Before
Ethereum
It was Mastercoin
It was
Mastercoin
The first ICO on Bitcoin. The forgotten experiment that inspired the programmable blockchain era.
The first ICO on Bitcoin. The forgotten experiment that inspired the programmable blockchain era.
About
History of Mastercoin
In mid-2013, a project called Mastercoin launched what is widely recognized as the first Initial Coin Offering (ICO).
Its promise:
User-issued currencies
A decentralized peer-to-peer exchange
And even the idea of “smart property”
All of it was built as a layer on top of Bitcoin.
Among those who paid close attention was Vitalik Buterin. He contributed to discussions, but quickly ran into Bitcoin’s scripting limitations. That limitation led to a new idea: build a new chain, with native smart contracts. By late 2013, the Ethereum whitepaper was written.
Mastercoin faded, but its spark became the foundation of the modern blockchain era.
by
Vitalik Buterin
Tokenomics
100M
$MSC Supply
100M
$MSC Supply
100M
$MSC Supply
Zero
No Tax for Community
Zero
No Tax for Community
Zero
No Tax for Community
100%
LP Burnt
100%
LP Burnt
100%
LP Burnt
Articles
Mastercoin Posts
Vitalik discusses about Mastercoin in 2013 on Bitcoin Talk, and more.
Vitalik discusses about Mastercoin in 2013 on Bitcoin Talk, and more.
Encyclopedia | Tether X Mastercoin
The Mastercoin protocol became the technological foundation of the Tether cryptocurrency, and one of the original members of Mastercoin Foundation.
Mastercoin suggestion: Contracts for Difference
Currently, Mastercoin has a feature in the works of encoding bets on the blockchain....
CoinTelegraph | J. R. Willett launched the first ICO… but still has a day job
“What do you get from being super wealthy, if you kind of have a minimalist state of mind? You just get a bunch of problems.”
Mastercoin Spending Limit
This feature would limit the rate at which a particular address can send mastercoins.
Encyclopedia | Tether X Mastercoin
The Mastercoin protocol became the technological foundation of the Tether cryptocurrency, and one of the original members of Mastercoin Foundation.
Mastercoin suggestion: Contracts for Difference
Currently, Mastercoin has a feature in the works of encoding bets on the blockchain....
CoinTelegraph | J. R. Willett launched the first ICO… but still has a day job
“What do you get from being super wealthy, if you kind of have a minimalist state of mind? You just get a bunch of problems.”
Mastercoin Spending Limit
This feature would limit the rate at which a particular address can send mastercoins.
Encyclopedia | Tether X Mastercoin
The Mastercoin protocol became the technological foundation of the Tether cryptocurrency, and one of the original members of Mastercoin Foundation.
Mastercoin suggestion: Contracts for Difference
Currently, Mastercoin has a feature in the works of encoding bets on the blockchain....
CoinTelegraph | J. R. Willett launched the first ICO… but still has a day job
“What do you get from being super wealthy, if you kind of have a minimalist state of mind? You just get a bunch of problems.”
Mastercoin Spending Limit
This feature would limit the rate at which a particular address can send mastercoins.
Encyclopedia | Tether X Mastercoin
The Mastercoin protocol became the technological foundation of the Tether cryptocurrency, and one of the original members of Mastercoin Foundation.
Mastercoin suggestion: Contracts for Difference
Currently, Mastercoin has a feature in the works of encoding bets on the blockchain....
CoinTelegraph | J. R. Willett launched the first ICO… but still has a day job
“What do you get from being super wealthy, if you kind of have a minimalist state of mind? You just get a bunch of problems.”
Mastercoin Spending Limit
This feature would limit the rate at which a particular address can send mastercoins.
How to Buy
Create a Wallet
Install MetaMask or any compatible wallet.
Fund with ETH
from a CEX
Swap for $MSC
on Uniswap
Create a Wallet
Install MetaMask or any compatible wallet.
