CounterParty (XCP) is the native coin of the CounterParty blockchain which uses the software core of Bitcoin but offers several features rather simple transaction and store of value. ConterParty extends the Bitcoin's functionality by encoding data in ordinary bitcoin transactions. This feature enables the developers to write smart contracts on the CounterParty blockchain. CounterParty (XCP) coin is used as a fuel for smart contracts. CounterParty uses various protocols to extend the Bitcoin'sShow more [+] functionality such as proof of publication, oracle betting, automatic escrow, decentralized exchange and order matching. CounterParty coins are being used in the real world. It is used as an authentication token, a reward for providing resources, to conduct successful crowdfunding, to represent a product or personal brand etc.
The CounterParty (XCP) coins were generated by the process "proof of burn" in which the bitcoins were sent to the unspendable address with no known private key. Against each BTC, 1000 to 1500 CounterParty (XCP) coins were rewarded. The counterparty is truly decentralized because no crowdfunding or big players involved and zero pre-mine. No further CounterParty coins can be mined or generated. CounterParty also offers the wallet to store the XCP coin.
The primary developers at CounterParty are Dante DeAngelis, Adam Krellenstein, Robby Dermody and Shawn Leary. The team consists of 18 other members.