This is not production ready. This is a centralised solution and is updated daily. Do not use :)
This is a rails project that parses and saves Mastercoin data. You can see it working on mastercoin-explorer.com.
In order to make use of this application you will need a fully up-to-date bitcoin-ruby node. Please note that a fully synced nodes takes up around 40GB at the time of writing.
Start by setting up a postgres server and installing bitcoin-ruby. You can speed up the intial import of the blockchain data by using a recent dump from webtc.com. Once installed make sure you run bitcoin_node to keep your blockchain up-to-date.
Start by updating your database in config/database.yml, this can either choose to share these details with the bitcoin-ruby database or keep them seperately. Next up set the connection to your bitcoin-ruby database in development.rb and production.rb.
In order to keep the data up-to-date you can run the following jobs:
bundle exec rake mastercoin:check_for_invalid bundle exec rake mastercoin:parse_exodus
The first one checks to see which payments might be invalid the second one parses new transactions.
If you want to relay transactions from the ruby thin-client wallet you can start the relay script by issuing
bundle exec rake bitcoin:relayer. However in most cases this is not needed.