Counterparty (XCP)
$
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BTC
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BTC
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Type:
Token
Mineable:
No
Sector:
Technology
Exchanges: None
Counterparty (XCP) Chart
General Information:
Market Cap: ?
Daily Volume: 0.0 XCP
Daily Volume/Issued Coins: 0.00%
Total Coins: 2615322
Issued Coins: 2615322
Segwit: Supported
Whitepaper: Not present
GitHub: Present
Algorithm: -
Primary Chain: BTC
Supply: Deflationary

Launch

XCP was launched using the "Proof of Burn" model. It is a type of fair launch where all parties (including developers) are burning their BTC in order to get their portion of XCP after burn procedure is completed. Bitcoin burning is conducted by sending BTC to provable unspendable address.Overall 2140 BTC was burned in order to produce ~2.6 millions of XCP tokens. After initial burn there was no additional issuance performed or planned which makes this coin to fall into category of deflationary coins.

 

Unique features

At the moment of launch, Counterparty protocol built on top of Bitcoin network was revolutionary from some perspective, because it became possible to issue tokens secured by Bitcoin network which by far is the strong network from security perspective. Tokens launched using Counterparty protocol are not represented by smart contracts and use fairy simple launch model. However, on the other side this simplicity contributes to stability and security of the coins, because history proves that sophisticated contracts are prone to have security issues. There was a talk on a forum to introduce a simplified VM in the Counterparty, but due to lack of developers this did not move far into the development.

 

Along with Counterparty Protocol decentralized exchange was launched where anyone can trade one token for another one. However, there are a couple of caveats. First, trading for BTC is possible, but process is very uneasy and cumbersome. Second, every operation like order placement or cancel will require you to pay Bitcoin network fee.

 

Team & Current Development

Counterparty foundation is a non-profit organization consisting of community members. Directors of the foundation are elected by open voting procedure where XCP represent votes. A person that has 10000 XCP in the wallet will be able to cast 10000 votes during the election period. There were multiple people contributing to Counterparty repository during various periods of XCP lifetime. Currently, the whole development is done by a single person involved only part time as a contributor. The development process is structured in the form of CIPs. CIP is a Counterparty Improvememt Proposal discussed and formulated by community memebers. Once it is finalized certain allocation of funds happens (primarily from donations) in order to fund CIPs. Then it is funded and may be taken into the development by any community member. Finally, as all milestones are met (as outlined in CIP) developer get paid for the efforts.

 

Flow

Fixed amount of XCP tokens were created during initial \"Proof of Burn\" procedure and no more XCP is going to be created. However, there are certain actions in the protocol that require XCP to be consumed: event broadcasting, naming of the asset and issuance of dividends. These actions require certain amount of XCP to go out of the circulation. Although this coin represent a category of deflationary coins, deflation goes very slowly as by design it serves solely spam-protection purposes. 

 

Moments

17th, May 2019 - Delisting from Poloniex

31th, May 2019 - Delisting from Bittrex

1st, July 2019 — Election for Counterparty foundation starts. Start block: 583350, End Block: 585350.

 

Roadmap

According to the roadmap there are 4 CIPs planned for 2019:

    • CIP 3 – Reset Token & Divisibility Statuses [view]
    • CIP 6 – P2SH data encoding [view]
    • CIP 10 – Multi-Peer Multi-Asset Sends (MPMA) [view]
    • CIP 13 – Multiparty Counterparty Aggregate Transactions (MCAT) [view]

 

Two out of four (CIP6 and CIP10 are completed at the moment of writing). Also, not listed in the roadmap, but completed are the following CIPs:

    • CIP 20 - Sweep Transaction [view
    • CIP 21 - Dispensers [view]

 

Issues

Main issue of Counterparty protocol is lack of proper funding. Foundation fund is running extremely low at this point and there is no clear path to ensure stable development and infrastructure support. Living from donations is hard overall and extremely hard in a bear market.

 

Recent delisting from Poloniex and Bittrex substantially dropped the price of the coin and overcomplicated further trading of the coin. It is possible to trade XCP for BTC on Counterparty DEX, however it is very cumbersome process at the very minimum.

 

Wallets

XCP is not supported by any HW wallet.

Official wallet: https:///wallet.counterwallet.io/ 

Non-official wallet from a trusted community member: https:///freewallet.io 

 

News & Events:
Day
News
2019-11-17 09:49:28
Official Twitter: There's some exciting news from the #counterparty community this month. Check out @Indie_Square, #RarePepe in space and more: https://counterparty.io/news/march/ #Blockchain #tech #bitcoin $XCP $BTC https://t.co/mRCuCbcxxf
2019-11-17 09:49:28
Official Twitter: It's Newsletter time! This month we have a new wallet (http://freeport.io) announced by @wasthatawolf, a FreeWallet (http://freewallet.io) update, and other exciting updates at https://counterparty.io/news/counterparty-newsletter-04-01-2019/ #XCP #Counterparty #BTC @Indie_Square @mafiawars_io @FoldingCoin
2019-11-17 09:49:28
Official Twitter: Counterparty 9.57.0 released! This release adds support for dispensers, sweeps, a bitcoin version bump, and many other improvements. All users running servers are encouraged to upgrade ASAP. https://counterparty.io/news/counterparty-lib-9-57-0/ #Counterparty #bitcoin #XCP $XCP
2018-03-04 21:20:57
Official Twitter: Amazing update! https://t.co/nrFGPjdvRO
2015-02-14 04:20:41
Found on exchange: Bittrex