There are many cryptocurrencies in the market today. The alternate coin market has grown to become more vibrant and liberal over the years allowing for new entrants. Among the new cryptocurrencies to hit the market in this decade is Counterparty (XCP). This particular cryptocurrency is quite unique in terms of operation as well as its objectives and the needs it seeks to address in the market. It is built upon Bitcoin infrastructure and claims to improve the effectiveness and efficiency of transactions as it has new technology. It also boasts of benefiting from modern innovation and features that are not common on older platforms. Counterparty is a cryptocurrency that promises a lot, in order to understand it, we need to look analyze its various features and characteristics.
What is Counterparty coin?
The essence of this cryptocurrency is mainly captured in two main facets – Counterparty and XCP. First, we have Counterparty, the platform which is the supportive framework that allows the exchange and creation of currency. The platform is decentralized in such a way that independence of processes and transactions is assured. In addition to that, the platform is built on the stable and tested Bitcoin blockchain infrastructure. This means that there is no limitation in terms of core features. Other perks like security and privacy are provided in line with the aspects of Bitcoin infrastructure.
XCP is basically the native currency part of the cryptocurrency. This fixed value is stored in token form and holds the total supply of the currency. No future units of XCP will ever be created as it is now only a finalized deal of the coin that saw the coin being sold in an Initial Coin Offering (ICO). XCP serves as the basis of generation of Smart Contracts and tokens. XCP was mined in a foolproof method where no chances of unfairness in the mining process.
As a whole, the cryptocurrency enjoys the convenience of an open-source protocol. The protocol mainly relies on the establishment of ‘Smart Contracts’ that are the basis of all trading and transactions of the coin. The protocol features a decentralized ledger and independent modes of transaction.
Market Information
In terms of performance in the market, the cryptocurrency is doing fairly well compared to most other alternative coins. Looking at current information, the market capitulation of the coin is $27.4 million. The performance of the coin has been dynamic over the years it has been in existence. While it started at a relatively high value, it has seen a gradual gentle decline in terms of value. In recent years, however, the coin has gained some stability and the reduced volatility indicates the maturity of the market. Such indications are the basis of a sustained upward projection.
Counterparty is also quite active in a number of exchanges as will be seen in its trading information and exchanges where the coin is traded.
Trading Information and Exchanges
The cryptocurrency is an item relatively in high demand as the trading information available shows. It is traded on several exchanges including Bittrex, Poloniex, Counterparty Dex, Tux Exchange and a number of others. In these markets, the currency enjoys some good levels of trading volumes. In Bittrex, for instance, the value traded over 24 hours is well over $100,000. Considering the less volatile trading environment, it is sensible to expect a more robust trading in future for this cryptocurrency.
Not many cryptocurrencies maintain a good supply in more than five markets. Counterparty is, however, quite active in all the markets it is traded.
Wallets That Support Counterparty
Counterparty is one of the few alternative cryptocurrencies that have had the advantage of making use of a well-established resource base. When it comes to wallets that support this coin, you have the Counterwallet, which is a wallet specifically created by the parent company to support this coin. In addition, other wallets like the open-source Coindaddy and also Indisquare are viable options.
Counterwallet provides a user-friendly interface and it is the most user-ready wallet. The wallet is created by the same company as the coin and is thus optimized for reliability. The other wallets are also feature-packed and offer users multiple functionalities. Indisquare, for instance, brings along the support for mobile devices as well as the capability to send and receive tokens. It also has notification features and a number of other beneficial characteristics that make it a versatile option.
Being an open source cryptocurrency, there are no wallet limits to this coin. Users also have the access to a chrome extension wallet – Tokenly Pockets. This specific wallet is great for security and privacy during transactions. If you are looking for a wallet for the iOS platform, you can make use of FreeWallet by Jeremy Johnson. This wallet is also quite packed with functionality and security features.
The Counterparty Ecosystem
Counterparty continues to have a formidable support team behind it. The initial team that created the coin was comprised of software developers, business advisors, and a technical team. To date, there is still support offered from the team in terms of development and updates. With time, the cryptocurrency has also attracted interest from the online community and there are various people invested in the development of the platform. You can find constant information and updates about the cryptocurrency on its official website as well as from various cryptocurrency platforms.
In addition to the core digital financial services that comes with Counterparty, there is also a formidable base of related resources around this cryptocurrency. The Counterparty Foundation, for instance, is a non-profit organization that is geared to ensuring the success of the coin and its ecosystem.
Summary
Counterparty is a cryptocurrency that is built to address various needs in the coin market. The cryptocurrency comes with new features and also makes use of established tools to provide a reliable alternative to sending payments and trading online. It is also a coin that has continued performing quite well in the many exchanges where it is traded. With enough exchanges and Wallets to use, multi-platform support, an active community of users, and a supportive organization that is already invested in the growth of the coin, the future can only get more vibrant for this cryptocurrency.
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