What is the Counterparty Platform?

Page Summary

Counterparty is a peer-to-peer open-source financial platform protocol built on the Bitcoin blockchain. Counterparty was one of the first ‘Bitcoin 2.0’ or NFT platforms. Counterparty launched during the same era as Colored Coins, Ripple, Bitshares, and Ethereum. Users of the platform can create their own currencies and financial instruments. After they created their own digital assets, they can trade them decentralized. XCP is the native currency of the Counterparty platform. 

What is the Counterparty Platform?

The founders created Counterparty in 2014 using a ‘proof of burn’ system. This is an alternative to crowdsales or ICOs, whereas many possible sources of unfairness at launch are burned.  You can ‘burn’ tokens and coins by sending them to an unspendable Bitcoin address. To create the initial XCP tokens to launch the network, Counterparty sent 2140 BTC to such an address. 


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