges that we are used to today with instant trade execution?

Edit: Watching a presentation from Ron Gross on Mastercoin right now and he talked about how the trades will be happening every 10 minutes.

[ak84]

Serious question, and I don't mean to undervalue the work you've all put in..

but as an observer, why don't you launch this already? You don't need to have all the features.

Launch it with the most important feature to have, and get people's reactions. Ask them what they like, what they don't like, and what they want to see. There's a balance between taking the time to build something really great and over-building so much that you never release the product.

[dance4x]

Right now, I think there is 5 different names competing in this space right now

Mastercoin
NXT
Colored Coins
Bitshares
eMunie

Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development

You could also add Open Transactions to that list. Which other projects seem to be moving faster?

[dance4x]

You could also add Open Transactions to that list. Which other projects seem to be moving faster?

I have a fair portion of MSC, but it seems like NXT is winning the race right now in terms of hype and development.

With it still being closed source, I'd say they're far behind. What does the client look like right now? I don't want to test it out until it's open source.

[markm]

I thought that about Ripple too, but by the time they did open the source it was way too late, too many other things to do to go back and look again.

Seems likely that by the time NXT is open source the same thing will happen, oh yeah queue it up like Ripple as something to look at someday but meanwhile keep looking into the actually already open source ab-initio stuff...

-MarkM-

[abuelau]

I actually bought some NXT and installed the server/client.

It looks good.

The client is fully HTML based, so you use it from a browser.

[BitThink]

Right now, I think there is 5 different names competing in this space right now

Mastercoin
NXT
Colored Coins
Bitshares
eMunie

Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development

bitshares is far far behind and seems no developer other than the CEO himself.
eMunie is supposed to be released late January.
Nxt will be formally open on January too. Currently, only alias function is implemented.

[FrictionlessCoin]

Right now, I think there is 5 different names competing in this space right now

Mastercoin
NXT
Colored Coins
Bitshares
eMunie

Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development

bitshares is far far behind and seems no developer other than the CEO himself.
eMunie is supposed to be released late January.
Nxt will be formally open on January too. Currently, only alias function is implemented.

This is all bordering in ridiculous in that none of these coins have been shown to have a real implementation in the wild.   People are betting on untested prototypes! 

Mastercoin - doubtful how this approach of protocol layering prevents double spending.
NXT - Closed source implementation.  Does anyone have any idea of how this actually works?  How fair is the distribution when all coins were bought for a mere 21 BTC.
Colored Coins - Fortunately, they don't have a ridiculous buy in vehicle to support their work.
Bitshares -  So these folks use a bitcoin like clone to raise funds.  They are redoing everything from scratch.  Anybody's guess that this even works out.
eMunie -  I heard about it 6 months ago, not certain if their multiple simultaneous block chain forks really work.


Anyway, my plan for iXcoin (The Internet eXchange Coin) is dirt simple.

Stick with tried and proven Satoshi Nakamoto bitcoin technology and layer on top of it Colored Coins.

iXcoin surprisingly has already secured 1/2 of all bitcoin network hash rate.  So any financial instrument you layer on top of iXcoin will automatically get the tried and proven security of 1/2 of the bitcoin proof of work scheme.     Mastercoin, NXT, Bitshares and eMunie don't even come close to this kind of security.

Furthermore, each coin is dirt cheap, so using is as a platform for Colored Coins makes more sense.

Anyway, keep informed with iXcoin developments at www.ixcoin.co

[jeroenn13]

Right now, I think there is 5 different names competing in this space right now

Mastercoin
NXT
Colored Coins
Bitshares
eMunie

Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development

bitshares is far far behind and seems no developer other than the CEO himself.
eMunie is supposed to be released late January.
Nxt will be formally open on January too. Currently, only alias function is implemented.

This is all bordering in ridiculous in that none of these coins have been shown to have a real implementation in the wild.   People are betting on untested prototypes! 

Mastercoin - doubtful how this approach of protocol layering prevents double spending.
NXT - Closed source implementation.  Does anyone have any idea of how this actually works?  How fair is the distribution when all coins were bought for a mere 21 BTC.
Colored Coins - Fortunately, they don't have a ridiculous buy in vehicle to support their work.
Bitshares -  So these folks use a bitcoin like clone to raise funds.  They are redoing everything from scratch.  Anybody's guess that this even works out.
eMunie -  I heard about it 6 months ago, not certain if their multiple simultaneous block chain forks really work.


Anyway, my plan for iXcoin (The Internet eXchange Coin) is dirt simple.

