[ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread

[schnuber]

Hi guys
I have read quite a bit of the counterparty documentation, especially the non dev stuff. But I still do not understand what the XCP token is used for as anyone can create their own custom token. Can someone explain?

Sincerely

[1714770382]

1714770382

[1714770382]

1714770382

[1714770382]

1714770382

[1714770382]

1714770382

[Matt Y]

Hi guys
I have read quite a bit of the counterparty documentation, especially the non dev stuff. But I still do not understand what the XCP token is used for as anyone can create their own custom token. Can someone explain?

Sincerely

Its main use case will be as gas to power the computations of smart contracts, like ether on Ethereum.

[520Bit]

Long time not in bitcointalk. How is XCP now? I am in a trip at US now and may have a chance to meet the US XCP fans.

[bitcoinrocks]

So what's up with the Symbiont cryprosecurity issuance?  Can I buy it?  What are they doing next?

[Matt Y]

So what's up with the Symbiont cryprosecurity issuance?  Can I buy it?  What are they doing next?

Unknown, no, unknown.

[delulo]

Hi guys
I have read quite a bit of the counterparty documentation, especially the non dev stuff. But I still do not understand what the XCP token is used for as anyone can create their own custom token. Can someone explain?

Sincerely

Its main use case will be as gas to power the computations of smart contracts, like ether on Ethereum.

can you expand on that?

[Matt Y]

Hi guys
I have read quite a bit of the counterparty documentation, especially the non dev stuff. But I still do not understand what the XCP token is used for as anyone can create their own custom token. Can someone explain?

Sincerely

Its main use case will be as gas to power the computations of smart contracts, like ether on Ethereum.

can you expand on that?

My understanding is that a smart contract is made up of various computations, the exact makeup of which will depend on the contract. A limited amount of computations in a very simple smart contract may not require XCP to fuel it, but anything over X computations will require gas. XCP is the gas for smart contracts on the Counterparty platform. Additionally, when XCP is used to fuel a smart contract, that XCP will be burnt, reducing the total supply of XCP.

[delulo]

Hi guys
I have read quite a bit of the counterparty documentation, especially the non dev stuff. But I still do not understand what the XCP token is used for as anyone can create their own custom token. Can someone explain?

Sincerely

Its main use case will be as gas to power the computations of smart contracts, like ether on Ethereum.

can you expand on that?

My understanding is that a smart contract is made up of various computations, the exact makeup of which will depend on the contract. A limited amount of computations in a very simple smart contract may not require XCP to fuel it, but anything over X computations will require gas. XCP is the gas for smart contracts on the Counterparty platform. Additionally, when XCP is used to fuel a smart contract, that XCP will be burnt, reducing the total supply of XCP.

I still dont know what gas is if it is not some fancy word for tx fee.

This here http://ethereum.gitbooks.io/frontier-guide/content/costs.html sounds a bit like gas is a tx fee that is the higher the more computation your contract takes. But since Counterparty tx are processed by Bitcoin miners I don't understand why they would accept XCP?

[Matt Y]

Hi guys
I have read quite a bit of the counterparty documentation, especially the non dev stuff. But I still do not understand what the XCP token is used for as anyone can create their own custom token. Can someone explain?

Sincerely

Its main use case will be as gas to power the computations of smart contracts, like ether on Ethereum.

can you expand on that?

My understanding is that a smart contract is made up of various computations, the exact makeup of which will depend on the contract. A limited amount of computations in a very simple smart contract may not require XCP to fuel it, but anything over X computations will require gas. XCP is the gas for smart contracts on the Counterparty platform. Additionally, when XCP is used to fuel a smart contract, that XCP will be burnt, reducing the total supply of XCP.

I still dont know what gas is if it is not some fancy word for tx fee.

This here http://ethereum.gitbooks.io/frontier-guide/content/costs.html sounds a bit like gas is a tx fee that is the higher the more computation your contract takes. But since Counterparty tx are processed by Bitcoin miners I don't understand why they would accept XCP?

XCP will not be used to process transactions, but will power smart contracts, like you found in Ethereum. Bitcoin miners will not accept XCP, nor will they need to. Transactions will be processed with Bitcoin, like normal. XCP will be used to power smart contracts and will be burnt afterwards -- nobody will accept the XCP or even have the opportunity to. Once XCP is used in this manner it will be beyond anyone's reach.

Your question is good as this is slightly different than Ethereum because Counterparty is a layer on top of Bitcoin. I hope I adequately explained the difference.

[jrmg]

Anyone know what is reason for that so rarely exchanges have took XCP for their list?
I have sent about once a month or two request to many exchanges and answer have been same last one year about like "we will look and are really interested about this coin and will maybe add it later..."
Same time there is like Cryptsy what have taking every cat, moon, weed and car coins for trading. Why not XCP?

[eustress]

Anyone know what is reason for that so rarely exchanges have took XCP for their list?
I have sent about once a month or two request to many exchanges and answer have been same last one year about like "we will look and are really interested about this coin and will maybe add it later..."
Same time there is like Cryptsy what have taking every cat, moon, weed and car coins for trading. Why not XCP?

