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
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:
User defined assets;
Contracts for difference;
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)
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.
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.”