Mastercoin: A Second-Generation Protocol on the Bitcoin Blockchain

Digital Currency Crypto Forum Forums MasterCoin Mastercoin: A Second-Generation Protocol on the Bitcoin Blockchain


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June 12, 2014 at 3:15 am #314
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Alternative currencies have become a popular topic in the Bitcoin space. We have Litecoin and Primecoin introducing alternative mining algorithms with novel properties, PPCoin replacing mining entirely with a non-costly alternative, Ripple creating a cryptocurrency network that can store credit relationships and user-defined currencies, and over seventy more up and running with new ones being created every week. One particularly interesting project that has received a large amount of attention over recent months, however, is Mastercoin. The key difference in Mastercoin is this: rather than trying to bootstrap an entirely new blockchain, as every other cryptocurrency does, Mastercoin seeks to create an entirely new network of currencies, commodities and securities on top of Bitcoin itself.

The concept of an alternative currently relying on Bitcoin to take advantage of its powerful and secure network backed by petahashes of mining power is not a new idea. The general concept first appeared in a much weaker form as “merged mining”, a mechanism in which alternative currency miners publish pointers to their blocks in the Bitcoin blockchain to mitigate the threat of 51% attacks. Mastercoin, however, takes this principle a step further. Rather than simply using the Bitcoin blockchain as a secure timestamping system to store its own blocks, Mastercoin uses the Bitcoin blockchain to store every transaction. Philosophically, the best way to think of Mastercoin is as an alternative way of making sense of Bitcoin transactions; just like the Bitcoin protocol takes a series of transactions and parses them to determine how many bitcoins are in every address at any particular moment, the Mastercoin protocol also takes the available Bitcoin transactions and parses them to extract data relevant to the Mastercoin network.

The first draft for the Mastercoin protocol was published on January 6, 2012 in a document that original developer J. R. Willett called “The Second Bitcoin Whitepaper“. Willett’s whitepaper starts off by arguing that the Bitcoin protocol “can be used as a protocol layer, on top of which new currency layers with new rules can be built without changing the foundation.” Why a new protocol layer on top of Bitcoin, and not just an alternative cryptocurrency as everyone else was doing at the time? Willett goes on to write:

Alternate block chains compete with bitcoins financially, confuse our message to the world, and dilute our efforts. These barriers interfere with the adoption momentum of bitcoin and the adoption momentum of alternate currencies as well, regardless of how well-conceived their rules may be.
New protocol layers on top of the bitcoin protocol will increase bitcoin values, consolidate our message to the world, and concentrate our efforts, while still allowing individuals and groups to issue new currencies with experimental new rules. The success of any experimental currency protocol layer will enhance the value and success of the foundational bitcoin protocol.

From a less philosophical standpoint, the practical advantages that a Mastercoin protocol has on top of Bitcoin are essentially twofold. First, Mastercoin can leverage the high degree of security that the Bitcoin network gains from its popularity and its high level of mining power. Second, it becomes much easier to create protocols that interact between Bitcoin and Mastercoin, and potentially with other on-blockchain protocols to come in the future.

The project formally launched on July 31, 2013. The project started off with a month-long fundraiser, in which anyone could buy mastercoins by sending bitcoins to the Mastercoin Exodus address, 1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P. 1 BTC sent to 1EXoDus would get you 100 MSC, and an additional 10% more for every week between the end of the fundraising period and the time at which you bought the mastercoins, encouraging investors to buy earlier. Altogether, over 5120 BTC were sent in, worth around $500,000 at the time – far more than almost anyone expected. The funds are intended to be used for development, paying bounties for projects around the Mastercoin ecosystem; currently, there is a 300 BTC bounty for a decentralized exchange interface. Today, one mastercoin is worth about 0.1-0.3 BTC, over ten times its original BTC price at the timeof the fundraiser, and twenty times its original USD price.

