A Brief History Of Mastercoin

Mastercoin Foundation Vision Statement:

Accelerate innovation throughout the world by building a global value exchange platform in an open, decentralized, transparent way.

Mastercoin Foundation Mission Statement:

To become the standard protocol for smart properties and virtual currencies on the Bitcoin network by providing peer-driven development of Mastercoin-enabled distributed applications that are easy to use, secure, and decentralized.

The Idea of Mastercoin

“The Second Bitcoin Whitepaper” (version 0.5) written by J.R. Willett and made public in January of 2012 laid out the basic ideas behind Mastercoin proposing that the existing Bitcoin network could be used as a protocol layer for higher level protocols to enable new rules for contracts thus enabling the creation of new currencies without changing Bitcoin itself or requiring the creation of an alternate blockchain to handle new rules. If you are familiar with the OSI protocol stack the relationship between Bitcoin and Mastercoin could be visualized as such:

The rationale behind J.R. Willett’s proposal addressed several issues: improve the stability of Bitcoin through the issuance of new currencies which have evolved into Contracts For Difference; benefit Bitcoin holders by adding new value to the Bitcoin network; provide a mechanism by which to fund software development, marketing and maintenance of the new protocol layer(s); and provide for a way by which early adopters would benefit financially.

With this new protocol layer, Bitcoin users could go abóut creating new smart contracts within the Bitcoin ecosystem.  The smart contracts protocol enabled via Mastercoin encapsulate the facilitation, verification and enforcement of contracts thus enabling the electronic exchange of smart properties such as: stocks, bonds, real estate, intellectual property and so forth.

The following year on July 31, 2013 v1.0 of the same whitepaper was released and included a call for funding the Mastercoin project. A Bitcoin “Exodus Address” was created and anyone sending Bitcoins to this address before August 31, 2013 received 100X that number in Mastercoins, as well as extra Mastercoins depending on the week during which the send transaction took place.

Exodus: Moving from Idea to Funding

July 31, 2013 marks the inception of the fundraiser the Mastercoin project when J.R. Willett’s idea moved one significant step closer to reality.  On August 15th the first ever Mastercoin transaction was recorded when CryptoBegger was sent 1 Test Mastercoin.  To this point the 1EXoDus address had received significant investment from Mastercoin’s founder and other individuals, however the big push came a presentation of Mastercoin to BitAngels in the middle of August 2013.

The total funds raised peaked at approximately 4740 BTC which resulted in the creation of about 563,162 MSC and another 10% of that initial amount in development Mastercoins will vest over a period of time.  No more MSC will ever be created from the 1EXoDus address.

Mastercoin Foundation and Board

The Mastercoin Foundation came to existence in September 2013 with seven volunteer Board members:

  • Ron Gross

  • David Johnston

  • Brock Pierce

  • Antony Vo

  • J.R. Willett

  • Jonathan Yantis

  • Sam Onat Yilmaz

Today the role of the board is to guide strategic decisions and partnerships, approve bounties as suggested by the community, as well as oversee the general budget and the hiring of operational staff.  The board is actively working to minimize its temporary central role in the Mastercoin protocol – both controlling the Mastercoin Spec, and awarding bounties, is scheduled to be turned over from the board to full community control via Proof of Stake voting. The holders of Mastercoins will be able to fully control the evolution and development of the protocol and associated software.

If you wish to reach our board members for a discussion or proposal send an email to info@mastercoin.org.

The Bounty System: 1st Code Contest

On October 15, 2013 the final awards were announced on bitcointalk.org for the contest participants.  The winners will share in a prize of 180 BTC or about $25,000 at the time. Five developers split the prize for this contest and some of the main Mastercoin websites and GitHub code repositories in use today were established.

Here is a list of the applications, websites and libraries which resulted from the contest:

Mastercoin-ruby: A ruby library to parse MasterCoin data. Source

Masterchest Library: A .NET DLL that gives potential new mastercoin developers the ability to use functions with a single line of code. Source

Masterchest Engine: A blockchain scanning & mastercoin transaction processing engine. Source

Mastercoin-tools: Package of mastercoin related tools including tx parser,web UI and APIs; uses package sx, libbitcoin. Source

Mastercoin-explorer.com: A Ruby on Rails application to index all Mastercoin transactions and show other data. Source

Mastercoin-wallet: A (QT-based) Mastercoin thin-client implementation. Source

Masterchest.info: a block explorer for displaying mastercoin transactions and address balances/history. Source

Masterchest Wallet: a desktop wallet for mastercoin. Source

Masterchain.info: web UI for mastercoin-tools. Source

Distributed Exchange Code Contest #2

The current contest is aimed at developing the first commercially viable and scalable distributed exchange on the Bitcoin network allowing owners of Mastercoins and Bitcoins to trade.  Later on this capability will be extended to Smart Properties such as stocks, bonds, currencies and other financial contracts.  The contest will award out a total of 300 BTC, which originally was valued at around $50,000 at the start of the contest, but has risen significantly since.

