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Overview of Counterparty
In reality, what that means is that users would now be able to create their own assets and thereafter trade those assets on top of blockchain thanks to the API and protocol availability of Counterparty Coin.
So, in a nutshell, Counterparty Coin (XCP) is a decentralized platform that creates and exchanges custom tokens. Counterparty nodes are able to communicate with each other via the Bitcoin blockchain at the protocol level.
There are various features the Counterparty coin has for example: it has a Counterparty wallet which is provides all the power of the counterparty coin through secure, fast and user-friendly web browser and mobile wallets. It is Bitcoin aware meaning the Counterparty smart contracts can interact directly with the underlying Bitcoin layer and execute them. Additionally, like the Bitcoin core which it relies on for security, Counterparty launched its own Lightning Network easing off the main chain since transactions are handled off the chain.
The Counterparty coin is also the first to utilize the Proof-of-Burn method. Here, users burn or destroy Bitcoin by sending it to an address where no one has the private keys.