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

[Nagan]

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.

@Nagan Thanks for the very detailed answer,
I need some more details, now I understand that
all the control data of who sent what to who
is encoded in the multisig 3rd transaction. Can
somebody give me the exact details how it's encoded ?

here is the raw transaction:
http://blockexplorer.com/rawtx/f4ff244d1595b340e5634dde6b077ee99e6657c411e1f6701a9967e5bc850a57

Thanks in advance
Roman

Hi Roman,

I have to take a read on the specifications to decode it.
Is there anything specific you have to solve here?

Cheers

[1714836968]

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1714836968

[marcelus]

Hello everyone.

I'm looking for London-based entrepreneurial types who properly understand cryptographic blockchain protocols and their potential uses. I have more than several ideas for businesses that could run along the bitcoin/mastercoin model. The intention is to most likely implement them on top of the Master Protocol when its user currencies feature is ready. This of course could be subject to change depending on how the guys get on with development . Everyone does not obviously have to be based in London (it will be a decentralised project of course!) but it would be good to work with people based here because there will be real world logistics to deal with. If interested, please PM me and let's have a conversation.

Marcelus

[stereotype]

Hello everyone.

I'm looking for London-based entrepreneurial types who properly understand cryptographic blockchain protocols and their potential uses. I have more than several ideas for businesses that could run along the bitcoin/mastercoin model. The intention is to most likely implement them on top of the Master Protocol when its user currencies feature is ready. This of course could be subject to change depending on how the guys get on with development . Everyone does not obviously have to be based in London (it will be a decentralised project of course!) but it would be good to work with people based here because there will be real world logistics to deal with. If interested, please PM me and let's have a conversation.

Marcelus

Lots of talent here, if you are not part of it already.... http://www.meetup.com/Bitcoin-London/members/

[marcelus]

Hello everyone.

I'm looking for London-based entrepreneurial types who properly understand cryptographic blockchain protocols and their potential uses. I have more than several ideas for businesses that could run along the bitcoin/mastercoin model. The intention is to most likely implement them on top of the Master Protocol when its user currencies feature is ready. This of course could be subject to change depending on how the guys get on with development . Everyone does not obviously have to be based in London (it will be a decentralised project of course!) but it would be good to work with people based here because there will be real world logistics to deal with. If interested, please PM me and let's have a conversation.

Marcelus

Lots of talent here, if you are not part of it already.... http://www.meetup.com/Bitcoin-London/members/

I'm not actually. Must get involved, although Thursday is football night! 

[littleblue]

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[jeroenn13]

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English only.

[prophetx]

Hi mastercoin team (JR, Ron, etc)
i was just wondering why its been quite a few months and there still isn't a self explanatory cool video about mastercoin which allows the public to easily understand mastercoin. Such as the one made for bitcoin. The distributed exchange is being released in a month so i appreciate you must all be really busy. But why hasn't someone fulfilled a bounty on this yet? I think this is really Important.

I know of one such video getting made.

unfortunately since some people disagreed with the direction of the last video project which was cancelled and thus it is being done from scratch again

[romerun]

what do you guys think of the bank run protocol (https://bitcointalk.org/index.php?topic=462236.60) building on top of mastercoin . Since MSC can be escrowed inside mastercoin protocol, there's no need to use multisig like trying to do it as raw bitcoin, so it could be much simpler or even more creative.

A practical use case is for craigslist,ebay items. Let's say in the future everybody has some MSC, I want to sell a SSD drive for $200, and require collateral MSC worth of $400, a buyer contacts me and we agree to put MSC worth of $400 each as collateral, then I mail the item,the buyer mails me the money (order is not important here), after we receive, each of us sends a message to release the collateral. The protocol could be architected to handle the case where one party got hit buy a bus, such as the release message has value "yes" or "no", we will get back the money if 2 yes or if the transaction is not completed within X blocks, or it could be coded so that, in the fail case, the money goes to exodus for the greater good, instead of disappear, etc.

[dacoinminster]

what do you guys think of the bank run protocol (https://bitcointalk.org/index.php?topic=462236.60) building on top of mastercoin . Since MSC can be escrowed inside mastercoin protocol, there's no need to use multisig like trying to do it as raw bitcoin, so it could be much simpler or even more creative.

A practical use case is for craigslist,ebay items. Let's say in the future everybody has some MSC, I want to sell a SSD drive for $200, and require collateral MSC worth of $400, a buyer contacts me and we agree to put MSC worth of $400 each as collateral, then I mail the item,the buyer mails me the money (order is not important here), after we receive, each of us sends a message to release the collateral. The protocol could be architected to handle the case where one party got hit buy a bus, such as the release message has value "yes" or "no", we will get back the money if 2 yes or if the transaction is not completed within X blocks, or it could be coded so that, in the fail case, the money goes to exodus for the greater good, instead of disappear, etc.

Have you seen the "distributed e-commerce" part of our spec (see "Listing Something for Sale" https://github.com/mastercoin-MSC/spec )? It can be used to buy and sell physical goods, including cash-in-the-mail and bank transfers. We're already aiming at exactly this sort of functionality.

[romerun]

Just saw it, yeah interesting approach to give buyer power to destroy the payment with the builtin reputation system, although it sounds like after user agrees to buy he either releases the coins or destroys them, not sure how refunding would work without trust.

Also it's quite a big chunk of protocols to do just a specific task, where the bank run can be applied to many things.

[littleblue]

MSC  COME ON!
MSC   加油！
msc  你让我等得黄花菜都凉了！
msc   I cant  wait wallet come

加入 中国msc交流讨论区：qq群：298824496 （注：共产党员勿进、干部勿进、公务员勿进、开不起玩笑的正人君子勿进）
尤其那个sb群踢我的sb不要进！

[littleblue]

qq群：298824496   is  great  in china，so many chinese in here .NO 1 !

[DGulari]

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English only.

Yeah, because cryptocurrencies are not meant for people who can't speak our language.  'God-damned stupid Chinese!'

Oh wait, you mean Chinese is spoken by more people than English and more cryptocurrency is bought by Chinese than English speaking people?  Maybe we should make these forums Chinese only! 

jeroenn - why do you oppose people using Chinese? 

[DGulari]

MSC  COME ON!
MSC   加油!

MSC = very high
MSC = so much

[BitThink]

There's already a sub-board for Chinese and other languages, so please speak English here. Please respect the rule of this forum.

[atengzt]

another 150,000 mastercoins will be releasing? and the total supply of mastercoin will reach to 713,000 MSC?

http://mscdevs.com/

[jeroenn13]

another 150,000 mastercoins will be releasing? and the total supply of mastercoin will reach to 713,000 MSC?

http://mscdevs.com/

No. Those are included. Read the FAQ.

[littleblue]

$30 Million in Funds Available for Mastercoin-Based Projects

[FTWbitcoinFTW]

$30 Million in Funds Available for Mastercoin-Based Projects

Care to explain ??

[jeroenn13]

$30 Million in Funds Available for Mastercoin-Based Projects

Care to explain ??

http://www.sys-con.com/node/2967915

and

http://mscdevs.com/