The capability is not simply a pipe-dream, our developers have already conducted the the first distributed exchange using Test Mastercoins and Bitcoins.  The acceptance criteria and thus the milestones for this contest are the following:

  • Minimum one PC wallet (for both Linux and Windows) which can generate simple sends and the buy/sell messages required for the distributed exchange, using agree-upon multi-signature format.

  • Minimum two websites parsing such messages, and the resulting balance transfers.

  • Minimum one website showing BTC/MSC price charts derived from these messages.

  • Minimum 10 days of real-world usage with no major problems.

  • High bar for usability.

Mastercoin Gets an Executive Director

Ron Gross is an early investor in Mastercoin having participated in the August 2013 crowd-funding event and a founding member of the Israeli Bitcoin Association.  After dedicating a few months to the Mastercoin effort Ron was asked by the Mastercoin Board to step up to the role of Executive Director in November 2013.  You can read Ron’s acceptance letter here.  Since taking on the role Ron has taken steps to rally a large number of individuals from across the world to join the development of and realization of the Mastercoin vision.

Mastercoin Today

The group of individuals contributing to Mastercoin today easily numbers in excess of thirty people.  While there are several developers working on the Distributed Exchange contest and more developers are joining the Mastercoin open source community. From an operational standpoint we have recently added Taariq Lewis as the Smart Property Lead, Aric Fedida has joined as Head of IT and Dominik Zynis as Head of Communications.  We have a large group of people helping in areas ranging from documentation, project management, development of the Mastercoin protocol specification, communications media (videos and Web), and opening local Mastercoin chapters. We also have blogs in Chinese and Hebrew, and many more languages coming soon.

Currently, there are four Mastercoin chapters in: one in China, one in the USA, one in the UK and another in Israel.  If you are interested in forming a chapter check out the direction on our wiki.

Mastercoin and the Future of Bitcoin Commerce

Mastercoin’s vision is to “Accelerate innovation throughout the world by building a global value exchange platform in an open, decentralized, transparent way”. That can be achieved by enabling investors, entrepreneurs and workers to freely exchange knowledge, time, effort and money globally.  With that in mind we have set milestones after the Distributed Exchange functionality is in place to bring about new capabilities inherent within the Mastercoin protocol that will capture value creation in a global context, in particular:

  • Create and track “Property creation” logic (stocks, bonds, deeds, financial contracts) and integrate with distributed exchange

  • Create and track “Savings Wallet” logic

  • Create and track “Data Stream creation and display” logic

  • Create and track “Distributed Betting” logic

  • Create and track “User-Defined Currency” logic

  • Create and track “Distributed E-Commerce” logic

A Brief History Of Mastercoin

Meet Ups and More Mastercoin Bounties

Week 47.2013

Big things are happening and we need your help.  But before we get into that we have a video of Ron Gross, Mastercoin Foundation’s Executive Director, speaking about Mastercoin at the Mastercoin Israel meet up which took place earlier this week.


Now that you had a chance to watch that video and know all about Mastercoin, you’re ready to kick down some bounties!

Earlier today we kicked-off the first Documentation Contest with a $5000 Bounty.  We also have a few other bounties open as well as several job opportunities.  And if you have some great ideas we also now how a process for proposing bounties as well.  If you need some more ideas check out the slides form Ron’s presentation.

Mastercoin Slides

If you are into the 300 BTC Distributed Exchange Code Contest taking place right now we have a list of all the GitHub repo’s which have been updated.  Head over to the development thread on Bitcointalk.org to see how you can help in development or testing.

We now have local chapters in New York, Israel, UK and China. Thank you to those who made this possible.

Active Bounties

Check the Bounty spreadsheet for links to these opportunities.  If you decide to take on a bounty and recommend a bounty give some thoughts the responsibilities of what it means to being a feature owner.

