The original Counterparty, which is a peer-to-peer platform launched in 2014, is splitting and the new fork will be hosted by Bitcoin Cash network.
The fork will create a new protocol by burning coins (thorugh sending to an unspendable address). And it will have its own currency called XCPC that can be used to pay for registration of asset names.
“More generally, XCPC represents stake in the counterparty.cash platform on the Bitcoin (Cash) blockchain and it is the voting currency for changes to be decided on by the user community,” said the XCPC team.
In essence, the original protocol makes it possible for nodes to communicate with each other through the Bitcoin blockchain. It makes it possible for users to create assets such as bond notes, collectible cards, and loyalty rewards backed by security of the BTC blockchain.
The created digital assets can be used to represent anything and can be exchanged through peer-to-peer transaction. This is done through Counterparty wallets. It has XCP as its currency.
The fork will allow full communication with the BCH network.
The XCPC team will outline project logistics on February 1 before launching the platform on March 1 this year.
They are currently discussing with the community the best ways to get the fork to work smoothly. Anyone interested can also volunteer and pitch ideas on the conversation platform.
“The technology will allow counterparty.cash nodes to communicate with each other via the Bitcoin (Cash) blockchain,” the XCPC team emphasizes.
Bitcoin Candy – A new Fork
Discussions about implementation of Counterparty started quite a while. Even a Counterparty pull request submitted to Bitcoin Unlimited codebase back in March. At the same time, Bitcoin Cash network is welcome another hard fork named Bitcoin Candy.
It will activate at block height 512666 and pledges to improve the network by bringing various changes including exploring anti quantum attacks, increased block interval of two minutes and a total supply of 21 billion. It will use Equihash mining just like Bitcoin Gold to allow GPU and CPU mining but no SegWit support yet.
Although currently supported by CoinEX cryptocurrency exchange only, others might come in later. But critics say this is another marketing gimmick for BCH network.