Counterparty - XCP
Counterparty is a peer-to-peer
financial platform and distributed, open source Internet protocol built
on top of the Bitcoin blockchain and network. Counterparty provides
users with the world’s first functioning decentralized digital currency
exchange, as well as the ability to create their own virtual assets,
issue dividends, create price feeds, bets and contracts for difference.
Counterparty has a native currency called XCP. It was originally issued using a provable method called “proof of burn”. This method involves sending bitcoins to a special address that renders the coins permanently unspendable. By avoiding funding during its launch, Counterparty has ensured that developers and users have equal financial opportunities. During January 2014, 2100 bitcoins were sent to 1CounterpartyXXXXXXXXXXXXXXXUWLpVr (worth roughly US$1.8 million at the time). XCP is used in the Counterparty protocol to create new assets, make bets, and perform callbacks on callable assets. “Since Counterparty can’t function without XCP, it ultimately represents the value of the network.” Counterparty used proof of burn to issue XCP, instead of a more traditional fund-raising technique for altcoin launches, to keep the initial distribution of funds as fair and decentralized as possible, and to avoid potential legal issues.
Source: Wikipedia
Counterparty has a native currency called XCP. It was originally issued using a provable method called “proof of burn”. This method involves sending bitcoins to a special address that renders the coins permanently unspendable. By avoiding funding during its launch, Counterparty has ensured that developers and users have equal financial opportunities. During January 2014, 2100 bitcoins were sent to 1CounterpartyXXXXXXXXXXXXXXXUWLpVr (worth roughly US$1.8 million at the time). XCP is used in the Counterparty protocol to create new assets, make bets, and perform callbacks on callable assets. “Since Counterparty can’t function without XCP, it ultimately represents the value of the network.” Counterparty used proof of burn to issue XCP, instead of a more traditional fund-raising technique for altcoin launches, to keep the initial distribution of funds as fair and decentralized as possible, and to avoid potential legal issues.
Assets
Counterparty allows the creation and issue of assets on top of the blockchain. Assets can be traded for Bitcoin and XCP on the decentralized exchange, and dividends (also known as payment distributions) can be paid out. Additionally, people can use this system to create derivatives, bets, prediction markets, and play trustless rock-paper-scissors.Why Use Counterparty?
Individuals
Issue your own currency backed by the power of the blockchain, and trade them on the world’s first decentralized exchange.Entrepreneurs
Crowdfund your projects, distribute equity, and share profits globally with supporters using Bitcoin 2.0 technology.Finance
Participate in a truly open, global, and transparent digital financial market for smart contracts and trading without counterparty risk.Source: Wikipedia
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