Mastercoin blockchain
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However, regulatory uncertainties continue to prohibit successful widespread adoption. Many of these businesses have proposed projects in which specific cryptocurrencies, supported by specific blockchains, play an integral role in a digital service ecosystem, or are supported by various possible methods of exchange between users. Perceived benefits of certain cryptocurrencies, including security and anonymity, have attracted some investors to participate in ICOs.
An ICO allows businesses to fund their project ventures through pre-sales, or crowdsales, of these digital currencies to investors who seek to profit. These currencies appreciate in value due to changes in their supply and demand after the businesses start operations.
One of the most successful cryptocurrencies in the world, perceived by many observers to be the most successful cryptocurrency, is Bitcoin, as shown by its ranking in price, volume, and market capitalization CoinMarketCap, For the purpose of this paper, terms including cryptocurrency, altcoin, and token will be used interchangeably.
In comparison to other financing methods, ICOs offer both significant advantages and certain disadvantages for both firms and investors, concerning risk and reward potential.
IPOs dilute existing shareholder ownership and may offer dividends to investors, while debt financing entails guaranteed principal repayment to investors. In contrast, ICOs can be perceived as sales of the expectations outlined in white papers issued by firm founders. The issuer believes that the cryptocurrency purchased by investors will become more valuable as demand increases due to more consumers seeking to use it in online activities and transactions.
However, these benefits, including convenience and minimal obligatory financial risks enjoyed by companies, do not come without the added risks and disadvantages to investors. While government instruments like U. Hence, stringent and well-understood regulations have yet to be effectively implemented in this industry at an optimal level, and both project founders, as well as investors, are acting with a high degree of uncertainty concerning legal structures.
The high risks are borne by the market participants themselves. Because of these problems, while some successful ICOs do exist, existing regulatory gaps have, in part, enabled fraudulent or criminal activities that resulted in investor losses Redman, ; Morris, From a global perspective, regulatory responses have varied drastically. Some governments attempt to target individual cases of failure by approaching them as either traditional financial security issuances or criminal organizations with malicious intent.
Moreover, other governments from countries such as China have imposed outright bans on ICOs, in fear of both chaotic market conditions and the formation of a decentralized economy which escapes government oversight Reuters, Furthermore, REcoin and OneCoin are controversial examples that will be discussed as they are perceived as fraudulent Redman, ; Morris, The focus of this discussion will be understanding the benefits brought by cryptocurrencies and ICOs to businesses and investors, as well as the flaws of the current immature market mechanisms without regulations.
Operating under the assumption that in the near future, the expanded use of cryptocurrencies would inevitably lead to a scenario in which improved regulations would have to be implemented, this paper argues that a paradox exists as the values of ICOs fundamentally conflict with contemporary regulatory methods.
This paper also further discusses certain possible directions that future regulations could take, and whether or not these approaches could benefit the market participants without undermining the emerging economic and technological advancements.
In order to get a better understanding of ICOs, it is important that relevant fundamental concepts related to this topic, including blockchain and cryptocurrency, are understood in the context of further discussion.
This section of the paper is dedicated to conveying a basic explanation of these terms, without delving into unnecessarily complex technical details. Blockchain is a decentralized digital ledger that stores, connects and verifies information using blocks generated by many computers.
The most important trait of blockchain technology is data security. Data stored using blockchain technology is decentralized, meaning that although many computers are involved in processing and verifying one transaction, it is usually difficult for unauthorized parties to gain access to enough information to identify the entities who have participated in that transaction. Furthermore, as each block in a chain contains hashes, which are essentially references to the previous blocks, it would be nearly impossible to produce fraudulent entries on a blockchain network.
Meanwhile, as miners keep separate chains recording different blocks when some are in conflict and would only choose the longest chain in existence when building a new block, those who wish to commit fraud must maintain the depths of blocks with fraudulent information by sustaining the said majority computing power for longer than what is usually probable BlockGeeks, Cryptocurrency, also known as tokens, is not actual currency issued by monetary agencies, rather it is a combination of virtual currency and a commodity as it has a fixed supply, controlled by algorithms and is a store of value.
