Counterparty (technology)

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Counterparty is a financial platform for creating peer-to-peer financial applications on the bitcoin blockchain. The protocol specification and all Counterparty software is open source.

The reference client is counterpartyd and a web wallet called Counterwallet showcases provably fair bitcoin wikipedia protocol features.

It is slightly deflationary, with approximately 2. Counterparty provides users with provably fair bitcoin wikipedia world's first functioning decentralized digital currency exchange[1] as well as the ability to create their own virtual assets, issue dividends, create price feedsbets and contracts for difference.

Counterparty has a native currency called XCP. It was originally issued using a provable method called "proof of burn".

This method involves sending bitcoins to a special address that renders the coins permanently unspendable. By avoiding funding during its launch, Counterparty has ensured that developers and users have equal financial opportunities.

During January Counterparty used proof of burn to issue XCP, instead of a more traditional fund-raising technique for altcoin launches, to keep the initial distribution of funds as fair and decentralized as possible, provably fair bitcoin wikipedia to avoid potential legal issues. Both are open source and hosted on GitHub. Since Counterparty Assets are created within the bitcoin blockchain, the assets actually exist in any bitcoin block explorer, however, to decode the information on what bitcoin address has what asset an additional layer of block exploration needs to be applied.

Currently there are two block explorers you can use to locate Counterparty assets in bitcoin wallets:. From Wikipedia, the free encyclopedia.

Not to be confused with counterparty. This section needs additional citations for provably fair bitcoin wikipedia. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. March Learn how and when provably fair bitcoin wikipedia remove this template message. This section contains content that is written like an advertisement.

Please help improve it by removing promotional content and inappropriate external linksand by adding encyclopedic content written from a neutral point of view. June Learn how and when to remove this template message. Retrieved 27 March Enabling Decentralization with Insight". Retrieved 14 December Retrieved May 6, Check date values in: Archived from the original on Proof-of-authority Proof-of-space Proof-of-stake proof-of-work.

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In online gambling provably fair describes an algorithm which can be analyzed and verified for fairness on the part of the service operator. In a provably fair gambling system, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game.

This is usually by using open source algorithms for random seed generation, hashing , and for the random number generator. Once a game has been played, the player can use these algorithms to test the game's response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game. The benefit of a provably fair system is that third-party verification and auditing is usually unnecessary.

Results of bets for which the outcomes are mathematically predetermined are harder to scrutinize and thus the system can add a degree of trustworthiness to a gambling operation. It could also potentially expose the operator to hacking attempts if there are undisclosed security flaws in the open source software.

From Wikipedia, the free encyclopedia. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. April Learn how and when to remove this template message. Archived from the original on Retrieved from " https: Gambling terminology Online gambling Gambling stubs. Articles needing additional references from April All articles needing additional references All stub articles.

Views Read Edit View history. This page was last edited on 8 September , at By using this site, you agree to the Terms of Use and Privacy Policy. This gambling -related article is a stub. You can help Wikipedia by expanding it.