Bounty Name Bounty Size Currency
Spend from Multisig 1500 USD
Localization of at least one client 500 USD
Document a rough plan to migrating off the Bitcoin blockchain into a new altchain (possibly merged mined) 300 USD
Economic research – why does MSC have value? 500 USD
First peer reviewed academic paper about Mastercoin 1000 USD
Get an existing nonprofit organization to accept Mastercoin 200 USD
Build a budget website 1000 USD
Write spec for voting on Bounties 250 USD
Write a white paper for BitAngels on how to use the Mastercoin Smart Property / User Currencies to list a BitAngelscoin 1000 USD

Have some great ideas?  Voice yourself.  And see our Bounty Process.

Open Positions

See the Open Positions List on Trello.

Currently looking for:

Security Auditor
Chief Financial Officer
Executive Assistant
Social Media Analyst
Project Manager

Protocol & Proposals

The Mastercoin Protocol v1.2 master repository on GitHub

Proposal for Standardizing the Distribution Rate of Dev MSC via the MSC Protocol

Code Repositories

Below are the repo’s on GitHub which have been updated recently.  Click on the link for more details.








If you are interested in project statistics head over to Ohloh.net


MSC Price Chart as of 22-NOV-2013 :

chart_1 (3)

(X-axis: time; Y-axis: Price of 1 MSC in BTC)

Note that trading is manual at this time, a list of contacts is in the Order Book spreadsheet.


The Mastercoin community is expanding rapidly, here are some of the sites where you can find us and join in the conversation:












Ron Gross, Executive Director, Mastercoin Foundation will be speaking at Inside Bitcoin taking place in Las Vegas December 11-13.

Local Chapters

We now have local chapters in New York, Israel, UK and China.  Thanks to all who made this possible:

Israel – founded by Ofer RotemStas Oskin and Amnon Gilboa.
China – founded by Red Li and Zhen Li.
UK – founded by Eric Benz.
New York – founded by Jeffrey Parries.

Interested in starting your own local chapter here are the instructions.

Mastercoin Foundation

Smart Property Lead

We are excited to announce a new addition to the team: Taariq Lewis recently took on the Smart Property Lead position.


Mastercoin Fund Ledger (MSC) 10071.6150979
Exodus MSC 563162.35762218 End of Exodus 9/1/2013
Dev MSC 56316.235762218 Years since Exodus 0.22569854646742
Total MSC 619478.593384398 Available Dev MSC 8155.66935554026
Mastercoin Primary Fund Ledger (BTC)
Beginning Balance 4740.6200979
Overall Balance 4436.2910979

Source: Fund Ledger

Meet Ups and More Mastercoin Bounties

Calling All Writers: Mastercoin Documentation Contest – $5000 Bounty

logo mscThe first documentation contest is underway and we are looking for people to contribute.  Our goal is to crowd-source world-class documentation of all things Mastercoin for our Wiki.

For inspiration we would love if the Wiki content is on par with the professional approach of these: Ripple Wiki, Bitcoin.it Wiki, or Blockchain.info API documentation and Blockchain.info Support.


Document as much as possible by using social media channels to obtain the best, crowd sourced content.


The total bounty will be $5000.  Contest ends December 3, 2013 at Midnight GMT.


The bounty will be divided up by number of pages posted to the Wiki.   Only QUESTION (#1), ANSWER (#2) and WIKI (#4) tasks are paid and split equally.

Anyone can work on an item so if you only do #1 or #2 or #4 then you will only get 33% credit so long as it is completed and gets through #4; the only exception is when there are translations involved.

For example, if 50 pages are posted each page gets paid out $100, if you did four #1 tasks of Trello items that were posted in English and translated into Hebrew then you will receive $100.

$5000 / 50 = 100, $100 / 4 = $25, $25 x 4 = $100

Get Started:

Start out on the contest’s Trello Board, we have seeded it with several topics.  You can log in using a google account or set up an account.

If you do not see a question or subject matter that you want to work on, post a comment here describing the subject or question, please keep it simple (i.e, What is Mastercoin; Mastercoin Links; Constructing a Transaction; Transaction Processing).

We are paying out on content already submitted. If you already have content on the Wiki you should post a comment on the Trello board with a link to the content.

If you are translating into a second language, make a comment on the Trello item so you get credit (make sure to include a link to the wiki article in another language).


