For those who don't know history, Mastercoin was the first ICO ever. If my memory serves me correct it was in 2013 when Dacoininister accepted Bitcoin on the Bitcointalk forum in exchange for the promise of future tokens. In the first of it's kind, it was a token sale based on a promise by a developer whom everyone had to trust completely to deliver on that promise.
Mastercoin eventually became Omni, and Omniwallet. J.R. Willet offers a new keynote of slides to his latest presentation on what is next.