Hello, Masterminds!

This summer has been a whirlwind for the development team at the Mastercoin Foundation. We’ve made a monumental shift from disparate systems that all demonstrated the value of the concept – towards a single reference implementation that is being integrated into cryptocurrency projects and businesses around the world.

We’ve learned a lot – not only about how to manage or coordinate decentralized teams of geniuses with varying talents across many time zones (try it sometime), how to incentivize and reward the work that’s being accomplished (on a fixed budget), how to deal with the haters (who sometimes actually demonstrate extremely helpful lessons), but also why we’re doing what we’re doing, where we see this technology going, and what it is exactly that we’re building.

Mastercoin is an idea – an idea that says when we can rely upon an unmodifiable history structure of transactions, we can facilitate interactions and transactions between individuals in a way where outcomes are guaranteed based upon the conditions that we can invent. It’s a platform that allows you to dictate business logic, and have all participants interpret the end result the same way.

We’ve been working with a variety of innovators and experts who want to create amazing new decentralized systems, from the very beginning of their idea, through gaining the support of the community, to acting on their ideas, and towards seeing the realization of their concepts in practice.

Asset-backed tokens. Reward-backed tokens. Reputation-backed tokens. Idea-backed tokens.

All while gutting the old way of doing things and starting fresh. And then re-integrating it, of course…

So what are we building? An infrastructure for innovators.

The past few weeks have brought us the first public release of Master Core beta for integrators and continued improvement in Omniwallet.

Omniwallet is already relying on Master Core, while Omni gets a better database back-end and updated UI as well.

We’ve built an automated test environment, and are now working on adding more test plans.

We found big number precision issues that have been unaddressed within Bitcoin Core (alt-coins with lots of tokens: you’ve got a problem), and we’ve addressed it within Master Core.

We’ve been speaking with subject matter experts on exchange functionality, and are building in what they need for the MetaDEx.

We’ve got new features such as ongoing issuance and smart property administration already queued up, and the draft UI of Master Core is coming together.

There’s a lot going on, and we’re firing on all cylinders. We are always looking for contributors and partners, so if you’ve got an idea and want to discuss it, please reach out.

The more masterminds, the better!

Craig Sellars

CTO, Mastercoin Foundation

Craig (at) mastercoin.org