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

[vokain]

Dev update #4

it is mainly a consolidation of JRs award methodology, the award amounts and mostly copy/paste of some of the stuff on the dev board with some cutting/edits (i tried to compress it but there was so many items).  I have to think of a better way to do these updates.  

http://blog.mastercoin.org/2014/01/29/development-update-4-master-protocol-wallet-and-distributed-exchange-milestone/

Thank you for the update,
Is it possible for you to publish the weekly update aswell? Like the progress made last week and days.

At what stage is the project?, Timelines. I think this is more interesting for (exodus) investors.

A descending timeline on the wiki would be cool, maybe even one for major milestones and one for major development milestones. If anyone wants to help out on this front the community would definitely find it useful. However, fiscally speaking, I'd be one to commit more brainpower towards actual protocol development rather than rehashing said developments

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[Westphalian]

Dev update #4

it is mainly a consolidation of JRs award methodology, the award amounts and mostly copy/paste of some of the stuff on the dev board with some cutting/edits (i tried to compress it but there was so many items).  I have to think of a better way to do these updates.  

http://blog.mastercoin.org/2014/01/29/development-update-4-master-protocol-wallet-and-distributed-exchange-milestone/

Thank you for the update,
Is it possible for you to publish the weekly update aswell? Like the progress made last week and days.

At what stage is the project?, Timelines. I think this is more interesting for (exodus) investors.

A descending timeline on the wiki would be cool, maybe even one for major milestones and one for major development milestones. If anyone wants to help out on this front the community would definitely find it useful. However, fiscally speaking, I'd be one to commit more brainpower towards actual protocol development rather than rehashing said developments

+1

The updates have a lot of good information but it would be great to see a bird's eye view for those simply asking "are we there yet?"

[Patel]

Here is a cool video of the Distributed exchange and Wallet from Masterchest. Pulled from the latest dev update

https://masterchest.info/walletdemo/

[wizzardTim]

Finally something to make the price grow. Now is the chance, now that Ethereum has moved the IPO further. If MSC makes the dist.exchange faster then... to the moon!

[djohnston]

Some good news to report. J.R. has just made the payment for the first half of the Distributed Exchange bounty.

http://blockchain.info/tx/6f1eb48d1cdf9787d6ade82d668bfed2265fb25fca32c5f7acd4509a2ee9e0ba

[djohnston]

For those not aware the Mastercoin Foundation in partnership with the BitAngels is organizing the Hackathon for the Bitcoin Conference in Austin on March 5th and 6th.

http://texasbitcoinconference.com/hackathon

More than $1,000,000 in prizes up for grabs for developers working on "Building Next Generation Decentralized Applications & Protocols"

Anyone who is working on a Decentralized Application and wants more details can email me at David@BitAngels.co

For those that haven't read the paper on Decentralized Applications:

https://github.com/DavidJohnstonCEO/DecentralizedApplications

[djohnston]

Date for the launch of the Mastercoin Distributed Exchange (with REAL MSC) is set! March 15th.

From developer sync up meeting notes today.

The deadline for the DEx will be as follows:
        February 15th - Draft User experience walkthroughs
        March 1st - DEx implementation consensus
        March 1st - Hard-core testing
        March 1st - End-User workflows & User Interface examples decision
        March 15th - dual launch of two DEx implementations
        March 31st - criteria evaluation

We discussed that for the next milestone, the delivery of the DEx, developers who don't have an implementation that have reached consensus will not be eligible for the bounty. If you want to compete you will have to be 'caught up' by the deadline.

[jeroenn13]

Anyone interested in a countdown timer:

http://mastercointalk.org/index.php?topic=108.0

[djohnston]

Cool. There is also now this.

http://www.mastercountdown.info

[Herp]

March 15th - dual launch of two DEx implementations

What does this mean exactly? What's dual launch?

[zathras]

March 15th - dual launch of two DEx implementations

What does this mean exactly? What's dual launch?

It just means that at least 2 different implementations will be available at launch.

Thanks
Zathras

[djohnston]

If you look at the criteria of the Distributed Exchange competition it requires at least two implementations of the Distributed Exchange. So this is the launch of at least two of those implementations.

"Acceptance criteria:

Minimum one PC wallet (for both Linux and Windows) which can generate simple sends and the buy/sell messages required for the distributed exchange, using agree-upon multisig format
Minimum two websites parsing such messages, and the resulting balance transfers
Minimum one website showing BTC/MSC price charts derived from these messages
Minimum 10 days of real-world usage with no major problems
High bar for usability. (Current heavy traders like maxmint, lishbtc, and buymastercoin should be happy with the final product, if at all possible)"

[Herp]

If you look at the criteria of the Distributed Exchange competition it requires at least two implementations of the Distributed Exchange. So this is the launch of at least two of those implementations.