As introduced previously, since blockchain is essentially a distributed digital ledger, transactions recorded on the chain, with considerable block depths, would be as highly trusted by participants of this network as those recorded on the centralized ledgers of commercial banks, due to blockchain's nature of being secure. Therefore, just like depositing accounts held by banks, records on a blockchain showing debts held on other parties are trusted enough to become a store of value and a medium of exchange.
It is to be emphasized here that, while legal currencies are reliable because they are backed by central banks, cryptocurrencies are regarded as reliable by users due to the security of their fundamental cryptographic designs. In the topic of social economics, one might also argue that, in comparison to many currencies suffering from fluctuations of ephemeral political reigns in the global south, cryptocurrencies that are not confined by boundaries of nations could be a more reliable alternative, able to benefit local economies.
In comparison to traditional currencies, unless pegged to some particular legal currencies, cryptocurrencies have independence from monetary policy influence and financial intermediary intervention.
Cryptocurrencies also avoid a great portion of costs incurred by limited divisibility and commissions. However, it is not free from risks and market mechanisms borne by most currencies, thus, cryptocurrencies often tend to experience much greater fluctuations in value than typical currencies do, prompted by speculative investors and the uncertain nature of regulatory reforms which affect potential user growth Conley, The value of cryptocurrency is determined by the mathematical computation of factors that are driven by demand and supply.
Cryptocurrencies have a limited supply due to controlled circulation, which enables the eventual actualization of theoretical limits. As a result, cryptocurrency value is mostly driven by demand, which, similar to traditional currency exchange markets, is driven by confidence in its purchasing power, the valuation of prospective markets, speculation, and investor perspective, which all link directly to their operating platforms Boggavaram, First of all, confidence in the concept of cryptocurrencies themselves has been high, and they are accepted and adopted by many individuals as well as businesses because it gives users the confidence, in terms of extreme security of its underlining digital ledger.
The technological advantages brought by blockchain fundamentally prevent transactions using cryptocurrencies from manipulation and duplication of digital assets in the broad sense. However, a significant factor that could affect such confidence comes from the stability of the projects backing the proliferation of each cryptocurrency.
Second, the perspective of investors is another factor to consider. Individuals who invest in cryptocurrencies do so by evaluating how much control the cryptocurrency has over the market share and estimates the value of it based on the value of the asset that it replaces. Speculation is also a factor that drives the value of cryptocurrencies. Lastly, currency speculation adopted from financial and exchange markets is also rather common when many cryptocurrencies experience large swings in their prices, especially when the projects first launch, and such speculation would gradually drive to price convergence Boggavaram, Therefore, according to what has been introduced about blockchain and cryptocurrency, we can so far categorize blockchain projects into three different types.
The first type includes blockchain application projects that do not involve the usage of cryptocurrencies. Some good examples belonging to this category are blockchain-based information systems, which have become quite a popular topic in the domain of medical care, academic research capitalization, and financial technology Fintech. These projects often utilize blockchain technology to improve the efficiency of information exchanges and the integrity of private data or copyrighted materials, while not relying on cryptocurrencies to support their primary functions, thus immune to the swings of cryptocurrency market.
The second type are projects in which cryptocurrencies are utilized primarily to facilitate the core functionalities of their corresponding platforms and do not overshadow the value of the technological applications. One fine example of this type is Ethereum, where the tokens are used to support Smart Contract operations, and such utility is what's truly piloting the value of Ethereum project. In contrast, a third type of blockchain project that does not focus on proposing value creation through applications of technology, but often more on the promises of token appreciation as an asset.
Empirically they would experience the most significant fluctuations, as their demands are more driven by market trends and speculations, similar to financial securities. As cryptocurrency enthusiast Yadav argues in his paper Yadav , there are a few indicators that are usually considered by ICO investors. The first indicator is the policies of the governments toward cryptocurrencies. Historically, governments have taken different approaches to deal with both cryptocurrencies and issues involving them.
For example, the Chinese government's strict ban of the entire cryptocurrency market caused huge price fluctuations in both Bitcoin and Ethereum. Another important investor consideration, which requires regulatory support, is the longevity of associated ventures, specifically for the past reputation of firms involved in ICOs. This is to avoid pump-and-dump schemes with unverifiable valuations or fraudulent activities.
