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

[klee]

PoW is dead.

NXT will 'mine' (forge) on Google glass.

Dinosaurs will extinct...

[1715157310]

1715157310

[FrictionlessCoin]

Could someone explain how Mastercoin prevents double spending?

With Bitcoin, the amount that is transferred from input to output is balanced and audited by miners.

However, with Mastercoin, the encoded Mastercoin packet is not analyzed by miners.

So how does Mastercoin ensure that the data in the Mastercoin packet matches the balance available from the sender?

This is what I seem to fail to understand.

If the miners don't know of mastercoin data, then what is the entity that ensures that money that is transferred is correct?

[killerstorm]

So how does Mastercoin ensure that the data in the Mastercoin packet matches the balance available from the sender?

It doesn't need to. Each Mastercoin client scans Bitcoin blockchain, tracking balance of each address.

Transaction which tries to send wrong amount of mastercoins is not a problem, as clients will take available balance into account when calculating the amount being transferred.

Particularly, if you have 1 msc and try to send two 1 msc transactions, only the first payment will be considered valid. This solves double-spending problem.

If the miners don't know of mastercoin data, then what is the entity that ensures that money that is transferred is correct?

Every client processes same data using same rules, so they all arrive to the same state, thus there is a consensus.

[Peter Todd]

Could someone explain how Mastercoin prevents double spending?

Killerstorm's reply is absolutely correct.

I also wrote a longer paper talking about why mining doesn't need to be verification as well: Disentangling Crypto-Coin Mining: Timestamping, Proof-of-Publication, and Validation

[Voodah]

Could someone explain how Mastercoin prevents double spending?

Killerstorm's reply is absolutely correct.

I also wrote a longer paper talking about why mining doesn't need to be verification as well: Disentangling Crypto-Coin Mining: Timestamping, Proof-of-Publication, and Validation

Very interesting read. Thanks for that.

[td services]

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.

I'm a bit confused, looked at ixcoin.com website, saw this:

Development Fundraising

As you are probably familiar, the iXcoin client has not been updated in over two years. We are currently working on a new version of the software that will bring it current with the Bitcoin code base.

We have a number of developers who are highly skilled and motivated to work on this project. Work has commenced to carefully review and convert patches to create a clean rebase upon v0.8.x. Once this is complete, we’ll need to do extensive testing and some additional documentation. After the client is modernized and the network is upgraded, we have exciting plans to further improve the iXcoin protocol.

These operations take time and unfortunately a number of our developers must necessarily split time between paying projects (i.e. their day jobs) and this important work to better ensure the long-term safety and security of the iXcoin network.

It is for this reason that we are requesting donations to help fund this development work. Funds will first be used to reimburse core infrastructure hosting expenses before being divided amongst the developers.

IXC: xm7RZfDQyiYqFQZ6Q9ZgtSkX9e8uBJ3SLY

We currently have pledges of 25,000 IXC from 2 users: tazman and Vlad2Vlad.

We are trying to reach original developer (Thomas Nakasioto ) for additional bounties but have been unsuccessful.

Thank you,

The iXcoin Development Team

How does one invest (buy ixcoin) instead of donate? Also, it looks more like just an alt coin, no mention of p2p exchange, smart contracts, or other features MSC, PTS, or eMunie will have.

[jeroenn13]

Mastercoin launched on http://coinmarketcap.com/
Great to see.

[Vagnavs]

Mastercoin launched on http://coinmarketcap.com/
Great to see.

yeah, it's on sale

[FrictionlessCoin]

How does one invest (buy ixcoin) instead of donate? Also, it looks more like just an alt coin, no mention of p2p exchange, smart contracts, or other features MSC, PTS, or eMunie will have.

iXcoin will be taking the colored coin approach.  To enable the p2p exchanges, smart contracts etc, we will be using Open Transactions ( read: http://bitcoin.stackexchange.com/questions/2708/how-can-open-transactions-benefit-bitcoin )  These are both more conservative and robust approaches that these new code from MSC, PTS or eMunie.

In short, we use only mature technology to secure your investments.

If you want to gamble with untested and unproven technology, then certainly you can gamble with MSC, PTC or eMunie.

In terms of investments, you can either acquire some coin for yourself and at the same time donate to the development of the coin.   It is a much fairer approach than these other coins.

In general, iXcoin aims to be the number one platform for creating smart property.

iXcoin already is #3 in terms of total network hash rate, so there is without a doubt, a lot of potential.

[FrictionlessCoin]

Could someone explain how Mastercoin prevents double spending?

Killerstorm's reply is absolutely correct.

I also wrote a longer paper talking about why mining doesn't need to be verification as well: Disentangling Crypto-Coin Mining: Timestamping, Proof-of-Publication, and Validation

Very nice read!   Thanks!

I stand corrected that MasterCoin may in fact be a workable solution.

However,  just like Colored Coins,  what prevents a competing system from creating their own 'exodus address'?

