Counterparty.cash, or XCPC, is a port of the Counterparty protocol on Bitcoin Cash (BCH). Find out how it works today in our review.
What is Counterparty.cash?
Counterparty is a protocol that extends bitcoin in powerful ways for peer-to-peer finance. And now, a team at Counterparty.cash wants to bring the Counterparty protocol to Bitcoin Cash (BCH).
CounterParty.Cash XCPC is launching in March 2018. The protocol will allow Counterparty.cash nodes to communicate with each other via the Bitcoin Cash blockchain.
The Counterparty protocol means users can create their own digital tokens in a matter of seconds. Those digital tokens can represent anything and can be exchanged peer-to-peer. XCPC is the native currency of Counterparty.cash. It’s used for advanced features and to represent stake in the platform.
What is the Counterparty Protocol?
If you don’t know what the Counterparty protocol is, then everything above might not make much sense.
The Counterparty protocol is an open source, extensively tested protocol that’s been in development for 4 years on the Bitcoin (Core) network, also known as BTC. Development started in 2014 and continues in 2018.
The team behind Counterparty.cash wants to introduce the Counterparty protocol to Bitcoin (Cash), also known as BCH, putting both blockchains on even ground in terms of features and benefits.
So what are the features and benefits of Counterparty? Counterparty allows anyone to underwrite assets and issue financial instruments and non-financial tokens, tickets, licenses, and redemption rights on the bitcoin blockchain.
In other words, Counterparty vastly expands the real-world usefulness of the bitcoin blockchain, making it available for more than just currency transactions.
Bitcoin (Cash) has rapidly grown in both usage and value since being introduced through a hard fork last August. Here’s how the Counterparty.cash website explains the value of adding Counterparty to the BCH network:
“With the launch and rapid growth in global adoption of Bitcoin (Cash) adding the Counterparty protocol opens the floodgates to endless possibilities. By using the Bitcoin (Cash) blockchain and low transaction fees, fast transaction times and instant global peer-to-peer payments: real-world scenarios can now be transformed into code and exchanged in the Distributed Exchange (DEX) with no need for an intermediary.”
Today, Bitcoin Cash is known for its lower fees and faster transaction times than the legacy Bitcoin (BTC) network. By adding the Counterparty protocol to Bitcoin Cash, they can expect the usefulness of BCH even further.
How Does Counterparty.cash Work?
Counterparty.cash, also known as XCPC, is used to provide functionality of the protocol. XCPC tokens are the currency used to pay to register asset names.
More generally, XCPC represents stake in the Counterparty.cash platform on the Bitcoin (Cash) blockchain. It’s the voting currency for changes.
XCPC will launch on March 1, 2018.
XCPC is different from XPC. XPC is the currency used in the Bitcoin (Core) or BTC Counterparty implementation. XCPC is the currency used in the Bitcoin (Cash) Counterparty implementation.
In January 2014, over 2100 bitcoins were burned to create 2.6 million XCP. Counterparty.cash is proposing a similar burning to create XCPC. If that burn takes place, it would require burning of Bitcoin Cash instead of Bitcoin (Core).
The Counterparty.cash website mentions three core features of the platform:
Implementing the Protocol on Bitcoin Cash:
The protocol is the technology that allows Counterparty.cash nodes to communicate with one another via the Bitcoin (Cash) blockchain.
Create Your Own Assets:
Create your own digital tokens in a matter of seconds. Those tokens can represent anything and are easily exchanged peer-to-peer.
This is the native currency of Counterparty.cash. It’s used for advanced features and to represent stake in the platform (via voting).
Who’s Behind Counterparty.cash?
Counterparty.cash is being developed by a non-profit organization based in Zug, Switzerland.
CounterParty.Cash XCPC Conclusion
CounterParty.Cash XCPC is undergoing a community consultation period throughout January 2018. The launch plan will be released on February 4, 2018, including burning plans (if any). Meanwhile, the CounterParty.Cash XCPC project is expected to launch on March 1, 2018.
The goal of the project is to introduce the Counterparty protocol to Bitcoin Cash. The supporters of Counterparty.cash are big believers in Bitcoin Cash, and believe that its low fees and fast transactions make it the “true” version of bitcoin. By implementing the Counterparty protocol into Bitcoin Cash, Counterparty.cash hopes to improve the usefulness and future viability of Bitcoin (Cash) as the true version of bitcoin.
To learn more about the ongoing project, visit online today at Counterparty.cash.