MasterCoin Specification (AKA The Second Bitcoin Whitepaper)

Latest version, now in github:
https://github.com/mastercoin-MSC/spec

Please do not invest in MasterCoin without first reading about the risks:
https://sites.google.com/site/2ndbtcwpaper/MasterCoinRisks.pdf

Want a simpler explanation of what I am doing? It doesn't get any simpler than memes:
https://sites.google.com/site/2ndbtcwpaper/using-memes-to-explain-bitcoin

LOTS more information, including the current status of the project can be found here:
https://bitcointalk.org/index.php?topic=265488.0