A note about the price of MSC

In light of recent price movements, I thought this was a good time to share some thoughts I had about the price of MSC.

Mastercoin is unique in many ways. Just like we are discovering how to run a Decentralized Application by having Role Based Bounties AKA Decentralized Jobs, so are we learning how a startup who is less than 6 months old has a publicly traded “stock” (MSC behave like a stock in some ways). I would like to quote Larry Page and Sergey Brin, from their IPO letter back in 2004 (replaced “Google” by “Mastercoin / The Master Protocol”, I’m trimming down their letter significantly and taking a few choice quotes). I encourage you all to read the original, untrimmed version. Also please be aware that the comparison I’m making is not a 1-to-1 direct comparison, but rather saying that we subscribe to many of the same values and goals held by Google’s founders.

Continue reading “A note about the price of MSC”

A note about the price of MSC

Mastercoin is a Decentralized Application for building Decentralized Applications

First, before you proceed, you should read David Johnston whitepaper that defines a Decentralized Application (DA). There are several examples of DAs – Bitcoin and Mastercoin are such examples. Bitcoin is a decentralized application for sending money over the Internet. Mastercoin is an application for implementing various finance and security features.

However, Mastercoin is more than that – it is also a “DA for creating your own DA”. It wasn’t always.

Continue reading “Mastercoin is a Decentralized Application for building Decentralized Applications”

Mastercoin is a Decentralized Application for building Decentralized Applications

We want to hire six full-time developers

After completing our first three hires (Taariq, Dominik, and our yet-to-be-announced Chief Scientist), I want to let you all know that our focus, and my personal focus as Executive Director, is on hiring 6 full-time developers to start building this damn thing.

This is what we had in mind: We will hire two Lead Developers ASAP. These two leads will be Role Based Bounties with everything that implies. Their salary will be a monthly $6,000, with an added bonus of MSC each month, all calculated by the formula and terms described on github. Then, following our hiring plan, they will be tasked with building their teams – each of them is expected to hire two additional developers as full RBBs (same salary and conditions apply to all hires).

We will not micro-manage these teams and Lead Devs. The developers are expected to be self-sufficient, team players, and actively work towards building the Mastercoin infrastructure, clients, and whatever code is needed to make this vision come to life. You can come to us to ask for directions, but don’t rely on us – be independent and just do what you feel is in the best interest of Mastercoin. Some interesting projects up the pipeline is coding up a reference implementation AKA mastercoind, finishing the distributed exchange, and then following up to work on Smart Property and other advanced features. The developers are expected to cooperate with each other, with the lead scientist who will guide the evolution of the protocol, and with the relevant business needs like other organization requesting various features.

A quick note about outstanding bounties – any RBB will not qualify for outstanding bounties from the time he starts working as an RBB, but his team may still compete on such bounties. If a team wins a bounty, the team leader may allocate that bounty towards future developers / growth of the team / outsourced worked to 3rd party contractors. Any existing work that team members may have done before signing up as RBBs does count, and relevant bounties for that past work will be granted (e.g. as part of the 300 BTC contest).

We are looking everywhere – to existing developers, and newcomers – to come and join this effort. If you know of a world class developers with a passion for Bitcoin, please help us by recruiting him! Your participation and help will assist us to drive this process. Also feel free to post this job offering on various dev forums.

Please sent your resume to ron+jobs@mastercoin.org and CC info@mastercoin.org (we are working on setting up a jobs@mastercoin.org email address, but it’s not ready yet and I don’t want to wait). Also you should just put a meeting request on my meetme.so/RonGross page and ping me on skype (ripper234). Sadly my availability for the next two weeks will be very low, because of the SF and Vegas conferences, but please don’t let that stop you. Ping me after the conference if I haven’t replied to you, and just use meetme.so.

I’m so excited to this ramp up in hiring. Just 4 weeks ago we had zero full time employees, then I cam along, now we have 3 other employees, and hopefully within a month we’ll have at least 6 more employees. This project is really picking up speed!

We want to hire six full-time developers

Announcing our new forum!

Done is better than Perfect (I thank Yoni Assia for that quote).

Our new forum isn’t done. We still have many features we want to add to it. But it’s working, and it’s ours.

We’re happy to invite you to join https://talk.mastercoin.org/ and discuss Mastercoin with us.

Some of our next plans for this forum:

  1. The new user registration mechanism is still being tested. If you’re having problem joining, please email Dominik Zynis <dom@mastercoin.org> or Aric Fedida <aric@mastercoin.org>.
  2. We want to switch to all SSL. Right now we support SSL, but if you accidentally use HTTP instead of HTTPS to access us, your login won’t be secure and private.
  3. We want to move it to a dedicated domain, for several reasons. The designated domain for it is mastercointalk.org.
  4. We want you feedback! We plan on integrating a user feedback system such as UserVoice so you will have the ability to vote on features and submit bug reports.
  5. Customization – we haven’t had time yet to dedicate to making the forum beautiful – we just made sure it’s working. We’re planning some upgrades here as well.

If you have anything at all you want to change, let us know on the forums and/or at info@mastercoin.org

See you around talk.mastercoin.org

Announcing our new forum!

Role Based Bounties AKA Decentralized Jobs

So, we’ve seen how bounties work for Mastercoin. We are awarding them for completed tasks, and we are working on decentralizing them.