    1. QUESTION: Post a link on the Trello Card to at least one question on Quora or bitcoin.stackexchange.com or some other location on the Internet.  Once this is done one of the Admin’s will move it to the Answers list.  If the Question does not exist, post a comment in the card titled “POST MORE QUESTIONS HERE“.

2. ANSWER: When you get some answers (you can answer your own question, but the purpose is for it to be a community effort) pull together the content you believe should be used for that particular item and post it to the Trello Card.  Once this is done one of the Admin’s will move it to the Voting list.

3. VOTING: You must get 3 Votes on your Trello Card and no one making an absolute objection to your content.  We will ask the developers and the Board members to vote.  Feel free to post on bitcointalk.org.

4. WIKI: Once the content is up-voted someone will need to obtain a log in to the Mastercoin Wiki and add a page with the content.  Then put the wiki link into the Trello Card and post on the contest discussion board on bitcointalk.org that you are done.

Contest will end  at midnight GMT on December 3, 2013.

Please post questions here as a comment and they will be answered within 24 hours.

Calling All Writers: Mastercoin Documentation Contest – $5000 Bounty

The Heat is On! Bitcoin Economy Decentralization More Important Than Ever.

Just when we thought things were going smooth we heard about another piece of news that will send shock waves through the Bitcoin community. BitFunder, rather than just closing its doors to US residents, is shutting down permanently. And, let us not forget, yet another wallet service and its users became the latest victim of virtual bank robbers.

The Mastercoin protocol, which uses the Bitcoin network, for specialized transactions such as stock transfers, will fill the void.  This is great news for Bitcoin owners, because each time a Mastercoin transaction occurs Bitcoin Miners get paid.  The Bitcoin network is providing value added services were previously financial benefits went to site owners rather than Bitcoin network operators.

For a quick recap on this subject check out this video:

So, what does all that mean for Mastercoin and all of the work we are doing on distributed BTC-MSC exchange and smart properties?

It means the stakes just got a lot higher. The good news is that the evolutionary cycles created by market forces are pulling  for more decentralization.

In this week’s update we will focus primarily on the progress in the Distributed Exchange Code Contest, and developments in the Mastercoin Protocol and related proposals.  The post may be a bit more technically oriented than others, but the goal is to ensure that anyone working on developing is aware of all of the changes that have taken place.

If you are looking for a review of the technical structure of Mastercoin and how it relates to and utilizes Bitcoin then Vitalik Buterin of Bitcoin Magazine  kindly wrote this great article published earlier this week: Mastercoin: A Second-Generation Protocol on the Bitcoin Blockchain.  If you have not got your hands on any MSC yet, please help test the MSC faucet; report any issues to the bitcointalk forum. All you need is a Bitcoin address (from bitcoin-QT or blockchain.info).

And lastly, if you are in the Tel-Aviv area (or perhaps want to escape from cold northern latitudes), Ron Gross, one of Mastercoin Foundation’s board members, is organizing the second Mastercoin meet up in Israel.

New Mastercoin Job Postings

Smart Property Lead

Produce a Video for the homepage

 Website for Mastercoin Foundation Budget

Mastercoin Protocol & Proposals

The protocol master is on GitHub. Below are the current changes that have been made with a brief description.

Proposal: Proof of Stake Voting

Proof of Stake is meant to provide a voting mechanism for stakeholders in Mastercoin and in particular currencies and smart properties developed utilizing the protocol.  Please provide input.

Below is the proposed spec change enabling voting for v 1.2:

  • Mastercoin websites will have a “voting” section for each currency and smart property.
    • Owning a currency or property allows you to vote on issues related to how that currency or property should be run.
  • The voting section will list issues which are available to vote on, as well as feature requests, in descending order of popularity, and the current vote tally for each
  • Mastercoin messages needed for voting are:
    • Create new issue (title and what the options are, such as YES/NO or A/B/C/D)
    • Vote on issue (address X votes NO on currency Y issue Z)
      • Weight of vote is proportional to the amount of currency or property owned by that address (proof of stake)
    • Create a new feature request (title and description)
    • Vote on feature (address X supports feature Z on currency Y) – also weighted by ownership
      • A single address may only support one feature, and may only vote in one direction, however . . .
      • A user may split their vote by using multiple addresses
  • When some or all property is transferred out of an address which has voted, the votes of the transferred property are invalidated (this allows the owner of the new address to vote again)
  • Votes are advisory votes only, and are enforced by social contract, rather than by the protocol itself

Social Media and Press


Mastercoin meet up in Israel

Please let us know if you would like to sponsor a meet up anywhere else.