Fund with ETH
from a CEX
Swap for $MSC
on Uniswap
Create a Wallet
Fund with ETH
from a CEX
Swap for $MSC
on Uniswap
Lore
How Mastercoin Shaped Crypto
How Mastercoin Shaped
Crypto
From layered protocols on Bitcoin to inspiring the birth of Ethereum, Mastercoin marked the first step into tokenized history.
The First ICO (2013)
Mastercoin pioneered the very first token sale on Bitcoin. Funds were raised by sending BTC to a designated address — the prototype for every ICO that followed.
The First ICO (2013)
Mastercoin pioneered the very first token sale on Bitcoin. Funds were raised by sending BTC to a designated address — the prototype for every ICO that followed.
The First ICO (2013)
Mastercoin pioneered the very first token sale on Bitcoin. Funds were raised by sending BTC to a designated address — the prototype for every ICO that followed.
Ethereum’s Spark
Vitalik Buterin worked with Mastercoin before realizing Bitcoin’s script was too limited. That realization led him to write the Ethereum whitepaper.
Ethereum’s Spark
Vitalik Buterin worked with Mastercoin before realizing Bitcoin’s script was too limited. That realization led him to write the Ethereum whitepaper.
Ethereum’s Spark
Vitalik Buterin worked with Mastercoin before realizing Bitcoin’s script was too limited. That realization led him to write the Ethereum whitepaper.
History
First ICO on Bitcoin
Vitalik’s Early Involvement
Headaches & TMJ (Jaw) Dysfunction
Inspiration for Ethereum
2013 Crowdsale Experiment
User-Issued Currencies
Decentralized P2P Exchange
Smart Property Concept
Mastercoin Whitepaper
Transition to Ethereum Era
History
First ICO on Bitcoin
Vitalik’s Early Involvement
Headaches & TMJ (Jaw) Dysfunction
Inspiration for Ethereum
2013 Crowdsale Experiment
User-Issued Currencies
Decentralized P2P Exchange
Smart Property Concept
Mastercoin Whitepaper
Transition to Ethereum Era
History
First ICO on Bitcoin
Vitalik’s Early Involvement
Headaches & TMJ (Jaw) Dysfunction
Inspiration for Ethereum
2013 Crowdsale Experiment
User-Issued Currencies
Decentralized P2P Exchange
Smart Property Concept
Mastercoin Whitepaper
Transition to Ethereum Era
Mentions
Vitalik mentions about Mastercoin
FAQs
Frequently Asked Questions
Was Mastercoin really the first ICO?
Yes — in 2013, it pioneered raising funds through a token sale.
What did it try to build?
A decentralized exchange, user currencies, and “smart property” on Bitcoin.
What’s the Ethereum connection?
Vitalik Buterin explored Mastercoin, but Bitcoin’s limitations convinced him to write the Ethereum whitepaper.
Is this the original Mastercoin?
No. This $MSC is a 2025 meme token, honoring the story of the first ICO.
Was Mastercoin really the first ICO?
Yes — in 2013, it pioneered raising funds through a token sale.
What did it try to build?
A decentralized exchange, user currencies, and “smart property” on Bitcoin.
What’s the Ethereum connection?
Vitalik Buterin explored Mastercoin, but Bitcoin’s limitations convinced him to write the Ethereum whitepaper.
Is this the original Mastercoin?
No. This $MSC is a 2025 meme token, honoring the story of the first ICO.
Was Mastercoin really the first ICO?
Yes — in 2013, it pioneered raising funds through a token sale.
What did it try to build?
A decentralized exchange, user currencies, and “smart property” on Bitcoin.
What’s the Ethereum connection?
Vitalik Buterin explored Mastercoin, but Bitcoin’s limitations convinced him to write the Ethereum whitepaper.
Is this the original Mastercoin?
No. This $MSC is a 2025 meme token, honoring the story of the first ICO.
