What is Counterparty?
Formed by a non-profit Counterparty Foundation, Counterparty is a project that creates P2P financial apps on Bitcoin’s blockchain. It lets the user produce a new type of digital coin or sale any existing one. Moreover, it has an option of writing digital dealings (kind of smart contracts) and running them on Bitcoin’s blockchain. The native token of this platform, which is donated with the symbol XCP, is applied on the platform for smart contract performance and decision-making. This coin is used in moments when there’s no way to use BTC. In 2014 XCP was produced by using Proof-of-Burn algorithm. Robert Dermody, one of the founders of Counterparty, has additionally made a wallet which was named Counterwallet.