As of March 15, 2014 (block 290630 04:54:22 GMT March 15) the distributed exchange of Mastercoins for Bitcoins is operational.
The Master Protocol enables the peer-to-peer exchange of any cryptocurrency or token with any other cryptocurrency or token. The key advantage of a distributed exchange is trust-less trading and users do need to trust any central exchange with their funds.
Because a distributed exchange is a new type of exchange, it doesn’t quite behave like the centralized exchanges that people are used to. For instance:
- When buying Mastercoins, there is a two-phase process: First, the user claims a particular amount of Mastercoins that have been offered for sale, and then, typically in another block, the user sends bitcoins to finalize the purchase of the Mastercoins claimed.
- There is a small fixed fee attached to each operation on the decentralized and distributed exchange.
To use the distributed exchange, go to www.mastercoinwallets.org and choose your wallet. All Mastercoin wallets can access the distributed exchange.
As far as wallets, you have a few options.
- If you want a Web wallet or if you don’t use Windows, masterchain.info is your wallet. For always up-to-date video tutorials on how to use Masterchain.info, visit the special page on the MasterProtocolEducation.org site).
- If you are a Windows user, we recommend using the Masterchest wallet. Installation requires Bitcoin-Qt. For always up-to-date tutorials on how to use Masterchest, visit the special page on the MasterProtocolEducation.org site).
- Omniwallet is a new web wallet under development. OmniWallet's current release is not yet meant for production use, so use tiny amounts of BTC and MSC on Omniwallet! (Here is a test server).