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

[CryptoFinanceUK]

Cross post from my reply at the official forums https://forums.counterparty.co/index.php/topic,150.msg1387.html#msg1387 regarding a hierarchy for utility and for controlling asset issuance costs:

When I suggested the hierarchy, I didn't give any thought about implementation. It seems people like the idea and I think there is a utility to this idea so here's an implementation idea which is pretty simple but enables pretty much what people are talking about.

Indeed by itself it would be too much of a code change. The asset names are coded as they are in many different tables and having long asset names would cause problems with the limited space we are working with a Bitcoin transaction.

So here is what I suggest to be a simple solution which is backwards compatible and forwards compatible with more adaptations to the price for issuing assets:

There are only two levels of assets distinguished at the protocol level. More than the second level is merely a client side visualization.

1) Add an additional column to the 'issuances' table called 'assetLongName'
2) Add an optional parameter to issuance --asset-long-name
3) A 'top level' is an asset which must have the asset name = asset long name (this can default if no asset-long-name is entered)
4) A 'top level' asset must conform to existing naming conventions
5) An 'lower level' asset is an asset which is only readily distinguishable by the asset-long-name. The asset name (ie the value being used now and passed around in the messages in transactions) cannot be user specified. The asset short name is generated at #6
6) When issuing a 'lower level' asset, the issuer cannot specify the asset name. The short asset name is generated from a hash of the asset-long-name (something like this http://stackoverflow.com/questions/548158/fixed-length-numeric-hash-code-from-variable-length-string-in-c-sharp)
7) When issuing a 'lower level' asset, in the asset-long-name a 'top level' asset name must already exist before the first period '.' in the string (left to right) .

Notes:
* Top level assets are premium priced - for example 5 XCP
* Lower level assets are priced enough to stop spamming of the network - for example 0.1 XCP
* Pricing can be replaced with proof of stake or whatever later
* By default clients can filter top level assets by only getting assets where the short name = long name
* In the long name for lower level assets, after the first period '.' most characters plus a few special characters like GLaDOS mentioned goes. It is up to the clients to fold up the names in a tree structure and organise it nicely. Clients can use lazy loading of tree structures to reduce overhead.
* All internal counterpartyd code continues to stay referencing the existing short name so it will limit recode
* It would then require some rework to allow commands such as 'order' 'send' to be able to reference the asset long name. However, this is not a #1 priority as the short asset name could be used in the interim.
* There is a limited space available for unique (short) asset names  so there will be some collisions with the hashing of the long name. If the hash is already taken, too bad you will need to vary the long name a little bit. That's the consequence of buying a lower level asset name
* Including a unique index on the asset-long-name column of the issuances table should be sufficient to maintain performance on this table

EDIT:
Some examples to show what I'm talking about.

Code:

Asset Short name    Long name                    
BITT                BITT                         
KEOdAi3q            BITT.spanish.dubloon         
OIu3waqn            BITT.spanish.dubloon#1       
RPGGAME             RPGGAME
LPJhiowG            RPGGAME.ruby.cracked
jrOyehHG            RPGGAME.ruby.perfect
BANK                BANK
OIJFE7ig            BANK.I can type whatever I like

Client visualization

Code:

BITT
 +-spanish
         +-dubloon
         +-dubloon#1
RPGGAME
 +-ruby
      +-cracked
      +-perfect
BANK
 +-I can type whatever I like

     
Client visualization alternative - reflects the reality that there is only 2 levels

Code:

BITT
 +-spanish.dubloon
 +-spanish.dubloon#1

RPGGAME
 +-ruby.cracked
 +-ruby.perfect

BANK
 +-I can type whatever I like

Did this great idea ever gain traction?

I seem to remember it was suggested around the time that the OP_RETURN saga kicked off.

[PhantomPhreak]

Cross post from my reply at the official forums https://forums.counterparty.co/index.php/topic,150.msg1387.html#msg1387 regarding a hierarchy for utility and for controlling asset issuance costs:

When I suggested the hierarchy, I didn't give any thought about implementation. It seems people like the idea and I think there is a utility to this idea so here's an implementation idea which is pretty simple but enables pretty much what people are talking about.

Indeed by itself it would be too much of a code change. The asset names are coded as they are in many different tables and having long asset names would cause problems with the limited space we are working with a Bitcoin transaction.

So here is what I suggest to be a simple solution which is backwards compatible and forwards compatible with more adaptations to the price for issuing assets:

There are only two levels of assets distinguished at the protocol level. More than the second level is merely a client side visualization.

