Dev's: a few questions please:
1) I saw the "creating an asset" clip. I noticed that dividends can be paid with any currency and not just XCP. what was the reasoning behind this? it would seem that this can be a legitimate area for creating an exclusive need and use for xcp.
2) what (if at all) is in your view the potential affect of side chains on the CP future plans and development. Assuming that the potential security and implementation flaws in that are solved, and it is launched by the end of say 2014?
3) what is the road map for enabling XCP exclusive uses on the CP platform?
4) Are you for example planning to create actual real world samples of XCP exclusive advanced applications (such as advanced financial products and betting applications) or is your role expected to exclusively provide tools for entrepreneurs to go ahead (or not) and use the platform for development of such products? or is it a combination of both?
Hi freedomfighter, good questions!
1. This is how it used to be. However, there are multiple good reasons for allowing arbitrary dividend distribution. We want to make the technology as useful as possible here, and not limit functionality for unnecessary reasons that limit the usefulness of the platform to others.
Insofar as enabling additional uses and business models to be able to work well with the underlying technology, XCP is (and will continue to be) still used exclusively for all binary options (“betting”) and CFD functionality, and we believe it will show immense value there. Counterwallet will have the GUI for this in the next number of weeks, and there are a number of other (3rd party) efforts here underway in the community that we are aware of.
2. Regarding sidechains, your assumption is a big one. The security concerns around sidechains (and merge mining in general) are significant, especially when we're talking about potentially placing massive value on them. There are also significant economic incentivization concerns as well, given that token seigniorage is a moot point here, beyond that incurred through BTC itself.
However, to properly entertain the question... assuming those are both “solved”, there are two comments we could make here:
a. N-way pegged sidechain technology is a low-level, base technology, not a “shrink wrapped” product. Thus, the specific offerings, end-user tech (web wallets, etc), community, and more must still be formed around them. The certainly respectable and admirable innovations of the Bitcoin developers aside, this is actually where the majority of the effort lies.
b. if the tech is secure and proven enough, Counterparty could employ a sidechain to get features such as quicker block times, etc. Of course, our use of it won't be in the context of a 2-way pegged chain, for instance, but the thing to understand here is that Counterparty is not tied to any specific technology. We use embedded consensus tech today, but that doesn't mean we have to use it 3 years down the road, for instance, if something else comes along that is decidedly superior. This is an organic effort, technology included.
The major value in what we are building rests on the businesses sprouting up around this, as well as all of the software and product offerings being developed. To generalize that point: the value and longevity of most any technology comes from actual human use and human mindshare, as opposed to being an intrinsic aspect of the technology itself. (Technology people oftentimes do not understand this.)
Given this, our focus has now shifted on utilizing our first mover advantage around promoting and establishing Counterparty as a solid platform for building “Bitcoin 2.0” businesses and applications (and we welcome any and all community support here in getting the word out – it's absolutely critical). As this equity builds, it becomes a positive feedback loop where the businesses building on Counterparty indirectly advocate for it, via the use and support of the tech, and quite often their support of liquidity in the DEx.
3. Covered in point #1. Betting and CFDs are the major things here, which should be in the GUI “shortly”. We also have another very, very interesting development under the works (i.e. in a closed beta) which should bring more value and liquidity to the market. Very excited about this. The person working on this knows what I am talking about
, and can provide more detail here if he so wishes.
4. As the dev team, our mandate is to manage the spec, reference client, website, and counterwallet. Our goal in doing this is to create an open platform that others can use and build profitable business models on. This is already happening (we've had probably 10 phone calls this week with interested entrepreneurs that are already starting to build on Counterparty, and I'll be in SV next week promoting it). We're also started a bizdev campaign. On top of this all, we've had companies starting to offer assets on the Dex, and 3rd party devs are starting to develop their own technology around it. We want to create the base platform and tools that allow users to relatively easily add value. This is where our success lies.
The problem here is that our marketing is currently very much lacking, so word about all of this is not diffusing well. We recognize this and are doing something about it...thus the job post, which is already showing a lot of promise with regard to the responses received. We will also be starting a bi-weekly google hangout show soon, which should better help get the word out about all the great stuff going on with Counterparty.
Hopefully those responses will help. Our bizdev is already ratching up, and marketing will be shortly. However, we need community involvement on bitcointalk and elsewhere to make folks aware of Counterparty. The more people can help spread the word, the better.
Uproarious applause and kudos to xnova for his professionalism and intellectual ability!
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