Dev Update 8: March Milestones and Omniwallet

This week has shaped up to be both extremely active and rewarding at Mastercoin. Like a growing tree, the branches of the foundation’s DEx implementations are filling in as March begins.

Omni

DEx Status

Omniwallet Pre-Alpha Release

$100k Monthly Bounty

Spec and Testing

Masterchest Continue reading “Dev Update 8: March Milestones and Omniwallet”

Dev Update 8: March Milestones and Omniwallet

Bitcoin Transaction malleability and Mastercoin

By John Hacker (Own work) CC-BY-3.0 (http://creativecommons.org/licenses/by/3.0), via Wikimedia Commons

Many of you are probably wondering how the transaction malleability problem affects Mastercoin; in short it doesn’t. However understanding why it doesn’t is worthwhile. First of all, let’s quickly go over what transaction malleability is: In Bitcoin transactions are often referred to by the cryptographic hash of the actual data in the transaction, often called the txid. These txids are used within transactions themselves to refer to the previous transaction whose coins are being spent. Since the data being hashed is the entire transaction, not just a part of it, that includes the cryptographic signatures that the Bitcoin system uses to determine if the transaction is in fact authorized to spend the Bitcoins it is trying to spend. The problem is that cryptographic signatures can’t sign themselves – it’s kinda like asking a sealed envelope to somehow contain itself. Since the signature data itself isn’t signed, if you can find a way to change the data representing a signature without making it invalid, you’ve changed the txid of the transaction, yet it’s still valid and can still be included in the blockchain. To make a long story short, there’s a lot of ways that a signature can be mutated without making it invalid and banning all those ways from happening isn’t trivial. Continue reading “Bitcoin Transaction malleability and Mastercoin”

Bitcoin Transaction malleability and Mastercoin

Introducing Mastercoin Wallets – Decentralized Bitcoin and Virtual Currency Trading

Announcing the release of alpha version of various Mastercoin wallets at: www.mastercoinwallets.org
Try out a couple decentralized trades with your friends! Or join us at  the ##Mastercoin IRC Chat room.
If you haven’t heard about Mastercoin it is the native coin of the Master Prootocol, which among other capabilities, enables decentralized trading of virtual currencies on Bitcoin. Today on February 24th our development staff has officially released an alpha version of a Windows-based wallet where you can test out the concept of decentralized trading of small amounts of bitcoin with “Test Mastercoins” to get acquainted with how it works.
The very cool think about decentralzied trading is that it requires no log-ins or accounts at exchanges.  In fact the concept of a central authority for exchange operations does not even exist. Transaction and account data is stored on the Bitcoin Blockchain. You keep your secret Private Keys to yourself. The ultimate sense of security!
Trading Bitcoins and other virtual currencies can be dangerous if you have to choose to trust partners in far off lands; case in point is the very fresh drama enveloping MtGox. Keep in mind that Bitcoin is designed to let anyone send bitcoins without the need to trust third-parties.
Master Protocol extends the capabilities of Bitcoin for trading multiple virtual currencies using only the Bitcoin network. Completely trustless. We get complete control over our secret private keys which give access to our Bitcoins and other virtual currencies that Master Protocol enables.
Today our distributed team of developers make available a total of three wallets to use.  Today you can test out trading bitcoins for test versions of Mastercoin.  The countdown to March 15th begins when real Mastercoins will be able to be traded using these applications. Soon after that more virtual currencies will grow directly on Bitcoin.
Go to www.mastercoinwallets.org and pick one of the wallets and follow the instructions, for the Windows wallets you will need something like Bitcoin-QT running locally. Once you have either wallet running head over to Mastercoin Faucet and get some free Mastercoins and Test Mastercoins.
Introducing Mastercoin Wallets – Decentralized Bitcoin and Virtual Currency Trading

Development Update 7: Wallets and Smart Naming

With the short month of February quickly coming to a close and our next major milestone of March 1st approaching, the dev team is hard at work driving the next evolution of the DEx.

IMG_1388

DEx Status

MSC Distribution

Masterchain

Smart Property Naming

Master Protocol Spec – Pull Request 52

Testing Update

Listing on Exchanges Continue reading “Development Update 7: Wallets and Smart Naming”

Development Update 7: Wallets and Smart Naming

Introducing MasterProtocolEducation.org

The education team of the Mastercoin Foundation is pleased to announce the release of MasterProtocolEducation.org. The website aims to explain the Master Protocol, its features, as well as the use of the tools that have been developed to implement those features.

Currently, the website contains video tutorials on how to use two of the existing Mastercoin wallets and on how to use MasterXchange.com to buy and sell Mastercoins. The website also collects interviews and presentations from the members of the Mastercoin project, describes how one can get involved and contribute to the development of the protocol, and what the structure and goals of the Mastercoin Foundation are. In addition to the above resources, an extensive list of FAQs about the protocol is included as well as an in-depth description of the history of the protocol and its features.

In the future, more explanations and video tutorials will be added to explain how one can use the Master Protocol wallets to exchange Mastercoins for bitcoins and other currencies, how to issue smart property or a user-defined currency. If you have any question or suggestion for the education team and its latest project, please contact us at info@MasterProtocolEducation.org or sign up for the newsletter of the education team at MasterProtocolEducation.org.

The MasterProtocolEducation.org site does not aim to publish up-to-the-minute updates about the protocol; that’s the role of the Mastercoin blog. Also, the education team and the MasterProtocolEducation.org site are not marketing arms of the Mastercoin Foundation. Instead, the team and the website aim to present information about the protocol and its development in a neutral manner for the education of the crypto-currency community.

Introducing MasterProtocolEducation.org

Dev Update 6: Simple Sends and SPECifics

Development is well underway of the DEx and some very exciting advancements lead this week’s development update. Maran announced this week that his team has created the first database layer for Mastercoind. It’s a LevelDB layer that now has two uses.

IMG_0527

DEx Status

Spec Update

Masterchest

Omniwallet

MyMastercoins Wallet Continue reading “Dev Update 6: Simple Sends and SPECifics”

Dev Update 6: Simple Sends and SPECifics

Dev Update 5: Ready, Set, DEx AND Innovation Bounties

Excitement builds as the Mastercoin Foundation enters the month of February. Craig Sellars has joined us full time this month filling the role of CTO. Craig led this week’s dev call by setting a tone of bold progress and strength. He announced that four deadlines have been set for the March 15th launch of the distributed exchange.

2012-06-27 15.04.29-4

 

DEx Status/Deadlines

Bounties

Web Wallets

Faucet Continue reading “Dev Update 5: Ready, Set, DEx AND Innovation Bounties”

Dev Update 5: Ready, Set, DEx AND Innovation Bounties