ICOs can be viewed by firms as a quick and effective method of raising capital without compliance pressures from significant regulatory oversight. As a result, many companies can raise more capital than they actually need in the short term for positive NPV projects. Companies or projects that have existed for long periods of time can be better evaluated in terms of the goals that these companies have, which should be a good indication of future strategy to guide individuals' investments.
Looking into the crypto-community's perception of these projects can also be beneficial as the Blockchain system works in a community-like environment, where the constant growth of communities suggests that people are interested and actively engaged in projects.
Because of the tight-knit community size, developers themselves provide assessments on the risks involved with the technology. Last but most importantly, investors should look at the quality of information provided in ICO white papers, in which information regarding the intended use of funds and planned applications of the cryptocurrency is released.
This could help draw a clear picture of the assets, plans and strategies of the projects. However, these investigations must be conducted by investors independently, as there are currently very few official structures in place to publish and verify information about ICO projects. As discussed in the last section, investments in pure blockchain application projects, projects that focus on building functional applications, as well as projects that are treated by investors more as securities, can be vastly different.
Later sections focus on the ICOs of two later types and examines a few empirical cases to show both the benefits of a decent ICO project, as well as the harms that a fraudulent one can inflict on the investors. The paper continues to argue that, while investors could consider all the indicators introduced by Yadav, an underregulated market is still inappropriately risky to both investors and the aggregate economy, while an over regulated market on the other hand, could be detrimental to the future developments of this field.
Before his venture into the world of cryptocurrencies, Willett was a software engineer for a company specializing in manufacturing aircraft avionics. However, he began to get involved with cryptocurrencies after taking a substantial interest in Bitcoin. With a family to care for, Willett could not take any significant risks and directly invest in Bitcoin as it was difficult to ensure the security of his investment.
Consequently, he decided to use some of his money to pay random people through Craigslist to run his own mining software. After a year and a half of promoting his idea, Willett decided to take action and executed a cryptocurrency offering and was initially overwhelmed that a large number of individuals, with whom he had no previous acquaintance, were sending him money. Subsequently, other people learned of Willett's success and decided to conduct their own projects using this technology.
Despite trying to promote others to try his idea, Willett decided to execute his plan himself because he wanted to prove his idea was possible. His idea was to use the Bitcoin blockchain as a foundation for new currencies like Mastercoin. Because the new cryptocurrencies would be built upon the existing Bitcoin network, the underlying foundation of Bitcoin's blockchain would not change.
It was using this assumption that Willett claimed that it was possible for anyone to create a new currency and build upon this foundation, without having the need for approval from other members of the cryptocurrency community. People took an interest in this idea, thus, the ICO was launched.
After the launch of Mastercoin, many people were skeptical about this business practice. Willett claimed that he received several threats informing him that he would be reported to the Securities and Exchange Commission SEC and eventually imprisoned.
In general, public skepticism was fueled by the lack of regulation of ICOs. For the majority of the population, sending money to a stranger through the Internet was unconventional, to say the least. In fact, If Willett had malicious intentions, he could have personally pocketed all of the donations he accumulated, instead of following through with his initiative.
As virtual currencies started to become increasingly popular, the US Senate asked several agencies about their existing regulations and upcoming plans regarding cryptocurrencies. The DHS responded by immediately declaring cryptocurrencies as not only a threat, but also a way for criminal organizations to take advantage of the anonymity and ease of transferring money.
The Federal Reserve also recognized the threat cryptocurrencies posed to society; however, they also acknowledged that this technology could be useful if there was a way to regulate the system. The SEC responded by identifying that ICOs and cryptocurrencies fell under their area of jurisdiction as they were considered securities.
They decided to meet with the Bitcoin Foundation, an organization that assists in educating people about virtual currencies, in order to learn more about the legal, technological, and regulatory implications from a pro-cryptocurrency perspective. As discussed later on in this paper, this educational process, involving regulators and cryptocurrency experts, is ongoing and has helped to alleviate some of the uncertainty in the ICO space.
