Counterparty Market Cap Reaches $54.65 Million (XCP)

Counterparty (CURRENCY:XCP) traded 6.4% lower against the dollar during the twenty-four hour period ending at 8:00 AM Eastern on October 14th. Counterparty has a market cap of $54.65 million and approximately $233,514.00 worth of Counterparty was traded on exchanges in the last 24 hours. During the last seven days, Counterparty has traded 12.4% lower against the dollar. One Counterparty coin can now be bought for about $20.91 or 0.00036209 BTC on popular exchanges.

Here is how similar cryptocurrencies have performed during the last 24 hours:

  • Bitcoin (BTC) traded 4.4% higher against the dollar and now trades at $57,739.16 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded up 3.8% against the dollar and now trades at $603.75 or 0.01045655 BTC.
  • Bitcoin Cash ABC (BCHA) traded 3.8% lower against the dollar and now trades at $194.75 or 0.00337287 BTC.
  • Bitcoin SV (BSV) traded up 2.9% against the dollar and now trades at $174.71 or 0.00302591 BTC.
  • Steem (STEEM) traded 5% higher against the dollar and now trades at $0.65 or 0.00001121 BTC.
  • Namecoin (NMC) traded 0.3% higher against the dollar and now trades at $1.49 or 0.00002576 BTC.
  • DAOBet (BET) traded 1.6% higher against the dollar and now trades at $0.0318 or 0.00000056 BTC.
  • DragonVein (DVC) traded 5.8% higher against the dollar and now trades at $0.0051 or 0.00000009 BTC.
  • PIXEL (PXL) traded up 4.4% against the dollar and now trades at $0.0046 or 0.00000008 BTC.
  • Citadel.one (XCT) traded 0.4% higher against the dollar and now trades at $0.27 or 0.00000465 BTC.

Counterparty Coin Profile

Counterparty (XCP) is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. It launched on January 2nd, 2014. Counterparty’s total supply is 2,613,892 coins. The official message board for Counterparty is counterpartytalk.org. Counterparty’s official Twitter account is @CounterpartyXCP and its Facebook page is accessible here. The official website for Counterparty is counterparty.io. The Reddit community for Counterparty is /r/counterparty_xcp and the currency’s Github account can be viewed here.

According to CryptoCompare, “What is XCP?XCP is the native token of Counterparty. It is a technical necessity for adding advanced features to Counterparty, which by nature require a protocol aware currency. Bitcoin can only be aware of BTC, while Counterparty can be aware of both BTC and XCP itself. This makes it possible to escrow funds, trade in a decentralized manner, and harness the full potential of programmable money. Note: It is a common misconception that XCP is a competitor to Bitcoin, when in fact it cannot exist without it. And even though XCP is not a traditional currency, it serves a steady and critical purpose within the Counterparty ecosystem. How was XCP launched?The supply of XCP was created in a process called ‘proof-of-burn’ that lasted from January 2nd to February 3rd 2014 (5000 Bitcoin blocks). During this period, anyone was able to exchange bitcoins for XCP automatically on a protocol level under the following conditions: Users sent their BTC to a verifiably unspendable Bitcoin address with no known private key. (1CounterpartyXXXXXXXXXXXXXXXUWLpVr) Each BTC was automatically exchanged for a number of XCP between 1000 and 1500, with more being rewarded the earlier the burn took place. The reward bonus decreased linearily with the block index. Each address was limited to 1 BTC. Since the BTC on the burn address will never be spendable again, they are considered destroyed or ‘burned’. The main advantage of using this process is to create an equal opportunity for all users, including the founders of the project. The result is that nobody started out with a pre-existing supply of XCP. This method is relatively rare in the crypto space, because it does not provide the founders with starting capital. This, however, means that it is a truly decentralized platform similar to Bitcoin’s proof-of-work system. A truly decentralized system without a crowdfunder has various advantages: Avoids issues with regulatory uncertainty and legal liability because there is no direct profit model, nor a central authority.Incentivises developers and users equally.Funds are never in the control of any 3rd party.Full transparencyZero pre-mineIs XCP an alt-coin or competitor to Bitcoin?No. XCP cannot exist without Bitcoin, as Counterparty extends the basic features of Bitcoin with proof-of-publication, oracle betting, decentralized exchange, automatic escrow, order matching, and smart contracts. Can more XCP be created?No. The supply of XCP is fixed, and decreasing because of fees being burned. What is XCP used for?XCP is the fuel for smart contracts. When smart contracts are running, fuel is used for each execution step. Appropriately enough, this fuel is burned(destroyed). This means that the supply of XCP is continously decreasing. However, the cost of fuel adjusts proportionally as the supply of XCP goes down, so that it cannot reach 0. XCP is always the easiest token to trade against, as it is represented across all exchanges that support Counterparty. It is also used for anti-spam fees when registering named tokens, and when making distribution payments to token holders. The betting system also uses XCP.   “

Buying and Selling Counterparty

It is usually not possible to buy alternative cryptocurrencies such as Counterparty directly using U.S. dollars. Investors seeking to acquire Counterparty should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, Gemini or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Counterparty using one of the exchanges listed above.

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