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Author Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread  (Read 1244367 times)
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eustress
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July 13, 2015, 04:53:24 PM
 #11601

more space for ethereum contract ?
New Bitcoin Core Version Release 0.11.0
 
https://bitcoin.org/en/release/v0.11.0

From the change log:

Quote
#5286 fcf646c Changed the default maximum OP_RETURN size to 80 bytes

 Smiley

This is incredible. Can any of the Counterparty Protocol Developers comment on this great development?

It sounds like a good thing but since Counterparty is functional with 40 bytes, what does the extra space do for us?

https://github.com/CounterpartyXCP/counterparty-lib/issues/690

https://github.com/CounterpartyXCP/counterparty-lib/pull/691

TLDR - if enough people upgrade to Bitcoin Core 0.11.0 and relay the 80-byte OP_RETURN transactions, then most Counterparty transactions will be encoded this way and can consequently be pruned from the UTXO set. The Counterparty Protocol will be doing it's bit to be the best steward of the Bitcoin Network that it can be.

These are a good read - http://blog.coinprism.com/2015/02/11/80-bytes-op-return/ & http://bitzuma.com/posts/op-return-and-the-future-of-bitcoin/
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eustress
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July 13, 2015, 05:14:45 PM
 #11602

Relevant new thread - https://www.reddit.com/r/Bitcoin/comments/3d0uhg/bitcoin_core_version_0110_released/ct0tjpk

Relevant old thread - https://bitcointalk.org/index.php?topic=395761.msg7478502#msg7478502
bitcoinrocks
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July 13, 2015, 07:58:39 PM
 #11603

OK, it sounds like it's not an unexpected change so not "news" per-se.
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July 13, 2015, 08:55:27 PM
 #11604

http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/

anyone can get in touch with the author of this chart?

Seems like it's still a little misleading with a bias towards colored coins- (as pointed out here for example): http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/#comment-2100778494

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July 13, 2015, 09:03:29 PM
 #11605

http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/

anyone can get in touch with the author of this chart?

Seems like it's still a little misleading with a bias towards colored coins- (as pointed out here for example): http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/#comment-2100778494



ColoredCoins made it and is not changing it.

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July 13, 2015, 09:36:12 PM
 #11606

I'm happy to have bought some XCP a month or so ago. Following this project with interest now Smiley Price seems to be going in the right direction again Smiley
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July 13, 2015, 10:00:40 PM
 #11607

Using OP_RETURN encoding is pruneable, and generally a lot less hackish. As eustress said, it's essentially Counterparty/Bitcoin doing their mutual parts to cooperate on a more intuitive level.

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July 13, 2015, 10:13:52 PM
 #11608

Using OP_RETURN encoding is pruneable, and generally a lot less hackish. As eustress said, it's essentially Counterparty/Bitcoin doing their mutual parts to cooperate on a more intuitive level.

What does Counterparty use now instead of OP_RETURN?  It sounds like this change won't enable any new functionality (that anyone has proposed yet) but will make for a healthier Bitcoin/Counterparty network.
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July 14, 2015, 12:05:21 AM
 #11609

Nice to see Symbionts Mark Smith speaking tomorrow at STN '15 & Digital Currencies + the Blockchain later this month alongside potential future industry bigwigs like Blythe Masters and various other movers and shakers in the scene.

I think CounterParty has long needed a professional business presence far away from the ADHD amateur coin-trader audience of this altcoin section to find it's legs and their position in NYC is strategically ideal IMO..  

https://www.cbinsights.com/research-reports/NY-FinTech-Report.pdf


Using OP_RETURN encoding is pruneable, and generally a lot less hackish. As eustress said, it's essentially Counterparty/Bitcoin doing their mutual parts to cooperate on a more intuitive level.

What does Counterparty use now instead of OP_RETURN?  It sounds like this change won't enable any new functionality (that anyone has proposed yet) but will make for a healthier Bitcoin/Counterparty network.

when not using OP_RETURN, bare multisig is used


http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/

anyone can get in touch with the author of this chart?

Seems like it's still a little misleading with a bias towards colored coins- (as pointed out here for example): http://blog.coinprism.com/comparison-coinprism-counterparty-mastercoin/#comment-2100778494



ColoredCoins made it and is not changing it.