1) Add an additional column to the 'issuances' table called 'assetLongName'
2) Add an optional parameter to issuance --asset-long-name
3) A 'top level' is an asset which must have the asset name = asset long name (this can default if no asset-long-name is entered)
4) A 'top level' asset must conform to existing naming conventions
5) An 'lower level' asset is an asset which is only readily distinguishable by the asset-long-name. The asset name (ie the value being used now and passed around in the messages in transactions) cannot be user specified. The asset short name is generated at #6
6) When issuing a 'lower level' asset, the issuer cannot specify the asset name. The short asset name is generated from a hash of the asset-long-name (something like this http://stackoverflow.com/questions/548158/fixed-length-numeric-hash-code-from-variable-length-string-in-c-sharp)
7) When issuing a 'lower level' asset, in the asset-long-name a 'top level' asset name must already exist before the first period '.' in the string (left to right) .

Notes:
* Top level assets are premium priced - for example 5 XCP
* Lower level assets are priced enough to stop spamming of the network - for example 0.1 XCP
* Pricing can be replaced with proof of stake or whatever later
* By default clients can filter top level assets by only getting assets where the short name = long name
* In the long name for lower level assets, after the first period '.' most characters plus a few special characters like GLaDOS mentioned goes. It is up to the clients to fold up the names in a tree structure and organise it nicely. Clients can use lazy loading of tree structures to reduce overhead.
* All internal counterpartyd code continues to stay referencing the existing short name so it will limit recode
* It would then require some rework to allow commands such as 'order' 'send' to be able to reference the asset long name. However, this is not a #1 priority as the short asset name could be used in the interim.
* There is a limited space available for unique (short) asset names  so there will be some collisions with the hashing of the long name. If the hash is already taken, too bad you will need to vary the long name a little bit. That's the consequence of buying a lower level asset name
* Including a unique index on the asset-long-name column of the issuances table should be sufficient to maintain performance on this table

EDIT:
Some examples to show what I'm talking about.

Code:

Asset Short name    Long name                    
BITT                BITT                         
KEOdAi3q            BITT.spanish.dubloon         
OIu3waqn            BITT.spanish.dubloon#1       
RPGGAME             RPGGAME
LPJhiowG            RPGGAME.ruby.cracked
jrOyehHG            RPGGAME.ruby.perfect
BANK                BANK
OIJFE7ig            BANK.I can type whatever I like

Client visualization

Code:

BITT
 +-spanish
         +-dubloon
         +-dubloon#1
RPGGAME
 +-ruby
      +-cracked
      +-perfect
BANK
 +-I can type whatever I like

     
Client visualization alternative - reflects the reality that there is only 2 levels

Code:

BITT
 +-spanish.dubloon
 +-spanish.dubloon#1

RPGGAME
 +-ruby.cracked
 +-ruby.perfect

BANK
 +-I can type whatever I like

Did this great idea ever gain traction?

I seem to remember it was suggested around the time that the OP_RETURN saga kicked off.

I think that we agreed that such a scheme would be better handled at the UI level.

[crypto era]

Traceback (most recent call last):
  File "./counterpartyd.py", line 21, in <module>
    from lib import (config, api, util, exceptions, bitcoin, blocks)
  File "/home/counterpartycoin/counterpartyd/lib/api.py", line 7, in <module>
    from werkzeug.wrappers import Request, Response
  File "/usr/local/lib/python3.2/dist-packages/werkzeug/__init__.py", line 154, in <module>
    __import__('werkzeug.exceptions')
  File "/usr/local/lib/python3.2/dist-packages/werkzeug/exceptions.py", line 111
    return u'<p>%s</p>' % escape(self.description)
                      ^
SyntaxError: invalid syntax

Hey I'm pretty sure this just means the command was typed wrong. I would sensor your original post sense I think it's showing your RPC password to your wallet.

[nakaone]

http://www.coindesk.com/bitangels-closes-10000-btc-fund-decentralised-applications/

we should contact them for bootstrapping a decentralized betting market

they are also engaged in msc

[led_lcd]

Cross post from my reply at the official forums https://forums.counterparty.co/index.php/topic,150.msg1387.html#msg1387 regarding a hierarchy for utility and for controlling asset issuance costs:

[...]

Did this great idea ever gain traction?

I seem to remember it was suggested around the time that the OP_RETURN saga kicked off.

I think that we agreed that such a scheme would be better handled at the UI level.

I was happy to have it handled at the client side rather than embedded within the protocol. Though there are some disadvantages.

The success of storing domain/long asset information in the description hinges on a couple of factors:

1) A de facto standard that is agreed upon by the community and the standard centralized somewhere. We haven't made any progress yet regarding this.

2) Asset issuance fees within Counterparty would have a better long term solution - something along the lines of floating fees.

