Mastercoin has just announced the release alpha version of its new Mastercoin wallets.
One can now test-trade small quantities of bitcoins with “test Mastercoins”, which can be obtained from the “Mastercoin Faucet“, until the full release on March 15.
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The concept of decentralized trading is such that no third party entities have to be trusted with your deposit. There are no logins, accounts or any sort of exchange operations. Using the Mastercoin protocol, transaction history and account balances are stored on the “decentralized” blockchain. You maintain sole access to your private keys. In their newsletter, they explain:
“Trading Bitcoins and other virtual currencies can be dangerous if you have to choose to trust partners in far off lands; case in point is the very fresh drama enveloping MtGox. Keep in mind that Bitcoin is designed to let anyone send bitcoins without the need to trust third-parties.”
On their website, they are also announcing the ability to “create your own virtual currencies and trade those in a decentralized manner on your favorite exchange partners’s website” in late Spring 2014.