Counterparty is a protocol built on the Bitcoin blockchain that offers some unique features. With the protocol, the developers can create digital assets, transfer the assets, pay distributions, and execute various smart contracts.
Various use cases for these features include:
Buying and selling tickets and coupons
Secured access control
Betting and gaming
Proof of publication
Crowdfunding
Derivatives
In-game currencies
Voting tokens and auditing
Programmable contracts
Counterparty provides easy to use tools for both developers and non-developers to implement these use cases. In our example, we're going to use Counterparty to create a voting system.
Counterparty is powered by its own native currency called XCP. Using XCPs, you can pay for the issuance of custom digital assets. One can easily purchase or sell XCPs on public markets. XCPs exchanged on the market carry their own exchange rate. At the time of writing, one bitcoin is worth approximately...