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

[FrictionlessCoin]

That's right. Overspends are just ignored. Counterparty also doesn't pay much attention at all to block boundaries: it parses every transaction in a block one-at-a-time, in the order in which the transactions are listed within the block.

Does Counterparty wait for a certain number of confirmed blocks prior to updating the internal balances?

I would gather it would have to do this otherwise if it got a block that was eventually replaced by another then the ordering would be different.   

[PhantomPhreak]

That's right. Overspends are just ignored. Counterparty also doesn't pay much attention at all to block boundaries: it parses every transaction in a block one-at-a-time, in the order in which the transactions are listed within the block.

Does Counterparty wait for a certain number of confirmed blocks prior to updating the internal balances?

I would gather it would have to do this otherwise if it got a block that was eventually replaced by another then the ordering would be different.   

It doesn't, no. Balances may indeed change on blockchain reorganisations, just like with Bitcoin.

[FrictionlessCoin]

That's right. Overspends are just ignored. Counterparty also doesn't pay much attention at all to block boundaries: it parses every transaction in a block one-at-a-time, in the order in which the transactions are listed within the block.

Does Counterparty wait for a certain number of confirmed blocks prior to updating the internal balances?

I would gather it would have to do this otherwise if it got a block that was eventually replaced by another then the ordering would be different.   

It doesn't, no. Balances may indeed change on blockchain reorganisations, just like with Bitcoin.

I'm curious, how is that implemented?  Can you give a sketch of how that is done?

[PhantomPhreak]

That's right. Overspends are just ignored. Counterparty also doesn't pay much attention at all to block boundaries: it parses every transaction in a block one-at-a-time, in the order in which the transactions are listed within the block.

Does Counterparty wait for a certain number of confirmed blocks prior to updating the internal balances?

I would gather it would have to do this otherwise if it got a block that was eventually replaced by another then the ordering would be different.   

It doesn't, no. Balances may indeed change on blockchain reorganisations, just like with Bitcoin.

I'm curious, how is that implemented?  Can you give a sketch of how that is done?

The blockchain reorganisation detection algorithm? It's pretty straightforward: everytime counterpartyd sees a new block in Bitcoind, it checks to see whether its parent in the SQLite3 DB is its parent in Bitcoind, if it isn't, then it checks *that* block's parent, and so on; if it is, then counterpartyd deletes the recent, bad blocks from the DB and reparses every transaction from scratch, in order, which takes a couple of minutes.

[FrictionlessCoin]

That's right. Overspends are just ignored. Counterparty also doesn't pay much attention at all to block boundaries: it parses every transaction in a block one-at-a-time, in the order in which the transactions are listed within the block.

Does Counterparty wait for a certain number of confirmed blocks prior to updating the internal balances?

I would gather it would have to do this otherwise if it got a block that was eventually replaced by another then the ordering would be different.   

It doesn't, no. Balances may indeed change on blockchain reorganisations, just like with Bitcoin.

I'm curious, how is that implemented?  Can you give a sketch of how that is done?

The blockchain reorganisation detection algorithm? It's pretty straightforward: everytime counterpartyd sees a new block in Bitcoind, it checks to see whether its parent in the SQLite3 DB is its parent in Bitcoind, if it isn't, then it checks *that* block's parent, and so on; if it is, then counterpartyd deletes the recent, bad blocks from the DB and reparses every transaction from scratch, in order, which takes a couple of minutes.

ok... thought there was a more complex algorithm under the covers.  Thanks.

[520Bit]

Everybody can get a 0.66% interest of XCP at bter platform: http://bter.com/myaccount/interest

Rate Of Interest Per Annum. This feature also support other coins.

The interest is down to 0.44% now.

[sparta_cuss]

Can someone compare Coinprism's implementation of colored coins through Open Access with Counterparty? Is there an advantage to using a proprietary currency, like XCP?

Also, what is Coinprism's revenue model? The wallet is free, so how are they making money?

Edit: Are there limits to the kinds of assets or transactions that colored coins can handle?

[FrictionlessCoin]

Can someone compare Coinprism's implementation of colored coins through Open Access with Counterparty? Is there an advantage to using a proprietary currency, like XCP?

Also, what is Coinprism's revenue model? The wallet is free, so how are they making money?

Not sure.  But is the creation of new assets free?

[BldSwtTrs]

Hey guys, is there a way to set up two factors of authentification to access Counterwallet?

[Matt Y]

Can someone compare Coinprism's implementation of colored coins through Open Access with Counterparty? Is there an advantage to using a proprietary currency, like XCP?

Also, what is Coinprism's revenue model? The wallet is free, so how are they making money?