The simple answer is that the Counterparty software client is different to everything else. Whereas 99% of shitcoins' software are near identical to Bitcoin's. So it is a little bit more tricky to set Counterparty up on an exchange. Though, I find it difficult to understand why Kraken (they best exchange imo) saw fit to add Ethereum which is similarly different and they have not added Counterparty yet.

[delulo]

Hi guys
I have read quite a bit of the counterparty documentation, especially the non dev stuff. But I still do not understand what the XCP token is used for as anyone can create their own custom token. Can someone explain?

Sincerely

Its main use case will be as gas to power the computations of smart contracts, like ether on Ethereum.

can you expand on that?

My understanding is that a smart contract is made up of various computations, the exact makeup of which will depend on the contract. A limited amount of computations in a very simple smart contract may not require XCP to fuel it, but anything over X computations will require gas. XCP is the gas for smart contracts on the Counterparty platform. Additionally, when XCP is used to fuel a smart contract, that XCP will be burnt, reducing the total supply of XCP.

I still dont know what gas is if it is not some fancy word for tx fee.

This here http://ethereum.gitbooks.io/frontier-guide/content/costs.html sounds a bit like gas is a tx fee that is the higher the more computation your contract takes. But since Counterparty tx are processed by Bitcoin miners I don't understand why they would accept XCP?

XCP will not be used to process transactions, but will power smart contracts, like you found in Ethereum. Bitcoin miners will not accept XCP, nor will they need to. Transactions will be processed with Bitcoin, like normal. XCP will be used to power smart contracts and will be burnt afterwards -- nobody will accept the XCP or even have the opportunity to. Once XCP is used in this manner it will be beyond anyone's reach.

Your question is good as this is slightly different than Ethereum because Counterparty is a layer on top of Bitcoin. I hope I adequately explained the difference.

You are doing a great job of community work (i actually mean that! love ). But "power smart contracts " doesn't help me understand how xcp is used. Who needs it to do what? To "power" something is just a fancy way of saying "it's needed to make it work".

[deliciousowl]

Anyone know what is reason for that so rarely exchanges have took XCP for their list?
I have sent about once a month or two request to many exchanges and answer have been same last one year about like "we will look and are really interested about this coin and will maybe add it later..."
Same time there is like Cryptsy what have taking every cat, moon, weed and car coins for trading. Why not XCP?

The simple answer is that the Counterparty software client is different to everything else. Whereas 99% of shitcoins' software are near identical to Bitcoin's. So it is a little bit more tricky to set Counterparty up on an exchange. Though, I find it difficult to understand why Kraken (they best exchange imo) saw fit to add Ethereum which is similarly different and they have not added Counterparty yet.

Last I heard it takes them $50k+ to fully security vet a potential currency. (Some Kraken representatives told me this... cannot vouch for the accuracy.) But basically it's a cost intensive and extremely long process. We will have to wait for Counterparty volume to go up, in order to be considered by Kraken.

[BitThink]

Anyone know what is reason for that so rarely exchanges have took XCP for their list?
I have sent about once a month or two request to many exchanges and answer have been same last one year about like "we will look and are really interested about this coin and will maybe add it later..."
Same time there is like Cryptsy what have taking every cat, moon, weed and car coins for trading. Why not XCP?

The simple answer is that the Counterparty software client is different to everything else. Whereas 99% of shitcoins' software are near identical to Bitcoin's. So it is a little bit more tricky to set Counterparty up on an exchange. Though, I find it difficult to understand why Kraken (they best exchange imo) saw fit to add Ethereum which is similarly different and they have not added Counterparty yet.

The volume of XCP is too low to be considered by other exchanges.

[Matt Y]

Hi guys
I have read quite a bit of the counterparty documentation, especially the non dev stuff. But I still do not understand what the XCP token is used for as anyone can create their own custom token. Can someone explain?

Sincerely

Its main use case will be as gas to power the computations of smart contracts, like ether on Ethereum.

can you expand on that?

My understanding is that a smart contract is made up of various computations, the exact makeup of which will depend on the contract. A limited amount of computations in a very simple smart contract may not require XCP to fuel it, but anything over X computations will require gas. XCP is the gas for smart contracts on the Counterparty platform. Additionally, when XCP is used to fuel a smart contract, that XCP will be burnt, reducing the total supply of XCP.

I still dont know what gas is if it is not some fancy word for tx fee.

This here http://ethereum.gitbooks.io/frontier-guide/content/costs.html sounds a bit like gas is a tx fee that is the higher the more computation your contract takes. But since Counterparty tx are processed by Bitcoin miners I don't understand why they would accept XCP?

XCP will not be used to process transactions, but will power smart contracts, like you found in Ethereum. Bitcoin miners will not accept XCP, nor will they need to. Transactions will be processed with Bitcoin, like normal. XCP will be used to power smart contracts and will be burnt afterwards -- nobody will accept the XCP or even have the opportunity to. Once XCP is used in this manner it will be beyond anyone's reach.

Your question is good as this is slightly different than Ethereum because Counterparty is a layer on top of Bitcoin. I hope I adequately explained the difference.

