Quote from: dacoinminster on July 31, 2013, 06:53:54 PM

I am VERY excited to announce that I now have a complete specification for building a protocol layer on top of bitcoin (like how HTTP runs on top of TCP/IP).

The coins of the new layer have
   Additional security features to make your money much harder to steal
   Built-in support for distributed betting (no need to trust a website to coordinate bets)
   Capability to hold a stable user-defined value, such as an ounce of gold or U.S. Dollar, with no need to trust a person promising to back up that value

This is a significant improvement over anything we've had before, including colored coins. This protocol has been my life's work for over two years now, and you can finally get a piece of it today!

The name of the new protocol layer is MasterCoin (a name I invented and published long before the alt-coin of the same name), and it is 100% message-based, meaning that it encodes all its protocol data as hidden messages in the block chain which have special meanings, such as placing a bet, or transferring MasterCoins to another address.

Perhaps you have heard of the Genesis Block, from which the first bitcoins were created. MasterCoins have a similar starting point in the bitcoin block chain, called the Exodus Address. MasterCoins are created by sending bitcoins to the Exodus Address between now and September. (Once September hits anyone wishing to buy MasterCoins will have to purchase them from an early adopter.) Until then, each Bitcoin buys 1000 MasterCoins (plus a bonus based on how early you buy). You then own MasterCoins, which can be controlled by the same address that bought them.

Once you own MasterCoins, you have the building blocks for creating GoldCoin, USDCoin, EuroCoin, and any other real-world asset you can imagine! These child currencies will then be meta stable (holding their values as long as they remain sufficiently backed by MasterCoins held in escrow). Their target values are maintained by protocol actions which control the available supply.

Want more details? Download the complete MasterCoin specification here: https://sites.google.com/site/2ndbtcwpaper/MasterCoin%20Specification.pdf

About me:
   I've been a software engineer for over 10 years. Here's my LinkedIn profile: http://www.linkedin.com/in/jrwillett (connect with me!)
   I've been pushing for new bitcoin protocol layers since 2011. Here's a video of me as an expert panelist at the Bitcoin Conference in San Jose in May, talking about this idea (I'm the second guy from the left): http://www.youtube.com/watch?v=_qdr_Z3hrqQ

MasterCoins are intended to be an investment opportunity on par with buying bitcoins when they first came out. However, as with bitcoins, there are a lot of risks too. Before you buy MasterCoins, please take a few minutes to read my summary of some of the ways this could go wrong and you could lose your money: https://sites.google.com/site/2ndbtcwpaper/MasterCoinRisks.pdf

Do not attempt to purchase MasterCoins with a web wallet (YOU COULD LOSE YOUR MONEY). You must use a wallet where you can control the sending address by sending all your funds to that address first, then purchasing MasterCoins with that address.

Once you understand the risks, and have properly consolidated your coins in a single address in a PC wallet, you can purchase MasterCoins by sending your bitcoins to the Exodus Address, which is: 1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P

Your bitcoins will be used to fund the development of software implementing the MasterCoin protocol. This is like funding a kickstarter, but it is also an investment. If we're successful, the MasterCoins you purchased could be worth a tremendous amount of money someday.

Feel free to ask any questions here, although please keep a civil tongue and be aware that I will delete posts on this thread which are off-topic or impolite.

Also, I'd be grateful if a few people could quote the Exodus Address on this thread, as that will make it less likely that someone will try to hack my account and change the address.

Reddit version of this post is here: http://www.reddit.com/r/Bitcoin/comments/1jftts/official_launch_new_protocol_layer_starting_from/

Thanks!

Edit:

Quote from: dacoinminster on July 31, 2013, 09:29:26 PM

Quote from: adamstgBit on July 31, 2013, 09:28:23 PM

SOMEONE SENT YOU 16BTC!!!

Holy crap! People are actually sending me money!
http://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P

A LOT of money.

Holy holy crap batman.

Why didn't you just create a Kickstarter?