That's unfortunate, it's one of the first results shown when googling colored coins vs counterparty and doesn't reflect accurately on the current landscape.
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July 14, 2015, 01:08:05 AM
 #11610

What does Counterparty use now instead of OP_RETURN?  It sounds like this change won't enable any new functionality (that anyone has proposed yet) but will make for a healthier Bitcoin/Counterparty network.

when not using OP_RETURN, bare multisig is used

Is that why Counterwallet can be so wonky?
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July 14, 2015, 08:19:41 AM
 #11611

Is that why Counterwallet can be so wonky?

No, Counterwallet is sometimes wonky because advanced Javascript is notoriously unpredictable and the developers made it to accelerate Counterparty development in the space. People are encouraged to contribute to development, or create their own wallets as needed. Some recent problems were caused by changes in the BTC network, I believe.

The core focus on development is always on the protocol itself, and not GUIs. Which makes sense if you think about it... If development was focused on Counterwallet, it might not be wonky but the protocol wouldn't be as stable as it is today... which is exponentially more worrying if you think about it.

Essentially CW is a public service that the devs started (essentially as a favor) for others to continue, be inspired, and use some basic functions. As their extensive Wall Street partnerships show, it wasn't a necessity per se, just an asset to the community.

As it is open-source, there is nothing stopping people from developing/hiring developers to continue development. If you are doing crowdsales, token sales, or hosting your own instance, then this may in the end be a profitable endeavor for you.

You can see the same 'idea' in Counterparty-GUI, which is highly modular and can be customized into any kind of wallet you need.

As counterintuitive as it may seem at first, Counterparty tries to adapt everything for developers rather than end-users. In the first few years of development, this is actually a brilliant idea.  Smiley

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July 14, 2015, 10:28:01 AM
 #11612

Is that why Counterwallet can be so wonky?

No, Counterwallet is sometimes wonky because advanced Javascript is notoriously unpredictable and the developers made it to accelerate Counterparty development in the space. People are encouraged to contribute to development, or create their own wallets as needed. Some recent problems were caused by changes in the BTC network, I believe.

The core focus on development is always on the protocol itself, and not GUIs. Which makes sense if you think about it... If development was focused on Counterwallet, it might not be wonky but the protocol wouldn't be as stable as it is today... which is exponentially more worrying if you think about it.

Essentially CW is a public service that the devs started (essentially as a favor) for others to continue, be inspired, and use some basic functions. As their extensive Wall Street partnerships show, it wasn't a necessity per se, just an asset to the community.

As it is open-source, there is nothing stopping people from developing/hiring developers to continue development. If you are doing crowdsales, token sales, or hosting your own instance, then this may in the end be a profitable endeavor for you.

You can see the same 'idea' in Counterparty-GUI, which is highly modular and can be customized into any kind of wallet you need.

As counterintuitive as it may seem at first, Counterparty tries to adapt everything for developers rather than end-users. In the first few years of development, this is actually a brilliant idea.  Smiley

Well said. Developers and early adopters are currently the first-class citizens of the Counterparty ecosystem. A healthy, rigorous and well-tested protocol will benefit everyone in the long term.
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July 14, 2015, 12:28:33 PM
 #11613

Well said. Developers and early adopters are currently the first-class citizens of the Counterparty ecosystem. A healthy, rigorous and well-tested protocol will benefit everyone in the long term.

Agreed. Legacy financial institutions are beginning to realise the disruptive nature of blockchain tech applied to aging markets

Yesterday SWIFT published a CFP http://www.swiftinstitute.org/wp-content/uploads/2015/07/Call-for-Proposal-Blockchain-in-Securities-Transactions_v7.pdf

CounterParty may be far from the only player in this game (I've counted perhaps 15 buzzword spouting startups up from 10 2 months ago), but it is it is built upon a stable foundation - extensively battle tested, does feature a dedicated community that doesn't over-emphasise focus on gimmicks and talented hardworking developers who weren't profit oriented from day 1. I think it is in a great position to take advantage of this fintech paradigm shift over the coming years.