Bounties are good and well. We have an outstanding bounty of 300 BTC, which has attracted a lot of developer attention. However, these kinds of bounties can only go so far.

This is why I’m happy to announce a new type of bounty – a Role Based Bounty or RBB.

An RBB is our equivalent to a job. It is a bounty that is voted on by the stakeholders via a Proof of Stake system, just like normal bounties. The bounty awards its recipient with a “fixed wage” in BTC and MSC, and is not tied to a specific measurable goal, but rather to a time commitment by a specific individual filling this role. The reason for the existence of RBBs is to help provide these people with some degree of safety and predictability, and get them to leave their high paying lucrative jobs and focus 100% of their working hours on Mastercoin.

Until the spec for RBBs is written and implemented, the Mastercoin Foundation will decided on RBB allocation (“hire”).

Right now we have authorized our first three role based bounties:

  1. Taariq Lewis, who is currently heading Smart Property but is actually doing a lot more than that in the Bizdev department.
  2. Dominik Zynis, who is maintaining our blog, social channels, and will now take on answering incoming direct communications as well.
  3. A yet unnamed person who will be announced soon, who will research, maintain, and develop to Mastercoin Spec.

The terms for the engagement of all these RBBs is detailed in github. If any of the people filling these RBBs, or anyone else for this matter, has an issues they want to raise, they can just submit a pull request. Imagine that … an employee submitting a pull request to discuss the terms of his engagement … even his salary!

I’m super excited to have formalized the 0.1 RBB spec and closed the engagement of these individuals. They are the first of many.

Role Based Bounties AKA Decentralized Jobs

Aric, Dominik and Taariq, welcome to the team!

This has been long overdue.

I’d like to officially announce two great nominations we made in the last weeks and months.

Dominik Zynis (prophetx) has officially been chosen as our Heads of Communications. He has been managing our blog and social channels for quite a while now, and is doing a terrific job condensing the plethora of things going on with Mastercoin into a more digestible form.

I remember how valuable this was for me before I decided to spend 120% of my own time on Mastercoin – there was simply no way to follow everything that’s going on. Dominik is making it possible for people to identify and learn the important bits and pieces about Mastercoin, and is doing a terrific job at that.

Aric Fedida officially joins the team as Head of IT. Aric has been a longtime Mastercoin supporter. Back in August-September, he quickly setup up our wiki for us, has fought against its increasing spam levels, and has generally been very helpful. Since then, with our accelerated activity, our IT needs have accelerated as well. We are now supporting not just a lot more activity in the global Mastercoin Foundation, but also five chapters (and growing rapidly!). Aric is what makes all this growth possible.

David has already announced and congratulated Taariq Lewis‘ new nomination as Smart Property Lead, and I would like to join him. I think Taariq is a superb SP Lead, and am excited to see how he leads this important feature in the upcoming weeks and months.

Aric, Dominik and Taariq, welcome to the team!

Our Bounty Process

We are still discovering and evolving what is the right development process for Mastercoin … I imagine things will look quite different 6 months from now. For now, I wanted to document how are process is happening right now:

  1. Anyone can add a new task to any of our Trello boards. Whatever you think needs doing – just add it, and post a message notifying us of this new task (if you need Trello permissions, let us know).
  2. We propose bounties on the tasks we think are most important right now. We add this information on the card, and update the Opportunities thread (subscribe to it to get notifications). I have also created a new spreadsheet that will contain all specific open bounties (not counting special contests like the 300 BTC contest and the upcoming Documentation Week).
  3. You can pick any card on Trello, with or without bounty, and work on it. If you are satisfied with the bounty we currently placed on the card – great! If you feel that the bounty amount is too low for a particular card (or isn’t even specified), let us know! We are completely open to discussing changes and “upgrades” for any bounty. It would be best to discuss these propositions on top of the cards themselves, on Trello.
  4. Once you complete a bounty and your results are validate, we send you the awarded amount. It’s that simple.

This is the process under which we’ve been operating on. My primary mission is to accelerate the development of Mastercoin, and I noticed that so far only I was issuing bounties. I am here to tell you – please, let us know what you want to work on, and at what price. We may not always agree to your terms, but we will always be open to discussing them.

For your information we assume that most bounties will be picked by people who already own some mastercoins (or prefer to be paid in MSC), and so we will be offering lower-than-market prices on most (but not all) bounties.

As always, you can come to us with any questions and discuss.

Looking forward to everyone’s increased participation in the bounty process,


Our Bounty Process

Mastercoin webinar tomorrow!

Hi all,

We have decided to turn the upcoming meetup of the Israeli Mastercoin Foundation into a webinar. You should be able to join, watch it live, and ask questions.


The webinar will take place on Thursday 21 Nov, 17:30 GMT.

Sorry for the short notice, we’ll do better next time.


Mastercoin webinar tomorrow!

Do you want to work for Mastercoin?

We have a ton of work to do, and you can help and get paid for your help!

The variety of things we’re doing is staggering. We have:

The scope of all these jobs varies, there’s room for people to give an hour here and there to help document, through working a few days on a spec, to full own project leadership and innovation – you can essentially create your own startup based within the Mastercoin ecosystem (soon you’ll have Smart Property and will be able to launch your very own Autonomous Application).

To find a project, please check out our Trello boards and subscribe to our Mastercoin Opportunities thread. Please apply by emailing info@mastercoin.org (we will soon launch jobs@mastercoin.org).

Do you want to work for Mastercoin?