29 agos 2022 anni - Reset Token & Divisibility Statuses for Unused Asset

Descrizione:

This Counterparty Improvement Proposal aimed to 'allow the owner [of a Counterparty asset] to reset the supply and change the divisibility status' of that token 'if the asset owner holds the entire supply and the asset is not locked'. This proposal was originally drafted and published on December 3, 2015 by JP Janssen.

Contrary to other more contemporary blockchains like Ethereum and Solana, a token name on Counterparty can only have one owner and the token itself can only have a few set variables tied to that singular token ownership.

Once variables like Divisibility and Token Supply are locked, they are immtable and cannot be changed from that point on.

This proposal seeked to have the token be somewhat malleable before making those locking changes due to a few reasons such as: 'an asset is stuck at the initial divisibility status and coin supply'. This reason is particular was common because the default settings in the Counterwallet User Interface was to set the token as Divisible (or 'fungible').

Since Divisibility on tokens was common in this era of Counterparty (or it was common to accidently choose Divisible as an option for a token) and short common asset names were scarce, JP Janssen mentions in CIP 3: 'the best asset names have been registered by squatters for the sole purpose of reselling them later'.

This imrovement to the protocol was discussed in-depth for many years, but would eventually be integrated into the protocol Aug 29, 2022 with Jeremy Johnson as the lead maintainer and is still somewhat of a contested upgrade by a few members of the community.

Author: JP Janssen

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