Edit: Are there limits to the kinds of assets or transactions that colored coins can handle?

XCP can be escrowed. That is its main use case and provides the betting and contract for difference functionality.

XCP also makes using the DEx easier, but in my opinion, this is secondary to what XCP allows due to its ability to be escrowed.

[Matt Y]

Hey guys, is there a way to set up two factors of authentification to access Counterwallet?

Robby has this slated for future integration into Counterwallet. Not sure of the timeline.

[BldSwtTrs]

Hey guys, is there a way to set up two factors of authentification to access Counterwallet?

Robby has this slated for future integration into Counterwallet. Not sure of the timeline.

Ok good to know it's planned.

For now I prefer to keep my XCP in my 2FA blockchain wallet because of this feature lacking.

[Katherine Uyue]

I am also optimistic about this coin, good coin surely someone gossiping

[PhantomPhreak]

Can someone compare Coinprism's implementation of colored coins through Open Access with Counterparty? Is there an advantage to using a proprietary currency, like XCP?

Also, what is Coinprism's revenue model? The wallet is free, so how are they making money?

Edit: Are there limits to the kinds of assets or transactions that colored coins can handle?

XCP can be escrowed. That is its main use case and provides the betting and contract for difference functionality.

XCP also makes using the DEx easier, but in my opinion, this is secondary to what XCP allows due to its ability to be escrowed.

There's nothing proprietary about XCP, and XCP is only really ever needed in Counterparty for features that Colored Coins could never implement, such as betting, for which its existence is very useful.

The Colored Coins protocol can only ever allow for two features: creating and sending virtual tokens. There isn't even the possibility of having a distributed exchange, much less any of Counterparty's other features.

[killerstorm]

The Colored Coins protocol can only ever allow for two features: creating and sending virtual tokens. There isn't even the possibility of having a distributed exchange, much less any of Counterparty's other features.

Distributed exchange isn't a part of colored coin protocol, but it is possible to build a distributed exchange on top of colored coins protocol.

[porqupine]

The Colored Coins protocol can only ever allow for two features: creating and sending virtual tokens. There isn't even the possibility of having a distributed exchange, much less any of Counterparty's other features.

Distributed exchange isn't a part of colored coin protocol, but it is possible to build a distributed exchange on top of colored coins protocol.

vaporware?

[FrictionlessCoin]

The Colored Coins protocol can only ever allow for two features: creating and sending virtual tokens. There isn't even the possibility of having a distributed exchange, much less any of Counterparty's other features.

Distributed exchange isn't a part of colored coin protocol, but it is possible to build a distributed exchange on top of colored coins protocol.

I have to ask this then.  How is CounterParty assets different from ColoredCoins?   How is the implementation different from ColoredCoins?   In both technologies, we stuff additional information either in OP_RETURN or in a multisig address.  However,  what is the difference in validating the information?

[cjanthony]

I always understood colored coins to be about coloring individual satoshis. The way it was described originally as a concept was simple, you send coins to an address and declare those outputs to be colored, and then those outputs are tracked through the blockchain by any colored coins client. Simple and it works.

When we start talking about using OP_RETURN instead of satoshi-based denominations, IMO we've diverged from discussing colored coins and are more discussing what people think they are getting with colored coins, but what isn't actually colored coins as per the original vision.

People who favor the idea of colored coins care about the concept being based on Bitcoin, and having the ability to move back and forth between BTC and BTC-based assets.

Counterparty fits this bill equally as well as OpenAssets, but then again, the Counterparty devs have never presented their platform as "colored coins". Counterparty provides what people want from colored coins but goes well beyond it by providing a DEx for betting. The way Counterparty did it, I think is the epitome of how it should be done, because otherwise people get colored coins and then ask themselves "OK now what?"

The line between what is Counterparty and what is colored coins begins to blur when you move beyond the simple original vision of satoshi-based colors. If it's the case that coloring satoshi outputs just doesn't work, and OpenAssets is the real way forward for colored coins, killerstorm should really make a formal PSA.

Barring that, it looks from an outsider's perspective that the company behind Predictious, a centralized for-profit betting service, is presenting OpenAssets and coinprism as "colored coins" for customer acquisition. When I found out coinprism wasn't using colored coins as I always knew it, I was confused. We could really use some clarity from the colored coins project on this.

[johnybyo]

One possible interested company to use xcp if someone can contact they. https://gigacoiner.com/

[sparta_cuss]

One possible interested company to use xcp if someone can contact they. https://gigacoiner.com/

Thanks for the link.
The ROI that they advertise seems way too high to be true. Also, they have only had their domain for a month, so I'm very wary of their legitimacy.

What do you know about GigaCoiner?