"Acceptance criteria:

Minimum one PC wallet (for both Linux and Windows) which can generate simple sends and the buy/sell messages required for the distributed exchange, using agree-upon multisig format
Minimum two websites parsing such messages, and the resulting balance transfers
Minimum one website showing BTC/MSC price charts derived from these messages
Minimum 10 days of real-world usage with no major problems
High bar for usability. (Current heavy traders like maxmint, lishbtc, and buymastercoin should be happy with the final product, if at all possible)"

Hmm, I see. Smart that you're hedging your bets like that.

[Herp]

The New Mastercoin forum http://mastercointalk.org

[crazy_rabbit]

The New Mastercoin forum http://mastercointalk.org

This seems to be the mastercoin talk forum:

https://talk.mastercoin.org/index.php?

[Patel]

The New Mastercoin forum http://mastercointalk.org

This seems to be the mastercoin talk forum:

https://talk.mastercoin.org/index.php?

Theres a new one every day 

[Herp]

The New Mastercoin forum http://mastercointalk.org

This seems to be the mastercoin talk forum:

https://talk.mastercoin.org/index.php?

No. That's the old one. URL I've posted is for the newly created SMF type forum. Everyone requested migration to SMF type and this is the result. I advise everyone to start making accounts there and populate the forum.

[Herp]

prophetx January 27 Flag
hi, we are transitioning to a new forum at mastercointalk.org, I will talk to Ron about this tomorrow.  Thanks for the reminder.

prophetx January 27 Flag
the guys are all working there is about a dozen or so people in dev, testing, UX and so on.  they just only post to bitcointalk.org at the moment. 

need to get the guys onto the new forum, luckily it is SMF style so people won't have to relearn a new UI

[romanticon]

Hey fellow Masters,

I have a small technical question:
I want to understand how exactly the
MSC or TMSC moves between the accounts
on a low level.  

For example here is one such transfer:

https://blockchain.info/tx/f4ff244d1595b340e5634dde6b077ee99e6657c411e1f6701a9967e5bc850a57

Can someone please reverse engineer that for me ?
How do you know exactly what tokens moved
from what source to what destination.

Thanks in advance
Roman.

[Nagan]

Hi Roman,

what we see here, is a Class B (multisig) Mastercoin transaction (https://masterchest.info/files/mscappendix_draft.pdf)
https://masterchain.info/simplesend.html?tx=f4ff244d1595b340e5634dde6b077ee99e6657c411e1f6701a9967e5bc850a57&currency=MSC

Let's say some Bitcoin address already has MSC or TMSC and wants to send some of them to another Bitcoin address. He does that by encoding a Mastercoin transaction into the Bitcoin blockchain. The way to encode it, is to generate a very small Bitcoin transaction with some data Mastercoin data embedded, which says: "move n amount to MSC/TMSC from source to destination". Bitcoin network simply sees this as some bitcoins moving, it doesn't notice the embedded data.

Mastercoin parsers however look for these special transactions on the blockchain. An easy way to identify them, is to watch for bitcoins moving to the Exodus address (you can see it as one of the outputs: 1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P). Once a parser sees the transaction, it checks if it really fits the Mastercoin specification and marks MSC/TMSC as transfered. Everyone can write a parser and trace the transactions.


So what happened here is that the source has generated a transaction with several outputs:

17rExRiMaJGgHPVuYjHL21mEhfzbRPRkui -->
--> 1CKPYQPiVKMBEHqWco9sNNLNeTCjGSxfrn  (MSC receiver)
--> 1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P (a marker for a parser to identify a Mastercoin transaction)
--> 16FcCqZk5XF4sDkcFGQ5twbt7S3E8GdsHh (encoded control data: how many MSC has been sent, type of transaction, is it MSC or TMSC, etc. It's not a "real" Bitcoin address!)
--> 17rExRiMaJGgHPVuYjHL21mEhfzbRPRkui (change received back to source)
The amount of bitcoins transfered is pretty much irrelevant, as long as it fits the Mastercoin spec.

There's small problem with this situation is that we use a "fake" Bitcoin address to store the transaction data. This means it receives some bitcoins that cannot be spent (there's no private key for data address), and this dust will have to be forever stored in blockchain. Here we see a Class B transaction, which avoids that by creating a multisig transaction type, in which bitcoin dust can be redeemed by sender. Either Class A or Class B transactions are valid, just Class B is a bit more complicated (and cleaner).

What boils down to: to transfer mastercoins you have to create a special Bitcoin transaction with "fake" addresses and encode tx data on it. The tx is then frozen in the Bitcoin blockchain, and a Mastercoin parser can always trace the path of mastercoins by looking for a marker, which is the Exodus address.


I hope this clears a bit. If you wish more details you can find them in specifications, or you can ask again

Hey fellow Masters,

I have a small technical question:
I want to understand how exactly the
MSC or TMSC moves between the accounts
on a low level.  

For example here is one such transfer:

https://blockchain.info/tx/f4ff244d1595b340e5634dde6b077ee99e6657c411e1f6701a9967e5bc850a57

Can someone please reverse engineer that for me ?
How do you know exactly what tokens moved
from what source to what destination.

Thanks in advance
Roman.