Press & Blogs

Mastercoin: A Second-Generation Protocol on the Bitcoin Blockchain

Bitfunder Closing + Mastercoin / Colored Coins + Blockchain.info Theft

Ron Gross Joins Mastercoin: So Long, And Thanks For All The Fish


MyMastercoins A new explorer site from Bitoy

Market Update

MSC Price Chart as of 09-NOV-2013 :


(X-axis: time; Y-axis: Price of 1 MSC in BTC)

Note that trading is manual at this time, a list of contacts is in the Order Book spreadsheet.

Mastercoin Foundation


Current Balance: 4439.9910979 BTC

More details available at the Mastercoin Fund Ledger.  There is also now a new website at mastercoinfoundation.org


News for week 45.2013

The Heat is On! Bitcoin Economy Decentralization More Important Than Ever.

Programming, Testing and More Testing of Mastercoin

News for week 44.2013.

There is a lot of excitement building up around Mastercoin and some important milestones have been set since last week’s blog.  But we have a lot of hard work cut out for us.  The developers are working hard on the next code contest and always looking for more folks to join the effort. Take some of your  spare time to check out the tutorial (see bottom) for conducting exchange transactions.

We now finally have a price graph of the MSC/BTC trades that have occurred, the Board has decided to engage a PR firm, we have a new addition to the Mastercoin repo’s on Github, there is a bounty open for building an MSC faucet, and a new proposal for enabling the limiting of spending of MSC on addressed that have been identified to have this feature enabled.  And if you are interested in the current economic distribution of Mastercoins here are the Top 50 MSC wallets.

Coding Contest Update: Distributed Exchange

Recall the applications being built for this 300 BTC contest announced last week:

  1. Minimum one PC wallet (for both Linux and Windows) which can generate simple sends and the buy/sell messages required for the distributed exchange, using agree-upon multi-sig format
  2. Minimum two websites parsing such messages, and the resulting balance transfers
  3. Minimum one website showing BTC/MSC price charts derived from these messages

There is now an Order Book on Mastercoin-Explorer where sell and buy offers as well as transactions between MSC and BTC are presented.   Progress is being made on item #3, the price charts and initial code has been uploaded to GitHub (see Repo Updates).

1st  Exchange Using The Mastercoin Protocol

In a major milestone earlier this week one of the developers, Tachikoma, for the first time exchanged Test Mastercoins for Bitcoins.  If you are interested in seeing the transaction go check out the Order Book on Mastercoin-Explorer.

Now, technically, that exchange did not happen between two people with real Mastercoins, so it seems the window is still open for anyone to be a part of the first two-person trade of MSC and BTC.  Exciting stuff, right?!  But, you might be a little hesitant to try this out with real MSC and large amounts of BTC (not recommended at this time as development is in progress). So, we have put together a step-by-step tutorial for how to test this new functionality for yourself and help our developers move the project forward.  Scroll to the bottom for the tutorial.

Repo Updates
1. MasterChest Library (Github) – changes on October 26:
  • Code adjustments to apply the transaction processing rules as defined in the amendment
  • Support for decoding the new Class B obfuscated keys
  • Support for encoding the new Class B obfuscated keys
  • Support for ECDSA point validity checking
  • Various bugfixes

Protocol & Proposals

We have a proposal for Mastercoin Limited Accounts which would feature limiting the rate at which a particular address can send Mastercoins.

MSC Faucet Bounty

Don’t have any Mastercoins but want to get some?  We need your help.  The Mastercoin Foundation Board approved a bounty of up to $850 to build a Mastercoin faucet.  If you have experience with some of the existing open source faucet software out there you may find this an interesting project and will get surely be appreciated by the many faucet users.

Check for details on the bitcointalk thread.

Social Media & PR

Earlier this week JR announced that the Mastercoin Foundation has engaged with a PR firm to help spread the word about Mastercoin to the greater technology and financial communities.
If you are wondering how to connect with others in the Mastercoin community beyond bitcointalk.org we have a few places:
If you happen to understand Chinese some of our community members have been kind enough to start a Mastercoin forum for Chinese speakers on 8btc.com.
There is also a Mastercoin page on Reddit.