You are doing a great job of community work (i actually mean that! love ). But "power smart contracts " doesn't help me understand how xcp is used. Who needs it to do what? To "power" something is just a fancy way of saying "it's needed to make it work".

Yeah, XCP will be needed to make smart contracts work. I'm also looking forward to seeing what the main uses of smart contracts are. You should be able to look to Ethereum for your answer here somewhat. On blog posts, forums, and on the platform. I think the potential use cases are quite wide. Here's a pyramid scheme contract that was posted recently, for example: http://pastebin.com/AGDsJL6j

[deliciousowl]

Someone posted a Powerball lottery that will work on the smart contracts platform 

[freedomfighter]

Hi Matt- long time.

On the XCP usage and role question:

I own most of the original XCPs and in the past I have been trying to get a clear answer for this same exact question. Way before the ethereum system adaptation, the answers were quite different... is this the only remaining real usage for XCP? wasnt it supposed to be used in every CP related transaction in the same manner you just described with ETH type contracts? what about a future financial transaction in a CP powered (symbiont for example) system? is the vision now that it wont require XCP? what was the answer for this before the ETH adapation?

[Matt Y]

Hi Matt- long time.

On the XCP usage and role question:

I own most of the original XCPs and in the past I have been trying to get a clear answer for this same exact question. Way before the ethereum system adaptation, the answers were quite different... is this the only remaining real usage for XCP? wasnt it supposed to be used in every CP related transaction in the same manner you just described with ETH type contracts? what about a future financial transaction in a CP powered (symbiont for example) system? is the vision now that it wont require XCP? what was the answer for this before the ETH adapation?

Hey

Caveat - this is not coming from Counterparty, this is my opinion from following the project.

1. This is not the only real remaining usage, although it is the most significant one in my opinion. XCP will also be used to escrow value in some smart contracts I assume. And XCP is used to create nonnumerical asset names and over 1/2 of 1% of all XCP have already been burnt doing this very activity.

2. I'm not sure I understand your second question. There was never a charge of XCP for performing a Counterparty transaction if that's what you mean. Counterparty transactions are simply Bitcoin transactions and the only charge for transacting is paid in bitcoins to Bitcoin miners.

3. Symbiont or any other businesses that are built on Counterparty will use XCP if they plan to use the smart contract functionality. You cannot smart contract unless you XCP -- this seems to be something people have a hard time believing. The only way to get around this, as far as I know, is to fork the project.

4. Before Ethereum was ported over to Counterparty, smart contract type functionality was hard coded into Counterparty (CFDs and the like). Now, with a Turing complete scripting language, those features (CFDs) have been depreciated as smart contracts remove the need for hard coded stuff as people can just write their own stuff with much more flexibility.

[freedomfighter]

Hi Matt- long time.

On the XCP usage and role question:

I own most of the original XCPs and in the past I have been trying to get a clear answer for this same exact question. Way before the ethereum system adaptation, the answers were quite different... is this the only remaining real usage for XCP? wasnt it supposed to be used in every CP related transaction in the same manner you just described with ETH type contracts? what about a future financial transaction in a CP powered (symbiont for example) system? is the vision now that it wont require XCP? what was the answer for this before the ETH adapation?

Hey

Caveat - this is not coming from Counterparty, this is my opinion from following the project.

1. This is not the only real remaining usage, although it is the most significant one in my opinion. XCP will also be used to escrow value in some smart contracts I assume. And XCP is used to create nonnumerical asset names and over 1/2 of 1% of all XCP have already been burnt doing this very activity.

2. I'm not sure I understand your second question. There was never a charge of XCP for performing a Counterparty transaction if that's what you mean. Counterparty transactions are simply Bitcoin transactions and the only charge for transacting is paid in bitcoins to Bitcoin miners.

3. Symbiont or any other businesses that are built on Counterparty will use XCP if they plan to use the smart contract functionality. You cannot smart contract unless you XCP -- this seems to be something people have a hard time believing. The only way to get around this, as far as I know, is to fork the project.

4. Before Ethereum was ported over to Counterparty, smart contract type functionality was hard coded into Counterparty (CFDs and the like). Now, with a Turing complete scripting language, those features (CFDs) have been depreciated as smart contracts remove the need for hard coded stuff as people can just write their own stuff with much more flexibility.

Thanks for taking the time. I havent been following closely for many months and am just now refreshing my understanding. still have 80% of what I burnt originally. Still remember the impression the original dev team made on me with their very professional and straight approach. but did not follow every CP event since the end of last year.  Take care.

[Matt Y]

Thanks for taking the time. I havent been following closely for many months and am just now refreshing my understanding. still have 80% of what I burnt originally. Still remember the impression the original dev team made on me with their very professional and straight approach. but did not follow every CP event since the end of last year.  Take care.

Happy to help. The project is in much better shape now than when you were here last. When you look at who will have the best platform for smart contracts, on Bitcoin, it's Counterparty, and it's not even close. So the question to ask is "will smart contracts on the Bitcoin blockchain be a thing that gets used or not?" and if you think that yes, they will be a thing that is used, which happens to be my opinion, then simply continue to hold and ignore the noise. The rest is taking care of itself.