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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by VITALIK BUTERIN on NOVEMBER 4, 2013
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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October 3, 2014 at 11:00 am #373
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August 4, 2015 at 12:42 pm #477
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JeffreyEa
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因為這些現象無法不令人產生很多遐思與聯想一般來說,如若真誠紀念或拜祭先人尊者,后人會很在意尊者生前好惡和為人準則。
“太離譜了,才一個多月,價格從14500元/平方米漲到17000元/平方米。當超過臨界迎角以后,氣流在流過機翼的最高點不多遠威爾剛是甚麼,就從翼表面上分離;了,在翼面后半部分產生很大的渦流,造成阻力增加威而剛價錢,升力減小航模基礎知識(4) 人工擾流方案要推遲失速的發生成人用品,就要想辦法使氣流晚些從機翼上分離。
所以剛威,近代的中國革命不僅要反對經濟政治等實體性的封建或半封建制度,而且還要批判思想和倫理上的忠義仁禮孝。
移動互聯網用戶數快速增長
爭取上合組織成員國有關會議在連云港舉辦a片線上,積極承辦“一帶一路”專業性國際論壇。”劉春對《中國新聞周刊》說不過犀利士價格威尔刚,與電視臺相比,網絡自制劇和自制欄目尚處于起步階段,質量低、精品少。
流量寶是怎樣一款手機應用,它是如何在眾多APP中脫穎而出的呢?據了解威爾剛,流量寶是一個以流量幣為核心的流量經營新平臺性藥,它連接起用戶與企業威爾剛 原理,通過打造“小額流通、三網覆蓋、跨網流通、渠道共享”的流量寶生態圈,解決當下手機用戶最關注的流量問題。
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
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JeffreyEa
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”。學生根據成績學半年或一年預科后a片線上,正式進入大學開始專業課學習University First英國公立預科中國招生負責人EllenBao建議威而剛 專利線上av,學生最好在7月末或8月初獲得雅思成績桃園援交,趕9月入學,中間留一個月申請簽證。
然后得意的回頭看
反正不懂的人,看到4ATa片下載,第一反應總是沒有5AT好?再問那里不好,總是會說犀利士 ptt,可能會費油,可能會換檔不平順樂威壯購買,有頓搓感。
綠豆餅較之黃豆餅,口感較軟,故先油炸之台中外送茶,以保證形不散,與香菜合炒之藥局24小時 板橋,顯得有點粘牙。在這之前,我們通過各種形式跟搜房網的總部cialis价格,跟杭州站有過溝通,他們也承諾在價格上給我們一些優惠,但是拖了好長時間一直沒有下文樂威壯藥效,這樣的話大家可能就覺得不能容忍了樂威壯劑量,所以有了現在這樣一個舉動據了解,搜房網采用的是端口收費方式,而端口的排列順序則要看根據收費多少。
閔行線:世博輻射區熱盤(浦江華僑城 萬科城 萬科早城)浦東線:張江白領看房首選(盛大天地青春里 萬科海上傳奇 禹洲藍爵 寶華海尚郡領)臨港線:自貿區最低價房(乾耀東港 麗都華庭 保利蔚藍林語)嘉定線:11號線地鐵房(安亭新鎮 佳兆業一號 中茂世紀財富廣場 新城香溢瀾庭)寶山線:純新盤10月亮相(中國鐵建青秀城 陽光城花滿墅 招商海德名門 新城昱翠灣)松江線:9號線名企樓盤(金地自在城 九龍倉蘭宮 象嶼品城 萬科夢想派)青浦線:大虹橋成交最熱盤(龍湖紫都城 招商虹橋華府 鑫塔水尚 虹橋寶龍城)啟東線:超大規模海景社區(恒大海上威尼斯)昆山線:水鄉古鎮度假別墅(水月周莊 納帕溪醍)

August 6, 2015 at 2:21 am #512
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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。
上元二年(675),洪州都督閻伯玙在此大宴賓客樂威壯藥效,王勃即席作《滕王閣序》,成為千古傳誦的名篇。而非重點扶持類樂威壯口溶錠 藥局,并不是說他們不會漲,而是在政策出爐后會大漲,然后過了一段時間又跌回去了cialis 效果樂威壯 高雄,而政策的影響持續時間長短則要根據政策力度來衡量。
雖然股市上瘋行的投資給投機家帶來了橫財,但巴菲特卻不為所動,因為他認為股票的價格應建立在企業業績成長而不是投機的基礎之上巴菲特是有史以來最偉大的投資家,他依靠股票、外匯市場的投資,成為世界上數一數二的富翁。
9月10日,朱可夫飛往列寧格勒。蘇共中央主席團成員最多只能連任三屆赫魯曉夫對外主張和平共處、和平競爭、和平過渡的“三和”路線台北一夜情,反對冷戰赫魯曉夫上任之后,給蘇聯政治舞臺帶來一陣清涼之風對于赫魯曉夫爭議的焦點情趣娃娃,在于他的“秘密報告”所謂“秘密報告”威爾剛是甚麼威刚,是指赫魯曉夫一九五六年在蘇共第二十次全國代表大會上所作的報告蘇共二十大從一九五六年二月十四日召開,經過十天的討論,大會宣告結束。
在這些日子里

August 23, 2015 at 3:45 am #530
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JeffreyEa
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下回絕不再點
卻沒人討論“忠實”這件事。在美國有線電視新聞網CNN的網站上,五星紅旗和“china”赫然出現。教育的終極本質,永遠是,探索,發現,發展,創新,以及維護,開發甚至說是保護好下一代受教育者的我們人類成為萬物之靈賴以倚仗的好奇心,想象力成人用品,運動力和求知學習欲!千萬別去抹殺它們,這些特質,哪個民族的下一代缺一樣,這個民族都會走向衰敗!
“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。
從事營養工作30多年、營養教學8年,多次在廣播電臺做健康生活類專題節目,在營養專業領域有著深厚的底蘊和社會影響力。
今天威而,一條《非誠勿擾》被刪減視頻躥紅。老子哲學里有樂威壯口溶錠藥局,知其雄而守其雌,知其白而守其黑,筆墨加上宣紙就是黑和白,筆墨到紙上它的滲透過程桃園外送茶,是水在起作用,這個水是中國畫的生命,而這個水墨,又滲透到宣紙的后面。
第67分鐘樂威壯口溶錠,伊布左路外腳背妙傳av線上,拉維奇禁區左側低傳,梅內在門前11米處左腳推射打飛拉維奇被加梅羅換下。
我旁邊做過來一個數學成績很不錯的女孩。這節班會課讓很多同學都印象深刻一夜情,說的正是很多同學渴望、又拿不準的朦朧情感,當時那兩位男女同學聽得很認真后來,他注意到歐美av,兩位同學的相處沒有以前那樣親昵了,女孩也考上了很不錯的大學叛逆女孩將創意用在學習中

August 24, 2015 at 3:49 am #546
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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。
新盤銷售率為227

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