Counterparty {XCP} Updated Details




  • The Counterparty Platform



    Counterparty extends Bitcoin’s functionality by “writing in the margins” of regular Bitcoin transactions, opening the door for innovation and advanced features not possible with ordinary Bitcoin software

    The Counterparty Protocol



    The Counterparty protocol is open source and extensively tested. Besides allowing users to create and trade any kind of digital token, Counterparty enables anyone to write specific digital agreements, or programs known as Smart Contracts, and execute them on the Bitcoin blockchain. Smart Contracts are a revolutionary technology which opens the door to endless possibilities. By using the Bitcoin’s decentralized ledger network and Counterparty’s built-in scripting language, real-world scenarios can now be transformed into code and executed automatically with no need for an intermediary.

    Read the technical details of the Counterparty Protocol >

    XCP

    XCP is used to provide functionality where it isn’t technically possible to use BTC. For instance, XCP is the currency used to pay for the execution of all smart contract code. More generally, XCP represents stake in the Counterparty protocol, and is the voting currency for changes to be decided on by the community. XCP was created by “burning” bitcoins, which involved sending coins to an unspendable address in exchange for XCP, ensuring an even and fair distribution of the currency. In January 2014, over 2,100 bitcoins were burned, creating about 2.6 million XCP. You can purchase XCP through several exchanges.

    Read about the XCP creation process >

    Counterparty Features


    Tokens

    Custom Counterparty tokens can be used for a wide range of purposes and act as their own cryptocurrency, while still running on the Bitcoin blockchain. Unlike ordinary bitcoin, custom tokens can be used to represent any kind of value.

    Tokens are being used today to:

    conduct successful crowdfunding and voting,


    monetize access to decentralized application (“DApp”) software features,

    represent a product or personal brand,

    act as a sort of “blockchain domain name”,

    as an authentication token,

    to represent digital goods, such as in-game cards,

    as a proxy for a real-world good or service (i.e. tokens exchangeable for paper, biofuel, etc),

    act as a reward for providing valuable time or resources,

    as an educational service to explore the functioning of a blockchain,

    and purely for fun.

    Learn how to create Custom Tokens


    Smart Contracts


    Besides allowing users to create any kind of digital token, Counterparty enables anyone to write specific digital agreements, or programs known as Smart Contracts, and execute them on the Bitcoin blockchain. Smart contracts can be used to create “blockchain-based” versions of traditional financial instruments, or entirely novel financial instruments. These instruments can eliminate some or all counterparty risk, as well as remove the need for a central or custodial counterparty. Counterparty’s smart contracts system is based on Ethereum, and allows contract code to be written in the Solidity language. In addition, Counterparty smart contracts may natively interact with Counterparty tokens as well as access Bitcoin transactions through the use of BTC Relay. In uniting Bitcoin’s decentralized ledger network with Ethereum’s Solidity, Counterparty allows real-world scenarios to be transformed into code and executed automatically with no intermediation while making use of the most secure and tested blockchain available.

    Read More on Smart Contracts >

    Asset Exchange ("DEX")


    In the physical word, exchanging assets is fraught by risks and problems, such as potential theft and reliance on an escrow agent or central counterparty. On Counterparty, the roles of escrow agent and clearing house are filled by the Counterparty protocol itself, eliminating unnecessary costs, time, and third-party trust. In any transaction the required funds are debited from each party’s address immediately, and are not released until the conditions of the contract have been met.

    View the latest status of the DEX >


    Payment Channels

    Work on the upcoming Lightning Network promises to enable nearly instant, cheap and safe exchange of bitcoin between untrusted counterparties. Features in Counterparty are under development that will allow for use of uni- or bi-directional payment channels with Counterparty tokens. Future work will allow the use of the Lightning Network with Counterparty, enabling rapid, decentralized and off-chain exchange of tokens that settles onto the Bitcoin blockchain.

    Learn More about Lightning Network >

    Voting


    Blockchain-based voting avoids many of the issues inherent with voting in “real world”. Digital signatures allow for identity and voting rights to be easily established and verified, and the blockchain itself provides an unalterable, append-only record of who voted, and when. Counterparty provides multiple methods to perform fully decentralized voting on the blockchain:

    XCP stake voting is under development, to allow for powerful, decentralized governance of the Counterparty protocol.

    View Votes for the 2016 Counterparty Elections >

    			<span class="vc_empty_space_inner"></span>
    			</p><h3 id="multisig" class="vpad--2-bottom">Multisignature Addresses</h3><p><br />
    					</p><h1>Multisignature transactions require signatures from more than one 
    

    Bitcoin private key to spend their funds. Counterparty supports various
    multisignature schemes, such as 1-of-3, 2-of-3, 3-of-5, and more. Using
    our technology, a Bitcoin “multisignature address” may be created, and
    some quantity of a Counterparty token sent to it. Some quorum of signers
    will then be required to digitally verify and sign any transaction that
    sends these tokens somewhere else.
    In practice, this allows for enhanced security measures around
    Counterparty token access and distribution. Scenarios where this could
    be useful include:


    • Allowing team members and third-party firms to initiate transactions that can be approved later by management,

    • allowing issuers of tokens to safely store these tokens, as well as to control their distribution, and

    • allowing third-party auditing services to
      ensure the delivery of goods and services once contractual obligations
      have been satisfied, and only release funds once verified.


    Learn More About Multisig


    Wallets

    Counterwallet --- web wallet

    counterparty-cli --- CLI

    Exchanges:

    Counterwallet

    Bittrex

    Bter (XCP/BTC)

    Bter (XCP/CNY)

    Bter (XCP/USD)

    Shapeshift

    Poloniex

    Block Explorers:

    Blockscan

    CounterpartyChain

    CoinDaddy



    Resources


    Homepage

    Documentation

    Forums

    API documentation

    Subreddit

    Twitter

    Facebook

    Whitepaper

    Chinese Language Thread













  • counterparty-lib update 9.55.1


    Release Announcement for counterparty-lib 9.55.1

    Counterparty experienced roughly 14 hours of downtime on December 2nd, 2016. Counterparty is back up and running thanks to a fix enacted by several leading Counterparty developers. Ruben de Vries will be porting changes from master to develop within the next day or so. Please update to the latest version of counterparty-lib (9.55.1) as soon as possible.The problem that occurred was due to counterparty-lib not properly handling out-of-range integer data in an edge case. To be more specific, a message was broadcast to the network that was either created by a non-counterparty-lib implementation or a hand-constructed Counterparty transaction. The fix enacted by Counterparty development should prevent this from ever happening in the future on any integer data that is embedded in the protocol.This error caused downtime for Counterparty but no rollback will be necessary. The transaction that caused the error was the last to occur before downtime and activity has started once more from the spot of the problem transaction.Thank you for your support of Counterparty. As an open-source project our community is our most valuable resource. If you have any questions please feel free to reach out to us on the #dev channel on Slack. You can also join the conversation via Telegram.





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