Market Update

MSC Price Chart as of 02-NOV-2013 :

MSC Price History  02nov2013

(X-axis: time; Y-axis: Price of 1 MSC in BTC)

Note that trading is manual at this time, a list of contacts is in the Order Book spreadsheet.

Mastercoin Foundation


Current Balance: 4521.9910979 BTC

More details available at the Mastercoin Fund Ledger

Tutorial: Test MSC – BTC Distributed Exchange Transactions

Start the tutorial…

Please post your questions or issues on the main development thread on bitcointalk.

Programming, Testing and More Testing of Mastercoin

Tutorial: Test MSC – BTC Distributed Exchange Transactions

(please note this is a work in progress, do not test with amounts that you cannot afford to lose)

Broadcasting a raw transaction via the reference Bitcoin-QT client

Note that if you are using blockchain.info you will need to use bitcoin-qt to sign the raw transaction.  Keep in mind that this process is for testing purposes and is not the final end-user / consumer process.


  • Bitcoin-QT client
  • positive BTC balance (to buy and sell MSC)
  • positive MSC balance (to sell MSC)

How to: MSC Sell Offer

  1. Open the Bitcoin client and navigate to help->debug window and press on the ‘console’ tab
  2. First we will verify the transaction. Type decoderawtransaction and paste the raw transaction string you got.
  3. Make sure the values are correct and check that at the bottom your Mastercoin address is visible also make sure it doesn’t say ‘”type” : “nonstandard”‘ somewhere. In the future we will make sure the Mastercoin data itself is encoded correctly as well. But for now these are the checks you should do.
  4. If you are happy with the result sign the transaction using your private key. Begin by unlocking your wallet; type walletpassphrase 15. This will unlock your wallet for 15 seconds.
  5. Type signrawtransaction and paste the raw transaction string in again.
  6. If all goes well you should see something that says: {hex: , completed: true}. Copy the part after hex.
  7. Broadcast the transaction over the network by typing sendrawtransaction and paste in the latest string.
  8. If all went well you should have gotten the transaction hash as output.

How to: MSC Buy Offer

  1. Go to http://mastercoin-explorer.com/order_books and find a sell offer, click on “Buy” under actions.buy msc step 1
  2. The form requires a public key.buy msc step 1.5
  3. To obtain your MSC public key open Bitcoin-QT click on “Help” followed by “Debug window”, and in the window that comes up click on “console”.  Input “validateaddress {somebtcaddress}”  where {somebtcaddress} is the Bitcoin address you wish to use to receive your MSC and has some BTC balance. Copy and paste the “pubkey”. 

    buy msc step 2

  4. Now take the “pubkey” and input it into the form.  And change the amount of MSC that you wish to purchase if it is not the same as the amount offered. Click “Create raw transaction”.buy msc step 1.5
  5. Now copy the string of text from the resulting page.buy msc step 3
  6. Decode the string to ensure that the transaction looks correct.  You can decode the transaction by pasting the the raw transaction string here: https://coinb.in/decode-raw-transaction.html. Make sure the values are correct and check that at the bottom your Mastercoin address is visible also make sure it doesn’t say ‘”type” : “nonstandard”‘ somewhere.
  7. Now go back to Bitcoin-Qt and sign the transaction using your private key. Begin by unlocking your wallet; type walletpassphrase {yourpassphrase} 30. This will unlock your wallet for 30 seconds.

    Blockchain users: currently blockchain.info does not offer a utility to sign a raw transaction, however there may be a work around but it requires exporting a base58 private key and using Bitcoin-QT.  Specifically, for step 8:

    signrawtransaction <hex string> [<privatekey1>,…]

  8. Now enter “signrawtransaction {rawtransactionstring}” where the {rawtransactionstring} is the string you copied in Step 5.buy msc step 4The following text should appear if all went well: {hex: , completed: true}. Copy the long string after hex.
  9. Broadcast the transaction over the Bitcoin network by typing “sendrawtransaction {outputstring}” where {outputstring} is the output string from Step 8.
  10. If all went well you should have gotten the transaction hash as output.  Copy the output string.
  11. Note that after you send this purchase offer and it’s accepted by the site you will have to send the proper amount in Bitcoin from your MasterCoin address. Make sure your address is funded and that you send the coins from this address.
Tutorial: Test MSC – BTC Distributed Exchange Transactions