2 янв 2014 г. - XCP

Описание:

Counterparty (with its native token, 'XCP') is a 'meta' protocol that runs on top of the existing Bitcoin network and pays Bitcoin miners small fees to register Counterparty transactions in the Bitcoin blockchain.

XCP itself is technically Asset ID #1 on Counterparty and was created through a 'proof-of-burn'.

This process included sending Bitcoin to a fixed 'vanity' Bitcoin address where the funds could not be refunded or accessed.

Known in the community as a 'burn address', these funds are permanently lost because 'the burn address is demonstrably a made up bitcoin address' and furthermore 'the chance of anyone guessing the private key to spend the burnt BTC at that address is the same as the chance of guessing any private key for any other bitcoin address: practically zero'.

This process was set up and clearly explained on the Counterparty website:

'Anyone who sent bitcoin to the address 1CounterpartyXXXXXXXXXXXXXXXUWLpVr during the one-time burn period in January 2014 automatically received XCP in return in proportion to the amount of bitcoin they burnt. This ensured that all 2,648,755 XCP that will ever exist were created and distributed in a fair, transparent and public manner.'

The deeper reason for this proof of burn was also stated on the Counterparty website:

- All new XCP cryptocurrency coins are distributed fairly and proportionally

- Counterparty developers do not enjoy any special privileges

- No lump sum of investor capital that allows developers to “make a killing”

This 'Why Proof-of-Burn' post goes on to mention an even more philosophical stance on this choice:

'Consider that Bitcoin miners also destroy one resource to get another. Miners use electricity (which is ultimately burning fuel) and receive newly minted Bitcoins in return for processing transactions and keeping the Bitcoin network secure. Those who burnt bitcoin to get Counterparty XCP coins did the exact same thing, except the resource they destroyed was not more fuel, but bitcoins.'

The Primary Developers of Counterparty during its origin were Adam Krellenstein and Robby Dermody, though they went by pseudo names when posting and interacting on the original Bitcointalk Forum Post.

This genesis Bitcointalk Forum post titled: "Counterparty - Pioneering Peer-to-Peer Finance - Official Thread" is one of the earliest publications relating to the Counterparty Platform.

Issuer: Counterparty Community

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