THELOGICALINDIAN - Counterparty AMA Top 10 QAs
By Alberto Mata
On Monday, November 17th, Counterparty founders Robby Dermody, Adam Krellenstein, and Evan Wagner hosted an ask-me-anything, or AMA on the Bitcoin subreddit.
Counterparty extends Bitcoin’s functionality from a peer-to-peer acquittal arrangement into a full-fledged peer-to-peer banking platform. Counterparty enables creating, sending, and affairs your own token, affair dividends, utilizing bifold options and affairs for difference, and autograph and active your own Ethereum-style acute affairs anon on Bitcoin to do around anything.
Founders Robby Dermody and Evan Wagner abutting armament with Overstock to focus on architecture Medici, the world’s aboriginal SEC-regulated banal bazaar for cryptosecurities. On October 5th at Inside Bitcoins Las Vegas, Overstock CEO Patrick Bryne fabricated the official announcement.
On November 12, Counterparty appear that it auspiciously ported Ethereum’s absolute acute affairs platform. Users are accustomed to address Turing Complete acute affairs into the Bitcoin blockchain and assassinate those affairs in a absolutely decentralized and arguable manner.
Here are some of the top AMA Q&As:
1.) Elevator Pitch
Q:
“In an elevator angle to addition new to this what is the botheration Counterparty is aggravating to break that bitcoin doesn’t?”
-5tu
A:
“What Counterparty does is it extends the functionality of Bitcoin above that of a bald acquittal protocol, and into the abundant beyond branch of accepted peer-to-peer finance, trade, and acute contracts.”
-Adam Krellenstein – PhantomPhreakXCP
2.) Medici
Q:
“Any hints you guys can accord on the development action of “Medici” or what we could apprehend to appear from this addition already it’s clearly released? Really aloof annihilation apropos “Medici” would be alarming to hear. Thanks for creating such an absurd belvedere for accessible antecedent finance!”
-blastoff117
A:
“We accept to abide rather bound lipped about Medici, but we would like to accept the readers accede that the admeasurement of the banal bazaar is estimated as $55 trillion, and the band bazaar admeasurement is estimated at about $100 trillion. Not alone we, but several individuals we apperceive (who are complex actual acutely with the banking industry in ample firms at controlling levels) feel that in the abreast future, most, if not all banking instruments like stocks and bonds will be traded on a blockchain of some sort. Just let that bore in… That is the abeyant here!”
-Robby Dermody – xnovaxcp
3.) Ethereum
Q:
“Is there some simple commodity that explain Counterparty ethereum calligraphy system? And animadversion it thoughtful?
In accurate I appetite to accept why this arrangement can’t be implemented additionally on black bread or added system, for free: after the charge to buy XCP, of pay XCP fees.”
-rodomonte11
A:
“The Counterparty acute affairs arrangement is absolutely the aforementioned affair as the Ethereum one: an always able programming accent for autograph decentralized applications of any kind. Moreover, they’re advised to be about 100% compatible, so that any cipher you address for one belvedere will be anon executable on the other.
Colored bill artlessly isn’t a powerful-enough agreement to apparatus a acute affairs system. To adduce Peter Todd:
There’s a lot of being that’s bigger done with the abundant simpler black bread technology, but equally, there’s a lot of being black bill aloof can’t do for abstruse reasons. In short, if you appetite to comedy about with Ethereum-style acute affairs in a decentralized system, you charge a badge of amount like XCP.”
-Adam Krellenstein – PhantomPhreakXCP
4.) Security
Q:
“Gavin Andresen said that Ethereum is “playing whack-a-mole with aegis and DoS vulnerabilities”. Isn’t there a accident that a abominably accounting acute arrangement can blast the nodes, i.e. the absolute Counterparty network?”
-Norm77
A:
“I don’t appetite to allege on Gavin’s behalf, but I brainstorm that he was apropos primarily to arrangement aegis issues that Ethereum will accept creating their own blockchain technology from scratch. Securing the acute affairs basic apparatus is absolutely almost accessible to do (the accomplished affair is maybe 1000 curve of Python).”
-Adam Krellenstein – PhantomPhreakXCP
5.) Spam
Q:
“Even if the technology is secure, how do you plan on incentivizing users not to spam the network? A fee will work, but how to set it a appropriate level? If XCP goes up in price, the fee can become crippling high.”
-Norm77
A:
“There is a fee for actually every arrangement ciphering and accumulator operation, so SPAM won’t be possible. The exact fee bulk will absolutely change with the amount of XCP, so that the amount of ciphering stays at the adapted level, and ciphering charcoal analytic priced. Thanks!”
-Adam Krellenstein – PhantomPhreakXCP
6.) Contract for Difference (CFDs)
Q:
“It is apparently accessible to body CFDs and challenge the BitShare’s BitAsset apparatus on Counterparty?”
-pietrod21
A:
“Yes, it’s absolutely possible. With a Turing Complete acute affairs system, we can do annihilation that any cryptocurrency can!”
-Adam Krellenstein – PhantomPhreakXCP
7.) Sidechains
Q:
“Is there a way to accumulate Counterparty, but get rid of the altcoin? If Blockstream (sidechains) delivers, would you accede affective to a sidechain to accept appearance like faster block times, 100% btc currency, etc..”
-Chakra_Scientist
A:
“XCP isn’t absolutely an altcoin, as it’s not an another to BTC and BTC can be acclimated anon aural the Counterparty agreement for abounding things. However, abundant of Counterparty’s avant-garde functionality artlessly requires the actuality of a new bill that is “aware” of the new features. This includes the new acute arrangement functionality, area XCP is acclimated to ammunition the beheading of these contracts.
Sidechains are awful abstract and still accept above aegis concerns. However, if these problems can somehow be overcome, we’d absolutely accede affective to a sidechain.”
-Adam Krellenstein – PhantomPhreakXCP
8.) Regulation
Q:
“How do you feel about the bit licence, and regulators in general? Have you been served papers?”
-_bc
A:
“We accept not accustomed any belletrist or apprehension from the SEC, the NY DFS, or any added authoritative agency. The Bitlicense (given the best contempo clarifications) relates primarily to manual and accumulator of agenda currencies. Our angle on the Bitlicense are agnate to those articulate by Jeremy Allaire of Circle in his blog column in August. In short, we feel that some bulk of adjustment is a given, but regulators charge accept that Blockchain technology is both young, inherently altered than acceptable banking tools, and article that can be acutely benign to society. Their authoritative access should be balanced, nuanced, and booty these factors into account.”
-Robby Dermody – xnovaxcp
9.) Decentralized DNS
Q:
“Can Counterparty assets be acclimated as a decentralized DNS ala Namecoin?”
-Norm77
A:
“With the acute arrangement scripting language, Namecoin-like functionality can be implemented. Vitalik has accounting about this on several occasions.”
-Evan Wagner – cityglut1
10.) Future Accouterments Wallet support
Q:
“When ability we see Trezor abutment (or added accouterments wallet) for Counterwallet?”
-E72521
A:
“The affection is planned. Feel chargeless to add a compensation to it (which you can do appropriate from the github affair folio itself), and hopefully it will be best up and implemented sooner.”
-Robby Dermody – xnovaxcp
Photo Source: Mikaley via Deviantart
