MasterCoin Introduction
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As given in the Israeli Bitcoin Meetup in August 2013. See this Hebrew video: https://www.youtube.com/watch?v=R-9-aGeapkU&feature=youtu.be
MasterCoin Introduction
- 2. Some History Jan 2012 MasterCoin 0.5 Nov 2012 Colored Coins Feb 2013 Ripple August 2013 MasterCoin 1.0
- 3. MasterCoin Is A new crypto-currency, but not a fork/alt A new programmable layer over Bitcoin A platform for user-generated currencies Still evolving
- 4. MasterCoin Features Saving Accounts Distributed Currency Exchange Forex Price Feeds Betting Backed Currencies
- 6. Saving Account Mark address as saving
- 7. Saving Account Mark address as saving Transfers from this address will be reversible (for a period of time)
- 8. Saving Account Mark address as saving Transfers from this address will be reversible (for a period of time) A second Guardian address: Can reverse any payment from the saving
- 9. Saving Account Mark address as saving Transfers from this address will be reversible (for a period of time) A second Guardian address: Can reverse any payment from the saving Guardian address should be secure
- 10. Saving Account Mark address as saving Transfers from this address will be reversible (for a period of time) A second Guardian address: Can reverse any payment from the saving Guardian address should be secure Users should not accept reversible TX
- 12. Currency Exchange Anyone can publish Buy/Sell offers Willing to sell 100 MSC for 1.5 BTC
- 13. Currency Exchange Anyone can publish Buy/Sell offers Willing to sell 100 MSC for 1.5 BTC If the offer is matched, the MSC is automatically transferred
- 14. Currency Exchange Anyone can publish Buy/Sell offers Willing to sell 100 MSC for 1.5 BTC If the offer is matched, the MSC is automatically transferred Works for any currency derived from MSC
- 15. Price Feeds Anyone (e.g. Forex companies) can publish price feeds for user-generated currencies: Price of USD in Bitcoin today is 0.01 Price of Gold in USD today is 1392 Users will choose reliable price feeds
- 16. Betting Users can publish bets:
- 17. Betting Users can publish bets: I want to bet 200 with 2:1 odds that the price of Gold will not pass $1500 in the next 30 days
- 18. Betting Users can publish bets: Other users accept them I want to bet 200 with 2:1 odds that the price of Gold will not pass $1500 in the next 30 days
- 19. Betting Users can publish bets: Other users accept them Bets are locked in and settled by the MasterCoin protocol I want to bet 200 with 2:1 odds that the price of Gold will not pass $1500 in the next 30 days
- 21. Backed Currencies Users can create currencies that are backed by other currencies
- 22. Backed Currencies Users can create currencies that are backed by other currencies This is done via an escrow fund
- 23. Backed Currencies Users can create currencies that are backed by other currencies This is done via an escrow fund Fund tracks a price feed
- 25. Backed Currencies ESCROW FUND I want to buy some Gold!
- 27. Backed Currencies ESCROW FUND Gold was created out of thin air!
- 29. Backed Currencies ESCROW FUND I want to sell some Gold!
- 30. Backed Currencies ESCROW FUND Gold is destroyed
- 32. Backed Currencies Escrow fund buys low and sells high
- 33. Backed Currencies Escrow fund buys low and sells high First, it lets the market fix the price
- 34. Backed Currencies Escrow fund buys low and sells high First, it lets the market fix the price Only after a few days of divergence, it takes action
- 35. Backed Currencies Escrow fund buys low and sells high First, it lets the market fix the price Only after a few days of divergence, it takes action A self-fulfilling prophecy
- 38. Implementation Bitcoin addresses: Can hold MasterCoin and other MSC-based currencies
- 39. Implementation Bitcoin addresses: Can hold MasterCoin and other MSC-based currencies Operations (authorized by private key): Send currency New specialized operations
- 40. Encoding Operations are encoded on the Bitcoin blockchain Uses fake Bitcoin TX, each hold 20 data bytes The fake ops are interpreted by the MasterCoin layer
- 41. Encoding Operations are encoded like TCP-IP Split into 20 byte packets Use sequence numbers for ordering
- 43. Issuing MasterCoins MasterCoins are not mined
- 44. Issuing MasterCoins MasterCoins are not mined Instead, it uses a Kickstarter-like bootstrap
- 45. Issuing MasterCoins MasterCoins are not mined Instead, it uses a Kickstarter-like bootstrap The protocol designates a special exodus address 1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P Firstbits: 1exodus
- 46. Issuing MasterCoins Willet / MasterCoin Foundation controls 1Exodus
- 47. Issuing MasterCoins Willet / MasterCoin Foundation controls 1Exodus Funds are used to pay for the projects development
- 48. Issuing MasterCoins Willet / MasterCoin Foundation controls 1Exodus Funds are used to pay for the projects development Users get MSC reward for investing in 1Exodus
- 49. Issuing MasterCoins Willet / MasterCoin Foundation controls 1Exodus Funds are used to pay for the projects development Users get MSC reward for investing in 1Exodus Investment period August 1-31, 2013
- 50. Issuing MasterCoins Willet / MasterCoin Foundation controls 1Exodus Funds are used to pay for the projects development Users get MSC reward for investing in 1Exodus Investment period August 1-31, 2013 No new MSC after Sep 2013
- 51. Protocol Development Bounties will be placed for various tasks
- 52. Protocol Development Bounties will be placed for various tasks Graphical / website design
- 53. Protocol Development Bounties will be placed for various tasks Graphical / website design Economic design
- 54. Protocol Development Bounties will be placed for various tasks Graphical / website design Economic design Coding
- 55. Project Status 2,138 BTC raised (1,222 belong to Willet)
- 56. Project Status 2,138 BTC raised (1,222 belong to Willet) Economic features debated
- 57. Project Status 2,138 BTC raised (1,222 belong to Willet) Economic features debated Software development started Experimental!
- 58. Project Status 2,138 BTC raised (1,222 belong to Willet) Economic features debated Software development started Experimental! Control of 1Exodus undecided (currently Willet sole controller)
- 59. Roadmap Sep 2013 fundraiser ends Design website, logo Implement core features Experiment with user currencies
- 60. New Features MasterCoin is a platform Its killer feature might be unknown yet New features will be added in the future
- 61. References mastercoin.org Google Group MasterCoin 1.0 specification Investment Risks Colored Coins whitepaper 1Exodus