Counterparty News

Counterparty | Cointelegraph

Counterparty is an open-source extension protocol, which allows users to run smart contracts on Bitcoin's Blockchain. Unlike Ethereum, another smart-contract platform, Counterparty doesn't have its own Blockchain to power transactions in the network and instead uses Bitcoin's. It does have its own tokens, called XCP, which are created by "burning" bitcoins (sending them to an unspendable address), and are used to pay for the execution of smart contracts in the Counterparty network.