Counterparty Team

Counterparty (XCP) Distributed Exchange Goes Live on Bitcoin Network


Los Angeles, CA -- (ReleaseWire) -- 02/04/2014 -- The Counterparty protocol, currency symbol: XCP, has launched its distributed exchange on the Bitcoin Network. Counterparty is a decentralized financial platform on the Bitcoin blockchain which extends the many features which Bitcoin provides.

The Counterparty protocol has many features such as:

- User-Created Assets: Issue user?defined currencies/assets and pay dividends on them.
- Distributed Exchange: Trade XCP, BTC or any asset with any other.
- Feeds: Broadcast information, which may be used as the subject of a bet.
- Betting, Financial Derivatives: Make bets, or construct contracts for difference, on the numerical value of a feed.
- Pay Dividends – Pay dividends to the holders of your assets.
- Decentralized Marketplace – Buy and sell assets without a central authority.

The core features of Counterparty are live and working. A GUI client is set to be released on February 14, 2014, which will streamline the features, with more ease of use. Many other features are being developed, but the core features are live and ready. Counterparty has seen a surge in interest as the community continues to grow, and more users are getting involved with development. The growth of the community in the past month has proved that there is a large demand for these types of applications in the cryptocurrency world. We will see the demand continue to increase as the Counterparty protocol becomes more mainstream.

The implications of the Counterparty platform are very disruptive to traditional finance platforms. For the first time ever, this allows regular people to create their own assets, and pay dividends to shareholders while doing it in a completely decentralized fashion. There are many user assets being created on this platform, from assets representing Gold, to stocks for a company. These assets can be traded for other assets, or they can be traded for BTC or XCP all without any risk.

XCP was fairly distributed during the month of January 2014 via its unique proof-of-burn method. Anyone who sent BTC to the address 1CounterpartyXXXXXXXXXXXXXXXUWLpVr before block 283810 was credited XCP depending on which block they burned at. This method is called proof-of-burn because the address does not have a known private key, but it has a valid check-sum which allows people to send BTC to that address.

Proof-of-burn is what makes Counterparty unique, as well as trustless. The protocol is decentralized, and the launch was fair. Other protocols in development have fund raised money, which the money was held by the developers. Counterparty did not use this approach for the sole purpose of eliminating trust. Counterparty's development is very similar to Bitcoins. Developers who wish to contribute can create pull requests on GitHub.

Official Website:
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