Review on Counterparty by David Olayide
The Counterparty Cryptocurrency Project
Counterparty is a peer-to-peer financial platform and distributed, open source Internet protocol built on top of the Bitcoin blockchain and network. Counterparty as a platform, allows its users to create new kinds of digital tokens as well as trade any digital token. It also enables users to write smart contracts and execute them on the Bitcoin blockchain. XCP is the native or in-built token that of Counterpart that is used on the platform for decision-making as well as to pay for the execution of smart contracts on the platform. It is essentially used where Bitcoin’s use is not technically possible. Counterparty also embeds data into regular Bitcoin transactions, thus giving these transactions look like normal Bitcoin transactions to Bitcoin clients. The main thing here is that you should know, this project doesn’t work on its own separate blockchain but rather relies strongly on bitcoin's already existing blockchain structure. What actually makes sense to me is also the fact that it can work with other blockchains in the cryptocurrency space including sidechains. XCP coins are readily available on exchanges including Upbit, Bittrex, Tux Exchange, Poloniex and Zaif. You can then store the coins on Counterwallet or any of the others mentioned on the official website platform of the project.
Pros
- It's an open source project
- Uses smart tech and XCP the native currency is used on the project's platform itself
Cons
- None as at yet
