Counterparty (platform)
This article needs to be updated.(May 2021) |
Developer(s) | Robby Dermody, Adam Krellenstein, Ouziel Slama |
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Stable release | 9.55.2
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Written in | MIT |
Website | www |
Counterparty is a peer-to-peer financial platform and distributed, open source Internet protocol built on top of the Bitcoin blockchain and network.[1] It was one of the most well-known "Bitcoin 2.0" (later known as non-fungible token) platforms in 2014, along with Mastercoin, Ethereum, Colored Coins, Ripple and BitShares.[2]
It is a "metacoin"-type protocol. It provides such features as tradable user-created currencies, additional financial instruments and a decentralized asset exchange.[3]
Over time, it has developed a strong user base, mostly due to the protocol hosting the non-fungible token collections Spells Of Genesis (2015) and Rare Pepe (2016).
History
In November 2014, Counterparty added support for the
In 2014, Counterparty was part of a plan by
In August 2014, Dogeparty, which is based on Dogecoin, was forked off Counterparty, offering lower fees and faster transaction times.[8]
In March 2015, a company called EverdreamSoft released the blockchain trading card, FDCARD, on the Counterparty platform that was later usable in their blockchain game Spells Of Genesis.[9]
Technology
XCP Currency
Counterparty has a native currency, XCP, which was created during January 2014 by 'proof of burn', a unique alternative to a crowdsale or ICO, designed to maximize the project's legitimacy by eliminating any possible source of unfairness in the launch.
To create XCP in the network, 2140 BTC, worth between US $1.6 million and US $2 million at the time, were destroyed by sending them to a provably unspendable Bitcoin address.[10] XCP is used in the counterparty protocol to create new assets, make bets and callback callable assets issued with Counterparty. Counterparty used proof of burn to issue XCP, instead of a more traditional fund-raising technique for alt-coin launches to keep the initial distribution of funds as fair and decentralized as possible, and to avoid potential legal issues.[10]
Wallets
counterpartyd is the reference implementation of the Counterparty protocol, and Counterwallet[5] is a deterministic web-wallet frontend to counterpartyd, in which all cryptography is handled client-side. Both are open-source and hosted on GitHub.[11]
Freewallet (mobile and desktop) has become a more popular wallet with the Spells Of Genesis & Memorychain/Oasis Mining communities, while the Rare Pepe wallet targets Rare Pepe collectors specifically.
See also
References
- S2CID 12808341.
- ^ Kharif, Olga (2014-03-28). "Bitcoin 2.0 Shows Technology Evolving Beyond Use as Money". Bloomberg. Archived from the original on 2019-06-29. Retrieved 2019-06-28.
- ^ Antonopoulos, Andreas (2014-10-07). Mastering Bitcoin. O'Reilly Media.
- ^ Vigna, Paul; Casey, Michael J. (2014-11-12). "BitBeat: Bitcoin 2.0 Firm Counterparty Adopts Ethereum's Software". Wall Street Journal. Archived from the original on 2019-07-06. Retrieved 2019-07-06.
- ^ a b c Swan, Melanie (2015). Blockchain: Blueprint for a New Economy. O'Reilly Media.
- ^ Metz, Cade (2014-07-30). "Overstock's Radical Plan to Reinvent the Stock Market with Bitcoin". Wired. Archived from the original on 2019-06-24. Retrieved 2019-07-06.
- from the original on 2020-11-27. Retrieved 2021-03-23.
- ^ "Dogecoin Community Burning Currency for Dogeparty". CCN.com. 2014-08-14. Retrieved 2022-04-07.
- ^ EverdreamSoft (2015-05-04). "Introducing the FDCARD". Medium. Retrieved 2022-10-25.
- ^ a b Alex Brokaw (2014-04-16). "The People Who Burn Bitcoins". Minyanville. Archived from the original on 2014-04-29. Retrieved 2014-04-26.
- ^ Robby Dermody (2014-04-24). "Counterparty: Enabling Decentralization with Insight". Bitcore.io. bitcore blog. Archived from the original on 2014-04-28. Retrieved 2014-04-26.