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July 14, 2015, 02:28:54 PM
 #11614

deliciousowl, I believe the protocol is still being actively developed, correct?
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July 14, 2015, 03:13:00 PM
 #11615

Still waiting over 13 hours for an XCP deposit still showing ZERO confirmations...whats going on? Saw some chatter in polo trollbox.

https://www.blockscan.com/tx?txhash=b59db953e7b8a0d7280f39b68874c2f46fecf3d21258c110fd2a96c5b1770def
eustress
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July 14, 2015, 04:46:43 PM
 #11616

Still waiting over 13 hours for an XCP deposit still showing ZERO confirmations...whats going on? Saw some chatter in polo trollbox.

https://www.blockscan.com/tx?txhash=b59db953e7b8a0d7280f39b68874c2f46fecf3d21258c110fd2a96c5b1770def

93 confirmations here (so far) - https://blockchain.info/tx/b59db953e7b8a0d7280f39b68874c2f46fecf3d21258c110fd2a96c5b1770def
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July 14, 2015, 08:29:17 PM
 #11617

Building on this fantastic recent article http://www.coindesk.com/blockchains-and-the-future-of-audit/

yet another heavyweight officially steps into the blockchain arena..

http://www.coindesk.com/deloitte-blockchain-auditing-consulting/

http://rubixbydeloitte.com/

Quote
Professional services firm Deloitte has revealed it is trialling blockchain technology to automate client auditing and crowdsource its consulting efforts, among other applications.

With the announcement, Deloitte – one of the world's 'Big Four' audit firms – becomes the latest mainstream financial entity to voice its interest in the technology, following announcements by banking giants such as Citi, UBS and USAA.

..... "Piscini indicated that these clients are currently exploring different protocols built on top of bitcoin, including Blockstream, Counterparty and Factom. A key question that persists for many is whether to partner with these firms or build a private blockchain."
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July 14, 2015, 09:23:10 PM
 #11618

and another competitor..

http://www.startupbootcamp.org/blog/2015/july/fintech-sbcstartupoftheweek-otonomos.html
http://www.otonomos.com/

Quote
Introducing a New Vehicle for Human Ingenuity:
The Blockchain Chartered Company™
Otonomos is engineering the world's first blockchain-chartered company, in which you hold your shares in the same way as owning bitcoins in a digital wallet."

No matter how dispersed your share ownership, our blockchain-native technology automatically updates your cap table and helps you govern your company using self-enforceable, smart contracts.


One thing I've noticed with this multitude of blockchain startups spouting off buzzwords is they promise the world; everything is possible with their solution, yet at the current time the product is barely fleshed out beyond a concept stage. It's either a splash page contact form to request more info or a dead road to nowhere. Almost no working code.  This particular example above charges a minimum of $800 for company incorporation (with a load of overpriced extras possible to add to cart). You can't do much else beyond that at this point despite how exciting the marketing blurb sounds. It's really reminiscent of the dotcom boom.

Speaking of smart-contracts, anyone know the ETA on counterparty's mainnet launch? I thought it was initially due in spring but there's barely been any discussion on it aside from a press release last year.  I understand testing takes time but Colored coins and co have no smart contracting. I fear counterparty could lose ground on a huge asset it has with advanced smart contracting on the bitcoin blockchain.
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July 14, 2015, 09:29:30 PM
 #11619

^^ nice links, thanks.

Launch is when Ethereum launches and starts accepting pull requests again.

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July 14, 2015, 09:51:58 PM
 #11620

Building on this fantastic recent article www.coindesk.com/blockchains-and-the-future-of-audit/

yet another heavyweight officially steps into the blockchain arena..

http://www.coindesk.com/deloitte-blockchain-auditing-consulting/

http://rubixbydeloitte.com/

Quote
Professional services firm Deloitte has revealed it is trialling blockchain technology to automate client auditing and crowdsource its consulting efforts, among other applications.

With the announcement, Deloitte – one of the world's 'Big Four' audit firms – becomes the latest mainstream financial entity to voice its interest in the technology, following announcements by banking giants such as Citi, UBS and USAA.

..... "Piscini indicated that these clients are currently exploring different protocols built on top of bitcoin, including Blockstream, Counterparty and Factom. A key question that persists for many is whether to partner with these firms or build a private blockchain."


Closely related article - www.coindesk.com/standard-chartered-exec-touts-blockchain-tech-for-trade-finance/

This space is about to explode. Counterparty will have a full featured (thanks to smart contracts) and open platform. From that perspective it is great to have the infrastructure of the Counterparty Protocol, the Counterparty Foundation, Symbiont and any other company that wants to use and support Counterparty as a backend.

The ability of Counterparty to migrate to the blockchain du jour is a powerful asset too.

The likes of Blockstream (side-chains), Factom and Ethereum are too generic. Counterparty has always been and will continue to target financial services.

Counterparty: The rails of a new transparent planetary financial system.
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