Daily Volume: 0.0 XCP
Daily Volume/Issued Coins: 0.00%
Total Coins: 2615322
Issued Coins: 2615322
Whitepaper: Not present
Primary Chain: BTC
|FAQWith all terminology from the page|
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.
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.
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.
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.
According to the roadmap there are 4 CIPs planned for 2019:
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:
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.
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