We just had a breakthrough this morning, which I just can’t keep to myself. We have SOLVED the exchange rate issue which so publicly marred the Maidsafe crowd-sale!
Future crowd-sales will be able to accept BTC, MSC, MaidSafeCoins, and any other currency in our ecosystem they wish to accept, simultaneously!! Furthermore, the exchange rate for each currency will be update-able throughout the duration of the crowd-sale. This means if you are getting too much of a currency, you can lower the exchange rate to discourage it’s use, including lowering the rate to zero.
The most beautiful thing is, this requires no changes to the format of the crowd-sale in our protocol (TX51). Instead, we are changing the rules and interpretation of TX51 to allow this type of usage. Cancelling a crowd-sale will affect all currencies being collected.
We’ve been discussing different ideas to improve crowd-sales for weeks, but this one hit me out of the blue this morning, and everyone I talked to on the Master Protocol team is extremely excited about it, and I wanted to share our excitement with all of you.
In hindsight, it seems so obvious – this is the way it should have always worked. With that in mind I would like to take this opportunity to publicly apologize to the wonderful folks at Maidsafe. We really let you down by having such a primitive crowd-sale mechanism in the first iteration, and we’re really, REALLY sorry for the pain, financial distress, and critical press you received as a result. And thanks for not throwing us under the bus. Your positive words about us are a lot of what is drawing so many other projects to use Master Protocol.
The best amends I can offer is to make your large stake of Mastercoin a fantastic investment, I commit myself to doing so, in every way I can. You guys rock. Future crowd-sales will have a MUCH better experience due to the lessons learned from your being our guinea pig.
We’re always making improvements to our spec, but this was a breakthrough I just had to share. 🙂