However, further collaboration is required to optimize this relationship and to translate it into increased investor protection alongside efficient capital transfer channels for firms.
As a prominent ICO in recent times, involving an established company with industry expertise and a reputation for previously achieved rapid user base growth EEA, , a detailed analysis of the Kin ICO, initiated by the Canadian firm Kik Interactive, can enable a more wholesome discussion on ICO regulation by enabling the identification and interpretation of significant regulatory gaps that currently exist in the ICO space Darko, Devised as a cross-platform solution to connect different mobile users, the Kik Messenger app from Kik Interactive was released in Esch, and quickly accumulated a user base surpassing one million users Perez, This initiative was successful, despite admissions from founder Ted Livingston himself that user growth of the Kik app, and in particular the number of active users, had stagnated and perhaps even experienced a decline from earlier peaks.
MASTERCOIN
Please change the wallet network. Change the wallet network in the MetaMask Application to add this contract. The project claims to be providing MACPO for users to use for travel booking, shopping and public transportation. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
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MasterCoin (MSC) price
Mastercoin also known as MSC is a new alternative cryptocurrency that was founded and started in July of by J. It is not similar to most other alternative coins as it is not build on its own foundation, but instead as an extension to the Bitcoin by using its protocols. Its idea is to make the Bitcoin more decentralized and work better as a peer to peer currency compared to how it is now. It is supposed to get more high value transactions on the Bitcoin blockchain which would potentially benefit the Bitcoin miners and coin holders.
MasterCoin (MASTERCOIN)
Mastercoin is a cryptocurrency and communications protocol built on top of the Bitcoin blockchain. Mastercoin is one of several efforts that allow you to run complex financial functions with cryptocurrencies. JR Willett published the first version of the Mastercoin protocol in January His initial proposal posits that Bitcoin "can be used as a base protocol on which multiple cryptocurrencies are built in layers, using different rules but without changing the foundation. The Mastercoin project was officially launched on July 31, through a fundraiser.
MasterCoin to create new altcoins in Bitcoin's block chain
An open-source, fully-decentralized asset platform on the Bitcoin Blockchain. Omni is a platform for creating and trading custom digital assets and currencies. It is a software layer built on top of the most popular, most audited, most secure blockchain -- Bitcoin. Omni transactions are Bitcoin transactions that enable next-generation features on the Bitcoin Blockchain. Our reference implementation, Omni Core is an enhanced Bitcoin Core that provides all the features of Bitcoin as well as advanced Omni Layer features.
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Developers and entrepreneurs wanting to apply can find details at: www. The Master Protocol enables the creation of a peer-to-peer exchange where traders can buy, sell and trade bitcoins for Mastercoins plus other digital tokens, as well as conduct other smart property transactions. The foundation supports the open-source development of applications that support the Master Protocol and does not have an operational role in peer-to-peer exchange. According to the website launched for the effort, titled, "Develop Projects On Top of The Master Protocol," some requirements of the projects include:.
William Quigley
RELATED VIDEO: WELCOME TO A SUPERIOR BLOCKCHAIN TECHNOLOGY POWERED BY MASTERCOINHowever, regulatory uncertainties continue to prohibit successful widespread adoption. Many of these businesses have proposed projects in which specific cryptocurrencies, supported by specific blockchains, play an integral role in a digital service ecosystem, or are supported by various possible methods of exchange between users. Perceived benefits of certain cryptocurrencies, including security and anonymity, have attracted some investors to participate in ICOs. An ICO allows businesses to fund their project ventures through pre-sales, or crowdsales, of these digital currencies to investors who seek to profit. These currencies appreciate in value due to changes in their supply and demand after the businesses start operations.
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Alternative currencies have become a popular topic in the Bitcoin space. We have Litecoin and Primecoin introducing alternative mining algorithms with novel properties, PPCoin replacing mining entirely with a non-costly alternative , Ripple creating a cryptocurrency network that can store credit relationships and user-defined currencies, and over seventy more up and running with new ones being created every week. One particularly interesting project that has received a large amount of attention over recent months, however, is Mastercoin.
Excuse, that I can not participate now in discussion - it is very occupied. But I will be released - I will necessarily write that I think on this question.