Join the bitcoin 2.0 revolution as an entrepreneur and introduce a new chain with your own rules using fully distributed mastercoin protocol cloner on top of the bitcoin blockchain.
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UPDATE 1: now a virtualbox appliance (VM image) is available for download, to play with the site locally - on your laptop:
https://bitcointalk.org/index.php?topic=607492.0Enjoy the bitcoin blockchain and the distributed architecture
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UPDATE 2: Minimal bitcoin
price reduction for minting a new coin from 1 BTC
to 0.01 BTC (limited for few days)
Own your own exodus address for 1 bitcoin cent.
https://bitcointalk.org/index.php?topic=607512#############################################################################
tldr:Check existing new
currenciesTo make your own currency, just send 1 BTC from address you control to masterchain's
mintage address, the new coin will appear within the next few blocks and have distributed exchange (DEx) on the bitcoin blockchain.
Note: 50% of
donations to approved organizations are counted as payments.
Two subdomains for your coins are auto assigned - one for real and for test coins e.g.:
grz.masterchain.info for GRZ coins
tgrz.masterchain.info for Test GRZ coins
Run yourself
masterchain.info clone or use it locally/distributed/offline by downloading the whole VM that runs masterchain.info (> 40GB - as it contains the bitcoin blockchain in
obelisk form).
Latest source code is available on
github of explorer and web hybrid wallet and
github of parser.
The same stack that I developed for mastercoin.org (and became the official mastercoin parser) is used - with generalization in the exodus address dimension.
The part that generalize to multiple chains as well as the wallet are still in (advanced) beta stage - see known issues, but it is totally alive on the blockchain.
General:Did you ever want to be a central bank, and simply create fiat money? You got to the right place. Mint your own coin directly on the bitcoin blockchain. Clone yourself the master protocol. Own an exodus address. Enjoy distributed exchange feature and a distributed market platform.
Minting a new coin using masterchain is more than just a user currency. It is owning a whole chain which is a mastercoin clone for yourself/company/friends-circle/community/tribe. You don't need to buy tokens from other alt-coins - the game is directly between your coin and bitcoin. You generate new tokens and everyone on the Internet can trade them. Those tokens can represent money/time/miles/bonus-points/fund-raising-shares/whatever. You set the rules, and the blockchain enforces the trading. You get a main-chain currency (not a sidechain) with exodus address that you provide.
Time frame:The coins will stay on the blockchain forever, and having Moore law on my side, I intend to keep the site running for everyone to freely use forever as well.
If for some reason I will have to take this site down or stop parsing your currency on the main site before 5 years since your coin creation date - you will get refund on your BTC payment proportionally to the time left. Obviously all coins would stay on the blockchain as they are, and you will still be able to use the open source code, or even run a VM which is identical to masterchain.info site locally or publicly.
If the new currency you created is very successful - after 10,000 transactions - I reserve the right to stop supporting it on the main site without a refund (you could still have it on the VM or on a different site). If you insist that I host the browser/DEx for your popular currency - we could negotiate new terms. Keep in mind that mastercoin after >6 months has now around ~7000 transactions. Note: with 10,000 tx, you get dust of 5555 satoshis for each transaction - this already becomes 0.5555 BTC.
Payment:The standard payment for Masterchain service is 5 BTC for minting a new coin/chain.
This is intended for any new coin with expected market cap higher than 100 BTC.
If you expect your market cap to be less than 100 BTC, you can pay 1 - 5 BTC and the difference would be automatically taken from your fresh minted coins assuming a market cap of 100 BTC.
Masterchain would like to support Philanthropy, so there is the option to
donate to approved organizations and 50% of that donation is considered as payment to Masterchain. The minimum of 1 BTC to masterchain still holds.
What is the payment for:
* Minting services and parsing/validating your chain.
* Maintenance of code and server. Periodic prepare and upload of a masterchain snapshot inside a VM so you can run it locally in a fully distributed way. All other users get to see your coin and use it.
* At least 5 years (hopefully lifetime) service. If for some reason I can't keep maintaining it for the whole 5 years - you get your money back - proportionally to the time left from the 5 years.
Currency examples:SSS coin has
paid the minimal 1 BTC for the service and got 100,000 SSS coins, and the remaining 4 BTC got paid with 4,000 SSS coins (which went to
1Mchain address).
GLD coin has
paid 1.042 BTC for the service and donated on this tx 0.1 BTC to FSF.org which is approved. The result was 100,000*(1.042 + 50%*0.1)=109200 GLD coins which stand for market cap of 100 BTC. The missing 5 - (1.042+50%*0.1) = 3.908 BTC is 3.908% of the 100 BTC market cap, or in GLD coins 3.908% * 109200 GLD = 4267,536 GLD, leaving 104932.464 GLD to the
issuerTo keep all issued coins, one can either pay any of the following options:
* At least 5 BTC to masterchain and no donation (e.g. GRZ coin
https://blockchain.info/tx/3e15262dbae095f2ae8faeddd15678c9bbb3bd1b4a885ed1174ca1e1c7137dec).
