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What is Mastercoin? What is its raison d'être? Have there been any real world examples of its use?

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http://wiki.mastercoin.org/index.php/FAQ#What_is_Mastercoin_and_why_is_it_needed.3F

Mastercoin is both a new type of currency (MSC) and a platform. It is a new protocol layer running on top of bitcoin like HTTP runs on top of TCP/IP. Its purpose is to build upon the core Bitcoin protocol and add new advanced features, with a focus on a straight-forward and easy to understand implementation which allows for analysis and its rapid development.

The primary features of the Mastercoin layer are different ways for user to create their own custom currencies straight from the client. The new user currencies include a variety of different usecase, including Smart Property, Pegged currencies (e.g. pegged to the value of the stable US Dollar or Gold), and Decentralized Applications where tokens include not just a financial aspect, but also decision making power. For more info, please see mastercoin.org.

See also this presentation (video + slides).

  • I was hoping for something a bit more technical, I actually read those articles before. I understand the analogy with TCP and HTTP but what is the actual protocol being built on top of BTC? Perhaps I should edit my question or ask another: How does Mastercoin work? Also, I don't think there's any audio on the video. – Kinnard Hockenhull Dec 29 '13 at 20:51
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    @KinnardHockenhull I think your question is too broad. If you want to know how mastercoin works in general, you should read through the available resources and come here to ask specific questions you want answered. – Brian Fabian Crain Dec 30 '13 at 9:23
  • @KinnardHockenhull - as for how it works and what is the actual protocol, the spec is your friend. github.com/mastercoin-MSC/spec – ripper234 Jan 1 '14 at 23:22

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