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”
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.
Smart Property Naming
Master Protocol Spec – Pull Request 52
Listing on Exchanges Continue reading “Development Update 7: Wallets and Smart Naming”
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.
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.
MyMastercoins Wallet Continue reading “Dev Update 6: Simple Sends and SPECifics”
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.