This week a brand new forked counterparty protocol has been introduced that might be solely devoted to the Bitcoin Cash (BCH) community. The staff plans to launch its native currency XCPC on March 1 whereas also detailing there might be a ‘burning’ as properly.
An Independent Counterparty Protocol Dedicated to Bitcoin Cash
Bitcoin money supporters have been greeted this week by a brand new improvement — A counterparty protocol for the BCH community. The unique counterparty community is a peer-to-peer platform launched in 2014 that enables the creation of monetary belongings derived from the BTC chain. In order to bootstrap the protocol’s native currency, builders carried out what’s known as Proof-of-Burn. This methodology requires the initiation of sending a cryptocurrency to an deal with that’s unspendable. During the creation interval of XCP in January of 2014, 2125.63 BTC have been ‘burned’ by being despatched to an unspendable deal with. Essentially the counterparty protocol can create different varieties of belongings like bond notes, collectible playing cards, and loyalty rewards which are backed by the safety of the BTC blockchain.
“Now a brand new forked model of the counterparty protocol is being created for the bitcoin money blockchain — The counterparty protocol for BCH can have its personal native currency known as XCPC, and might be used to pay for the registration of asset names,” explains the XCPC staff.
More usually, XCPC represents stake in the counterparty.money platform on the Bitcoin (Cash) blockchain and it’s the voting currency for modifications to be selected by the consumer group.
Counterparty.money Nodes Will Communicate With the Bitcoin Cash Network
At the second the staff is having a “community consultation” to talk about the finest methods to get counterparty for bitcoin money working easily. Interested volunteers and those that need to pitch concepts to the XCPC staff can be a part of the dialog to talk about the venture’s objectives. On February 1 the staff will define the platform’s logistics and the official launch might be on March 1, 2018. According to the XCPC builders, the forked counterparty protocol will enable full communication with the BCH community.
“The technology will allow counterparty.cash nodes to communicate with each other via the Bitcoin (Cash) blockchain,” the XCPC staff emphasizes.
Bitcoin money supporters have been speaking a couple of counterparty implementation for fairly a while and folks have mentioned creating implementations for the consumer. There was even a counterparty pull request submitted to the Bitcoin Unlimited codebase again in March. BCH proponents appear excited a couple of counterparty platform for bitcoin money because it may lead to asset creation alongside prospects like a Turing full system.
What do you consider a counterparty idea utilized to the BCH community? Let us know in the comments below.
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