Mastercoin is a pretty cool idea, a protocol being built on top of bitcoin, not another alt coin!
Sorry but I don't get you, Mastercoin is another coin like Bitcoin which you can spend and use em?
There are (or at least were) two mastercoin alts. One was just another "alt". The one being built on the protocol layer is the interesting one. I would add a link but i don't think I can add links cause I am new.