As most investors know by now, the first couple months of the MasterCoin project has been a trying time. The team remains committed to the vision of what MasterCoin will become in the coming months and years. Development must continue without delay, but in order to progress forward, changes need to be implemented for the long-term success and stability of the project.
The reality of the situation is that the development team has spent the past month attempt to fix code instead of building the MasterSuite platforms. This delays everything and is unfair to the investors who see great value in the products we are creating here at MasterCoin.
Currently, MasterCoin is a fork of the Bytepay codebase. This codebase was chosen for a couple key reasons. The Bytepay coin is a stable, secure coin that has had no major issues throughout its existence. Additionally, Bytepay runs tiered masternodes, a feature of MasterCoin that the entire team was excited to bring to the investors.
Despite these attractive features, the development team for MasterCoin has experience an extensive list of setbacks. While the code is well-written, it is complicated and prone to errors. As a community we have seen this a couple times now. Because of this, the MasterCoin team is compelled to choose a new codebase.
The new codebase for MasterCoin will be a direct fork from PIVX. The second most popular masternode coin behind Dash. PIVX offers a simpler, easier to use code that will allow MasterCoin to transition over without delay. Trusted by hundreds of other teams, this was the most logical choice for MasterCoin’s new direction.
Eliminating Tiered Masternodes
A unique feature of MasterCoin is the tiered masternodes offered. In theory, this structure allows investors to strive for higher masternode collateral amounts that concurrently offer high rewards. Also, it makes a single masternode coin more accessible to both large and small investors, each being rewarded at their respective levels.
Unfortunately, MasterCoin will be moving away from tiered masternodes. While the development team still believes their is value in them, coding them properly and gearing the reward emissions just so has proven to be a monumental task. Additionally, masternode tiers present exponentially more work from a coding standpoint, taking valuable time away from other development. Every code issue that was fixed would result in more issues arising.
Instead of tiers, MasterCoin will have standard masternodes with a collateral of 10,000 MC coins. Sometimes simple is the most appropriate path forward. The team wants to move past this focus on the coin and allow investors to focus on and experience the high quality products MasterCoin will be building.
Forking from the PIVX codebase will allow MasterCoin to relaunch the blockchain, provide the investors with some much needed relief of stress, and let the team get back to work building the things they promised.
Right now, bigger exchanges are looking for governance later on and it will soon be at a point that it is compulsory. MasterCoin wants to get ahead of this and make sure the team is in a great position for the future.
The MasterPool, MasterSafe, and MasterDEX make up the heart of what the MasterCoin team will achieve over the next few months. By making these necessary changes, we as a community can focus less on the coin and focus more on the future.
The MasterCoin Team
BitcoinTalk ANN: https://bitcointalk.org/index.php?topic=4567811.0