Why has Mastercoin seen so much attention? Essentially, the main attraction of Mastercoin is the sheer number and depth of the features that it brings. The following is a sample of what the Mastercoin specification intends for Mastercoin to support:

User-defined currencies – anyone can create their own currency on the Mastercoin network.
Decentralized exchange – the Mastercoin network itself serves as a fully-functional exchange between any two currencies in the Mastercoin network. Anyone can place an order on the blockchain to trade a quantity of one currency for another, and anyone else can match the orders and have the trade complete automatically without the order poster’s further involvement.
On-blockchain price feeds – trusted organizations can publish price data (eg. the value of one ounce of gold in USD) which can then be used in Mastercoin scripts
On-blockchain bets – it is possible to register a bet with another party that a given price feed will be above or below a certain value at a particular future time. This essentially allows leveraged speculation on currency pairs, as well as hedging, so that users can store value in the Mastercoin network without exposing themselves to a high degree of currency risk from Bitcoin or Mastercoin volatility.
Savings addresses – a transaction from a savings address can be reversed within N days (with N set for each address) by a “guardian address”. This essentially provides an additional level of security for high-value savings accounts.
And these are only the beginning.

October 3, 2014 at 7:45 am #370
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August 4, 2015 at 12:42 pm #477
Avatar of JeffreyEa

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調研公司Gartner的數據顯示,華為2011年第二季度手機銷量達到900萬部。現時已離婚大麥 樂威壯,曾患上紅斑狼瘡威而鋼wiki,但已康復。

August 4, 2015 at 4:29 pm #482
Avatar of JeffreyEa

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August 6, 2015 at 2:21 am #512
Avatar of JeffreyEa

從小喜歡畫畫,父母對她的這項愛好很支持。而不是要你為他開發更多的類庫!你開發的東西與它無關。這其中既有官方推波助瀾所致的因素,也有民間一些人自發而為levitra 副作用,二者缺一不成有人也許會說,今年1226毛誕辰,除了電影頻道播放了老片子《走近毛澤東》,網絡媒體有一點報道威而剛售價,央視新聞聯播竟一句未提此事,何言官方推波助瀾?那么筆者僅舉兩例足矣:中宣部決定在韶山建“一號工程”曰愛國主義教育基地cialis副作用,投資近10億;僅韶山毛澤東銅像廣場(2008年已竣工開放)投資就達6600萬元犀利士5mg,毛銅像重3.7噸,通高10.1米,中央政治局某常委多次前往視察鼓勵,此其一;其二,對毛歌功頌德的電視劇連續劇幾乎一部接一部連續著,明星大腕擔綱主演……這些均當屬中央官方行為。
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August 23, 2015 at 3:45 am #530
Avatar of JeffreyEa

“我們擔心買價值1000元的會員卡台中援交成人a片,可能進不來。閉塞系統出馬賽克了,所以追尾了。 日本直排氣為代表的APEXI、HKS、五次元等品牌樂威壯心得情趣,怠速的聲音跟原廠差不多,轉速越高聲浪越迷人。

August 24, 2015 at 3:49 am #546
Avatar of JeffreyEa

但如果兩個基金合計投資占比不高,可以忽略調整12401 21 匿名網友 提問 12:44:老師對目前行情怎么看,后市如何操作?謝謝!。
可也激發我內在的反抗力,你們越說我不行,我偏要行,總是不停的寫上幾筆威而綱,同時暗暗激發自己,你一定會成為作家,終于有一天,有一塊小小的豆腐塊作品終于變成鉛字威尔钢犀利士價錢,于是成人a片,一發不可收拾,小小文章常見各大報刊,它讓我欣喜若狂,自以為是,讓我的虛榮心得到滿足,讓我在同行中有了炫耀資本台南援交,那時候有人認為我以后會成為一名作家,一個中國的柯南道爾桃園援交,令我在贊譽中飄飄然,可命運與我的文學創作開了一個天大玩笑,使我走上另外一條路levitra樂威壯,成為一名普通打工者,徹底改變了我小時候的夢想人活著總要有夢和希望,在我的工作生活的歲月里,文學之夢常與我擦肩而過藥局 24小時 台南,因為台南一夜情,我必須面對事實和現實,找工作、結婚威而刚,孝敬父母威尔刚 效果,養育子女,這是自然規律,先求生存,再求發展,我面對的是眾多工作瑣事,如何勤奮的工作,多拿一點獎金,然后做自己喜歡的事成人用品,因為做自己喜歡的事,沒有那么累,也不覺的累,反倒覺得是一種樂趣,任何人無法代替的樂趣,陶醉于意境之外飄飄然的世界,那時我認為愛好就是人生成功的最好老師,是事業成功的潛在動力。

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