The disadvantages I see having it done purely at the client level is that:

a) Uniqueness of the long name in the description cannot be enforced.
b) Tiered pricing based upon the long description cannot be performed as the protocol is agnostic to the description.

[sus2134]

Despite being so innovative, XCP has become victim to pump and dump

[GrosseCouilleDansTonAss]

Despite being so innovative, XCP has become victim to pump and dump

Pump and dump, with an average volume of less than 1000 XCP ? What are you talking about ? Don't use terms you don't understand. The parasite coin is just dying. Not because of lack of innovation or whatever, but just because of the lack of communication and exposure. Amazing devs, but only the 8 people on that thread know about it. This coin is going nowhere with the current direction. What is happening to the new website ? What about the 2 experts' audit ? Introduction video, and so on, and so on... DOGE is terrible, but it is everywhere, which is at the end of the day what matters, no matter how retarded  / super cool this coin is.

[ripplebtc]

Despite being so innovative, XCP has become victim to pump and dump

Pump and dump, with an average volume of less than 1000 XCP ? What are you talking about ? Don't use terms you don't understand. The parasite coin is just dying. Not because of lack of innovation or whatever, but just because of the lack of communication and exposure. Amazing devs, but only the 8 people on that thread know about it. This coin is going nowhere with the current direction. What is happening to the new website ? What about the 2 experts' audit ? Introduction video, and so on, and so on... DOGE is terrible, but it is everywhere, which is at the end of the day what matters, no matter how retarded  / super cool this coin is.

What do you do for Counterparty? Try to change it rather than complaining! Trading volume in the last 24 hours is $ 36,147
http://coinmarketcap.com/volume.html#xcp

[Matt Y]

Despite being so innovative, XCP has become victim to pump and dump

Pump and dump, with an average volume of less than 1000 XCP ? What are you talking about ? Don't use terms you don't understand. The parasite coin is just dying. Not because of lack of innovation or whatever, but just because of the lack of communication and exposure. Amazing devs, but only the 8 people on that thread know about it. This coin is going nowhere with the current direction. What is happening to the new website ? What about the 2 experts' audit ? Introduction video, and so on, and so on... DOGE is terrible, but it is everywhere, which is at the end of the day what matters, no matter how retarded  / super cool this coin is.

1. We've been on the front page of Reddit a couple times now and I expect we'll see more of that in the future.
2. We're in the process of communicating and exposing Counterparty to people outside of this thread.
3. The Current direction of Counterparty, and the ecosystem being built around it, are very promising.
4. The new site is up?
5. One security audit is complete (we passed and were complimented on the state of the code) and another audit will start soon.

[CryptoFinanceUK]

Cross post from my reply at the official forums https://forums.counterparty.co/index.php/topic,150.msg1387.html#msg1387 regarding a hierarchy for utility and for controlling asset issuance costs:

[...]

Did this great idea ever gain traction?

I seem to remember it was suggested around the time that the OP_RETURN saga kicked off.

I think that we agreed that such a scheme would be better handled at the UI level.

[...]

b) Tiered pricing based upon the long description cannot be performed as the protocol is agnostic to the description.

Thanks led_lcd - pity, tiered pricing would make some interesting possibilities economical. Maybe the devs would we willing to revisit this in the future.

[TheMightyX]

Despite being so innovative, XCP has become victim to pump and dump

Pump and dump, with an average volume of less than 1000 XCP ? What are you talking about ? Don't use terms you don't understand. The parasite coin is just dying. Not because of lack of innovation or whatever, but just because of the lack of communication and exposure. Amazing devs, but only the 8 people on that thread know about it. This coin is going nowhere with the current direction. What is happening to the new website ? What about the 2 experts' audit ? Introduction video, and so on, and so on... DOGE is terrible, but it is everywhere, which is at the end of the day what matters, no matter how retarded  / super cool this coin is.

I resent the term "parasite coin".
A parasite is an organism who feeds off another without providing anything in return.
I would like to think Counterparty has more of a symbiotic relationship with bitcoin.
I would argue that Counterparty provides more benefit to bitcoin than it gets in return.

Unfortunately it has some large barriers to entry that are not easily overcome.
The fact that it has no central lead or marketing drive behind it will also slow down adoption and rise in value.

But it is still the most promising coin out right now.
It is far above and beyond the rest of the market in terms of utility.

[supersuber]

Counterparty orders (tx=8060)
http://www.blockscan.com/order.aspx?q=8060

This is a bug?

[frozen123]

Permacredits might become the first application to launch on top of the Counterparty protocol (XCP)  article link: http://www.coinssource.com/permacredits-launch-top-counterparty/     
Permacredits link:        http://permacredits.com/

[frozen123]

Rockminer also considering use Counterparty to issue their stock,but the asset  name " ROCKMINER" registered by someone.

