Mastercoin has rapidly become one of the strongest cryptocurrencies now available and has at least once found its way into the top ten by market cap. Its protocol, called the Mastercoin Protocol, was built on the Bitcoin Protocol and then tweaked with additional features to improve security and performance. The company has been working hard, approaching the problem from two directions to get their project out of alpha testing and onto beta as soon as possible.

The first part of the plan was to use MetaDEx, an exchange platform for cryptocurrencies. But while this platform is still in development and should be releasing ‘soon,’ Master Core was updated to include the same features, which means that using both would now be redundant. Moreover, the Master Core beta is slated for release on August 1, 2014. Meanwhile, the alpha stage is still ongoing, as of this writing, although many milestones have already been met.

The developers stated in an official blog post:

“We also have brought in the first stages of an updated UI, a streamlined experience, additional functionality, intuitive interactions and numerous bug fixes/patches. We are also happy to report that all user data was preserved during the transition.”

If this implementation of Master Core survives the beta stage it will give Mastercoin a big boost. The new platform is faster and much more accessible because it now runs on both Mac and Linux OS instead of being restricted to the Windows platform. This is very important because cryptocurrency enthusiasts and developers frequently use the former systems, which will greatly increase cryptocurrencies market exposure, development, and lead to faster adoption.

The company has not scrapped the MetaDEx platform, however. Instead they plan to integrate it into the new platform and then scrape the legacy platform altogether. Yesterday, the company also released the beta stage “Omniwallet” that is supposed to be replete with new features and a lot more user-friendly. Mastercoin's rapid rise in popularity in just the last several months can surely be traced at least in part to the competitive new concepts that the company is has been release to improve the overall product and user experience.