[jubalix]

I have to say I don't understand alot about this master coin

chief among these is any asset class, you create, or putting say usd into master coin, how can their be any advantage over any other coin/xrp

in the end you still have to trust a gateway somewhere.

unless it is possible to build a distributed exchange that can interface with any bank account, without your banks consent eg, you can pay to the blockchain/mastercoin through bank transfer either way?

also when sending a mastercoin transaction where does it grab the btc fee from  and how? eg picks an adress in your qt randomly?


any pointers on this would be appreciated

[gginer]

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[jeroenn13]

Hello,

After speaking with MSC developers, I am going to post it here. I am currently working on an exchange website, just as localbitcoins.com but for a specific alt-coin.
Everything started as a project for the QRK community but I have finally decided to launch it for 2-3 alt-coins. You can check on the QRK or DOGE official posts it has had great support.

I have thought about making a specific website where everyone could buy and sell MSC directly with USD/EUR. That would make this coin much more accessible for everyone. I have the coding part for QRK and other alt-coins but MSC needs more work as it's a layer on top of Bitcoin and it doesn't work the same. Website will be translated in english, spanish and french and by the weekend I will have a .po file to help translate it in more languages. In a couple of days I should receive the design from the graphic designer I hired for the project.

I you want to support this initiative, I accept any kind of donations. No matter how much you send, it will help cover expenses and give me some motivation.

My address for MSC or BTC is: 1EcPG7m4Rn4Md7auVNRtzrrqHfCD5ATd18

Here is a screenshot of what I have until now (the localbitcoins clone for QRK):



The idea is to code it to work with MSC too!

Thank you in advance!

I dont think anyone should donate before you launched it and its fully working. There is nothing to donate for.

[gginer]

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[jeroenn13]

Hello,

After speaking with MSC developers, I am going to post it here. I am currently working on an exchange website, just as localbitcoins.com but for a specific alt-coin.
Everything started as a project for the QRK community but I have finally decided to launch it for 2-3 alt-coins. You can check on the QRK or DOGE official posts it has had great support.

I have thought about making a specific website where everyone could buy and sell MSC directly with USD/EUR. That would make this coin much more accessible for everyone. I have the coding part for QRK and other alt-coins but MSC needs more work as it's a layer on top of Bitcoin and it doesn't work the same. Website will be translated in english, spanish and french and by the weekend I will have a .po file to help translate it in more languages. In a couple of days I should receive the design from the graphic designer I hired for the project.

I you want to support this initiative, I accept any kind of donations. No matter how much you send, it will help cover expenses and give me some motivation.

My address for MSC or BTC is: 1EcPG7m4Rn4Md7auVNRtzrrqHfCD5ATd18

Here is a screenshot of what I have until now (the localbitcoins clone for QRK):



The idea is to code it to work with MSC too!

Thank you in advance!

I dont think anyone should donate before you launched it and its fully working. There is nothing to donate for.

Donations are always optional. In my opinion it makes more sense giving donations to developers who try to help the community than opening 30.000 threads with giveaways for first xx posters on the thread.
Thanks for your opinion.

Thats true but you haven't done anything yet for Mastercoin.
Anyways good luck with the exchange.

[virtualaddict]

Could someone explain how Mastercoin prevents double spending?

Killerstorm's reply is absolutely correct.

I also wrote a longer paper talking about why mining doesn't need to be verification as well: Disentangling Crypto-Coin Mining: Timestamping, Proof-of-Publication, and Validation

Very interesting read. Thanks for that.

Yes. +1, subscribed, liked, friended, etc.

It sounds like MSC could do what I think Nxt could do, except that it builds off BTC instead of replacing it. I like it.

[jeroenn13]

Could someone explain how Mastercoin prevents double spending?

Killerstorm's reply is absolutely correct.

I also wrote a longer paper talking about why mining doesn't need to be verification as well: Disentangling Crypto-Coin Mining: Timestamping, Proof-of-Publication, and Validation

Very interesting read. Thanks for that.

Yes. +1, subscribed, liked, friended, etc.

It sounds like MSC could do what I think Nxt could do, except that it builds off BTC instead of replacing it. I like it.

NXT is a completely different system then Mastercoin. NXT isnt that special, it is using there own transaction system when we already have Bitcoin which does exactly the same.
Mastercoin allows users to have more features with the use of Bitcoin.

[udecker]

I just posted a proposal for a Mastercoin protocol extension to allow MSC to be transferred across different blockchains.
https://bitcointalk.org/index.php?topic=385457.0

In essence, we can treat Mastercoin as if it were floating atop any blockchain, not bound to Bitcoin or others.

Looking for feedback and comments.

[dance4x]

Just wanted to see if you guys were aware of WeTube. It is basically a DAC or decentralized application that will aim to be a replacement for YouTube. Is this something that could be built on top of Mastercoin? It's rather unique because the people who generate the Mediacoins (currency for the WeTube DAC) are going to be the people who are offering bandwidth for all of the videos hosted in WeTube. You can read more about some of the ideas for the DAC at https://github.com/wetube/wetube-web

There is also an IRC channel on freenode for it at #wetube

Does anyone know of a similar application that is already being built on top of Mastercoin?

[luckygenough56]

this thing is fog.