Counterparty to Set New Standard of Fairness in the Cryptographic World

While reading news on Bitcoin and other alternative coins get shocked and shaken? Often asking oneself the question where decentralization, libertarian ideas and fairness have gone in recent times? Are You worried about personal assets stored in both online and offline wallets? The group of developers behind the Counterparty protocol is going to restore the basic principles and to clean the dignified name of digital economy!

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Counterparty to Set New Standard of Fairness in the Cryptographic World

While reading news on Bitcoin and other alternative coins get shocked and shaken? Often asking oneself the question where decentralization, libertarian ideas and fairness have gone in recent times? Are You worried about personal assets stored in both online and offline wallets? The group of developers behind the Counterparty protocol is going to restore the basic principles and to clean the dignified name of digital economy!

Counterparty Planning to Hit Back

The founders of the project prefer to stay anonymous. Any financial support is provided via donations. General idea of the Counterparty is built on the most strong and important basics of Bitcoin evolving them further. It is not a company to gain profit or receive investments. The principles behind will generate reliability and value in a natural manner.

Rules and the setup of Counterparty are predefined and cannot be changed. The straightforward nature is reason for maturity and strength. It utilizes the proof of burn principles that reject gain for the developers or users entering early the system.

The level of decentralization reached is excessive and has not been matched before. Such design provides several key features based on the contract between the developers and the community of users:

  • Distributed exchange;

  • User defined assets;

  • Feeds;

  • Betting;

  • Contracts for difference;

  • Dividends.

It is also fair, honest, self-sustaining, optimized, rapidly developing and open source that will provide following functionality:

  • Derivatives (hedging and leverage)

  • Callable assets (bonds)

  • Distributed exchange (live)

  • Asset issuance

  • Binary betting

The asset is abbreviated as XCP, but as the user might define personal units or use existing on top of the Bitcoin BlockChain, it can be changed or be different.

To install the instruments the user has to use counterpartyd Build System (counterpartyd_build - automatic) or just counterpartyd (manual).

The simplest description of the matter was populated on BitcoinTalk forums:

“Counterparty is a protocol for the creation and use of decentralised financial instruments using Bitcoin as a transport layer. The protocol's native currency, XCP, is un-mined and slightly deflationary, with 2.6 million XCP created by burning Bitcoins in January.”

 

LTBCoin to Pioneer Private Network Tokens

On the 7th March Adam B. Levine has already published some of his plans regarding the Counterparty protocol. His idea is to create the LTBCoin that is not going to be mined, but be a user created virtual currency:

“LTBCoin is the proprietary token for the LTB Network. It is the exclusive token we accept for Sponsorships, it will achieve you a significant discount in the network wide and ACT-specific ecommerce stores, can be used in our upcoming network app for tipping, and will generally be increasingly useful in every corner of the LTB universe.”

The Bitcoin address a user owns is exactly the same for the LTBCoin and other assets created on the base of Counterparty. A special feature as the Counterpartywallet still will be launched in the next hours, but the screenshots are already presented of Facebook.

The asset by Mr. Levine is going to be earned with different methods. 60% will be awarded to ACTS publishing media on the LTB network. 25% will find owners through giveaways and promotions. 10% will be used for service and maintenance works, but 5% will cover administrative costs.

LTBCoin should be considered as experiment aiming to qualify and quantify the work of the LTB and finally might have no value at all. However, the success might depend on the engagement of new users and spreading of the idea. If it is not going to become worthless than the participants, who have the mentioned coins should be compared to auctioneers of an enterprise – but fully decentralized, equal and set in motion by pure interest and will of IT development.

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