Stick with tried and proven Satoshi Nakamoto bitcoin technology and layer on top of it Colored Coins.

iXcoin surprisingly has already secured 1/2 of all bitcoin network hash rate.  So any financial instrument you layer on top of iXcoin will automatically get the tried and proven security of 1/2 of the bitcoin proof of work scheme.     Mastercoin, NXT, Bitshares and eMunie don't even come close to this kind of security.

Furthermore, each coin is dirt cheap, so using is as a platform for Colored Coins makes more sense.

Anyway, keep informed with iXcoin developments at www.ixcoin.co

Advertisement.

[FrictionlessCoin]

Have you guys seen the news on the colored coins front? It's looking quite cool: https://bitcointalk.org/index.php?topic=106373.0

maybe this has been answered a thousand times already, but.. imagine both Colored Coins and MasterCoin works. What is really the difference between them to the END USER? I know the technical aspects, but users don't care much about those.

One difference is that Mastercoin has a 100 Million dollar market cap.  Its owners will be fiercely protective to do what it takes to keep the project moving forward.

Colored Coin has some asshole named KillerShitStorm who keeps trying to make trouble for mastercoin because his project is an unfunded 'for the good of man' system where the programming team will finally burn out and quit as doing hard work without pay finally turns out to be a dumb ass business model.  But don't worry, KillerShitStorm will be over here telling everyone why they should run from Mastercoin.  Colored Coin was dead on arrival.  The end user will never know about Colored Coins.

Well true,  Colored Coins is a labor of love,  who knows if the developers will ever see a payout!

However, it also does not matter how much money you have in development.   You still have to prove that the approach actually works and is rock solid secure.

[FrictionlessCoin]

I think the reason why most people here do not like colored coin is simple. They cannot invest on it. Colored coin is just like a traditional open source project, where people earn reputation but no money.

Well... you can invest in iXcoin.

Here's the deal,  we take iXcoin which is a merged mine coin with Bitcoin.

It has a ridiculous network hash rate of over 4 peta hash per/sec.

It is also dirt cheap at 11 cents with only 17 million coins minted.

It has been around for 2 1/2 years.

Now layer chromawallet on top of it.

You want buy in?   You want exclusivity?  Well, you buy iXcoin when it is dirt cheap.  

Of course, I could always say that I got an 'exodus address' that requires a buy it.   

But let's for now just call it an address where collect funds for development.

[FrictionlessCoin]

Right now, I think there is 5 different names competing in this space right now

Mastercoin
NXT
Colored Coins
Bitshares
eMunie

Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development

bitshares is far far behind and seems no developer other than the CEO himself.
eMunie is supposed to be released late January.
Nxt will be formally open on January too. Currently, only alias function is implemented.

This is all bordering in ridiculous in that none of these coins have been shown to have a real implementation in the wild.   People are betting on untested prototypes! 

Mastercoin - doubtful how this approach of protocol layering prevents double spending.
NXT - Closed source implementation.  Does anyone have any idea of how this actually works?  How fair is the distribution when all coins were bought for a mere 21 BTC.
Colored Coins - Fortunately, they don't have a ridiculous buy in vehicle to support their work.
Bitshares -  So these folks use a bitcoin like clone to raise funds.  They are redoing everything from scratch.  Anybody's guess that this even works out.
eMunie -  I heard about it 6 months ago, not certain if their multiple simultaneous block chain forks really work.


Anyway, my plan for iXcoin (The Internet eXchange Coin) is dirt simple.

Stick with tried and proven Satoshi Nakamoto bitcoin technology and layer on top of it Colored Coins.

iXcoin surprisingly has already secured 1/2 of all bitcoin network hash rate.  So any financial instrument you layer on top of iXcoin will automatically get the tried and proven security of 1/2 of the bitcoin proof of work scheme.     Mastercoin, NXT, Bitshares and eMunie don't even come close to this kind of security.

Furthermore, each coin is dirt cheap, so using is as a platform for Colored Coins makes more sense.

Anyway, keep informed with iXcoin developments at www.ixcoin.co

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Well, let's see which implementation gets to the finish line first!

[tlewis]

Right now, I think there is 5 different names competing in this space right now

Mastercoin
NXT
Colored Coins
Bitshares
eMunie

Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development

bitshares is far far behind and seems no developer other than the CEO himself.
eMunie is supposed to be released late January.
Nxt will be formally open on January too. Currently, only alias function is implemented.

This is all bordering in ridiculous in that none of these coins have been shown to have a real implementation in the wild.   People are betting on untested prototypes! 