[deliciousowl]

The low prices of counterparty really make me believe that 99% of people are functionally retarded...

PS: I edited the about section a bit, let me know what you think:

Counterparty is a Revolution in Finance

Counterparty is a peer-to-peer digital asset exchange, betting platform, and derivatives market. All transactions are secure, atomic and trustless thanks to the automatic escrow system. Clever use of decentralization and cryptography removes all counterparty risk. (http://www.investopedia.com/terms/c/counterparty.asp). For the first time in history, no middleman is ever needed.

Counterparty lives on top of the Bitcoin blockchain and inherits its security. Its network stores protocol data in regular Bitcoin transactions. Counterparty’s suite of financial tools is built entirely on open source protocols and software, and development is driven by volunteers and funded by donations.

Counterparty’s native currency, XCP, has 2.6 million units and is slightly deflationary. XCP were issued by ‘proof-of-burn‘ in January 2014, in one of the fairest coin launches to date.

[stereotype]

The low prices of counterparty really make me believe that 99% of people are functionally retarded...

PS: I edited the about section a bit, let me know what you think:

Counterparty is a Revolution in Finance

Counteparty is a peer-to-peer digital asset exchange, betting platform, and derivatives market. All transactions are secure, atomic and trustless thanks to the automatic escrow system. Clever use of decentralization and cryptography removes all counterparty risk. (http://www.investopedia.com/terms/c/counterparty.asp). For the first time in history, no middleman is ever needed.

Counterparty lives on top of the Bitcoin blockchain and inherits its security. Its network stores protocol data in regular Bitcoin transactions. Counterparty’s suite of financial tools is built entirely on open source protocols and software, and development is driven by volunteers and funded by donations.

Counterparty’s native currency, XCP, has 2.6 million units and is slightly deflationary. XCP were issued by ‘proof-of-burn‘ in January 2014, in one of the fairest coin launches to date.

What do you think people are missing?

[bitwhizz]

The low prices of counterparty really make me believe that 99% of people are functionally retarded...

PS: I edited the about section a bit, let me know what you think:

Counterparty is a Revolution in Finance

Counteparty is a peer-to-peer digital asset exchange, betting platform, and derivatives market. All transactions are secure, atomic and trustless thanks to the automatic escrow system. Clever use of decentralization and cryptography removes all counterparty risk. (http://www.investopedia.com/terms/c/counterparty.asp). For the first time in history, no middleman is ever needed.

Counterparty lives on top of the Bitcoin blockchain and inherits its security. Its network stores protocol data in regular Bitcoin transactions. Counterparty’s suite of financial tools is built entirely on open source protocols and software, and development is driven by volunteers and funded by donations.

Counterparty’s native currency, XCP, has 2.6 million units and is slightly deflationary. XCP were issued by ‘proof-of-burn‘ in January 2014, in one of the fairest coin launches to date.

What do you think people are missing?

Unless marketing is done, this will basically drown into the pool of alts

[nakaone]

well anyone get's close to the same deal now as us burners  .

anyway we should make clear why this is such an important and interesting project, not just the protocol but also the underlying currency xcp. 

[ShroomsKit_Disgrace]

Probably people are afraid that "Bitcoin Bosses will ban XCP" from the top of BTC....

[led_lcd]

Crossposted from https://forums.counterparty.co/index.php?topic=253

I'd like to request a feature to allow better discovery of what markets are available on the DEX.

It isn't easy to find out which markets exist because I have to first select the asset pairs I'm interested in finding the price for. Most combinations of asset pairs don't have any orders.

I'd like to suggest that the View Prices tab be modified (or a new tab created) for a 'Markets' view. The default market view will be based upon every asset pair that has an order (inverse pairs are represented only once ie XCP/BTC and BTC/XCP). The decision on which asset is the first in the pair can be done by the asset which has the highest market cap). The view can be a grid similar to the top assets and include information such as last order match, volume.

The grid view should first show all entries first and the grid can be filtered down by 2 drop down list boxes which correspond to the first and second asset in the pair.

Clicking on any column heading changes the sort order of the grid.

Clicking on the asset pair takes you to the Buy/Sell page for that pair

Where there is no corresponding bid or ask for that pair, the grid displays an empty or zero.

Text mock up

Code:

Filter       | Asset 1 | Asset 2 |

Market       | Highest Ask | Highest Bid | Order Depth | 24 hr Volume | 24 hour % change 
BTC/XCP      |       0.004 |      0.0039 |          30 |      100 BTC |             -1.5
BTC/GOLD     |         1.5 |           0 |           1 |        0 BTC |                0
MEAT/POKEMON |             |         290 |           2 |       30 BTC |                0