* 1 BTC to masterchain and 8 BTC to donations.
* 1+x BTC to mastercoin and 8-2x to donations.
The amount donated is visible on
https://masterchain.info/Currencies.html - this already the first building block of your currency's value.
Value for the new coinsYour new minted coins are just tokens. Although I treat them as virtually valuable for some purpose, you are the one that pours value in to those coins. You can do it in many ways, e.g.:
GRZ:
Rules of GRZ coin:
http://pastebin.com/WEkQdNxUyou can verify the signature with
http://brainwallet.org/#verifyGLD:
No rules got signed yet, but each coin should represents 1g of Gold. You have to trust me on that
MSC:
check masterchain.org
DNT:
mark which addresses are valid donations target
Example uses:Closed community could maintain the work hours or other resources accounting.
Bank groups can create their own currency for inter-bank payments.
A group with a specific aim (e.g. open source) could pay gratitude points to contributors.
Selling tickets to events.
Philanthropy encouragement.
Minting:How to mint:1. Choose an address you control (private key). Better create your vanity address.
2. Pay from this address to 3Mint2B.
How many coins get minted:Your payment in BTC times 100,000
What will be the name of the coin:The birth name of the coin is the first 3 letters of the minter address (not including vowels, and not T as first letter).
It is upper case.
example: for 1GRazCon4gDqTh1pMNyh1xHVWnbQEVPfW8 it is GRZ, which is then GRZ coin.
If the name is occupied, the next consonant is added (recursively).
Changing currency rules? Adding features?From the moment you preform the first transaction using your currency, its rules are set and frozen.
Until that moment you would be able to set different rules by signing requests (will be implemented later).
In the case of bugfixes of the parser - there will be the option to approve a certain bugfix using a signed request. If no such request got signed, the parsing of your currency will stay as is. Security or fatal errors will be fixed also with no specific approval.
Donations:The first donation addresses taken from
http://bitcoinsforcharity.org/charities :
https://blockchain.info/address/1PC9aZC4hNX2rmmrt7uHTfYAS3hRbph4UN (Free Software Foundation)
http://blockexplorer.com/address/1NoA98grVfXfVqysU4ijM9jhMBD8vmrUC8 (Amani Kinderdorf)
On request, I will add more charities e.g. from
https://en.bitcoin.it/wiki/Donation-accepting_organizations_and_projectsbut an identifying procedure is required. There will not be any politics related donation accepted as long as I approve them (this may become decentralized as well).
I hope that this part will be also decentralized asap, so my agenda doesn't influence the variety of donation targets.
A valid donation address is an address which has exactly a single incoming DNT transaction of 0.00000001 DNT from the Donate address.
You may even claim for tax returns.
Can I trust you?I have been around in the community for a long enough, so many developers know me. Mastercoin official implementation, which masterchain code is based on, was coded by me.
Security:The website and code is already under a security bounty for more than a month now. (
http://mastercointalk.org/index.php?topic=263.0).
Nothing serious was found (except for heartbleed which got immediately fixed).
If the server gets hacked, there are 2 possible attacks:
1. The generated raw transaction can be changed, and if you blindly sign it you may be get a surprise. You are encouraged to check the "advanced view" before every signature.
2. The javascript code could be tempered. I can either introduce some signature checking mechanism, but if you are paranoid - you could use your own server, locally (the VM I will soon publish), and even work totally offline.
If you decide to keep the private keys in the wallet - they are kept AES encrypted in the browser's storage (using PBKDF2 with 750 iterations on your password as encryption seed). They never leave the browser. Your password is needed to unlock them for any private wallet activity.
More features?If masterchain becomes successful, I will add features asked by the community.
Among the first would be:
* secure cloud storage based on private key signatures - for your wallets and those of your currency users.
* signed message board for your currency (where you sign contracts with the currency users). For now you can use pastebin.com
* price graphs and more eye candies.
Optimizations?There is a *lot* of place for optimizations in the code. Some are trivial. For now it may take even 3 blocks until you see the tx. This will change.
What if bitcoin network changes?There were rumors that multisig (BIP11) transaction will become non-standard. If such a case happens, transaction will get confirmed very slow. Then we'll switch to alternatives, like BIP16 - together with other bitcoin 2.0 currencies.
Documentation?My code is executable documentation ;-)
If it is not enough, you can check the spec and documentation done on an earlier version of mastercoin-tools.
Thanks:I would like to thank Mastercoin foundation for the effort of developing this protocol. We only see its beginning.
Known issues:To add address to the wallet - it must have some alternative currencies like MSC/TMSC/GRZ/etc (you can get some from mastercoin-faucet), or send a donation of at least 0.001 to
https://blockchain.info/address/1MchainXySvRuhdAcJHFfyGLY47P3AEyP9There have been reports on problems with addresses without public key on the blockchain - If you add the address to an empty wallet using the private key option, they should be resolved.
Share and enjoy!
Grazcoin