Mastercoin - doubtful how this approach of protocol layering prevents double spending.
NXT - Closed source implementation.  Does anyone have any idea of how this actually works?  How fair is the distribution when all coins were bought for a mere 21 BTC.
Colored Coins - Fortunately, they don't have a ridiculous buy in vehicle to support their work.
Bitshares -  So these folks use a bitcoin like clone to raise funds.  They are redoing everything from scratch.  Anybody's guess that this even works out.
eMunie -  I heard about it 6 months ago, not certain if their multiple simultaneous block chain forks really work.


Anyway, my plan for iXcoin (The Internet eXchange Coin) is dirt simple.

Stick with tried and proven Satoshi Nakamoto bitcoin technology and layer on top of it Colored Coins.

iXcoin surprisingly has already secured 1/2 of all bitcoin network hash rate.  So any financial instrument you layer on top of iXcoin will automatically get the tried and proven security of 1/2 of the bitcoin proof of work scheme.     Mastercoin, NXT, Bitshares and eMunie don't even come close to this kind of security.

Furthermore, each coin is dirt cheap, so using is as a platform for Colored Coins makes more sense.

Anyway, keep informed with iXcoin developments at www.ixcoin.co

Thanks for sharing notes on iXcoin. I'll be sure to keep an eye out on it and add it to the growing list of coins trying to create new exchange and smart contract implementations.  Is there a bitcointalk thread for the work of the developers that we might follow?

[killerstorm]

Mastercoin - doubtful how this approach of protocol layering prevents double spending.
NXT - Closed source implementation.  Does anyone have any idea of how this actually works?  How fair is the distribution when all coins were bought for a mere 21 BTC.
Colored Coins - Fortunately, they don't have a ridiculous buy in vehicle to support their work.
Bitshares -  So these folks use a bitcoin like clone to raise funds.  They are redoing everything from scratch.  Anybody's guess that this even works out.
eMunie -  I heard about it 6 months ago, not certain if their multiple simultaneous block chain forks really work.


Anyway, my plan for iXcoin (The Internet eXchange Coin) is dirt simple.

Stick with tried and proven Satoshi Nakamoto bitcoin technology and layer on top of it Colored Coins.

You forgot about Friemarkets. The proposal is very solid, they are going to develop it as a Bitcoin protocol upgrade (which is superior to colored coins in many ways, but requires much more work), and add it to Freicoin, the alt-coin. They have a competent team...

The only problem is that they are looking for $200k in donations to make this happen.

[killerstorm]

I think the reason why most people here do not like colored coin is simple. They cannot invest on it. Colored coin is just like a traditional open source project, where people earn reputation but no money.

Actually pretty much everybody who worked on colored coins were paid nicely, in one way or another.

Currently people who work on ChromaWallet are paid $50/hour + bonuses.

That said, it make sense to say that msc may have better chance to succeed because the developers have more incentives. Colored coin has been developed for a long period and the slow progress Could be explained by its volunteer nature.

I'm not so sure about that...Just like in case with Mastercoin we started in September and got decentralized exchange by January. I mean, a year ago. We did it with much fewer resources, though.

The difference is that we didn't recommend people to start using a half-baked thing; the goal was to make a secure lightweight wallet (which is nearly impossible in case with Mastercoin), and that takes time...

[Exocyst]

Furthermore, each coin is dirt cheap, so using is as a platform for Colored Coins makes more sense.

Your argument is misleading, i.e. one satoshi could be colored. Furthermore, it is unlikely that a competitor in the "advanced feature race" which fails to take advantage of the enormous security and value of the bitocin blockchain will be successful. Might discussion in this thread be centered on MasterCoin rather than advertising/discussing competitors? In that spirit, I have some questions regarding issuance of new currencies and datastreams in the mastercoin protocol.

What possibilities are there to automate the stability concept of Escrow-Backed User Currencies? (If unfamiliar, see: https://github.com/mastercoin-MSC/spec)

I am wondering what mastercoin protocol features exist or could exist for a decentralized system to both issue and manage a user currency on the mastercoin protocol. In this way users could trust the design of a "user issued" currency on the mastercoin protocol rather than an individual. Specifically, how might a network of users or an instrument such as a separate blockchain possess the capacity to distribute or transact a mastercoin protocol user issued currency? I can think of many ways to create an automated, redundant system which could do this but all of them suffer significant counterparty risk, i.e., they require trust in the creator of the distribution system rather than trust in the distribution system itself. Is there some possibility to decentrally sign mastercoin protocol data streams or transactions?