Mastercoin is supposed to be the “next generation” of cryptocoins. The idea of Mastercoin is to use the Bitcoin ledger (Blockchain) for the “binding between Bitcoins (BTC), smart properties and smart contracts”. This helps the Bitcoin ecosystem to become more decentralized, therefor to focus on its’ original peer-to-peer nature. In the end, it supports the Bitcoin network by adding more value economic transactions.
Since the Mastercoin is an alternative approach to the use of the Bitcoin network, it has no specifications itself.
Mastercoin Related Websites:
Community talks here: