Crypto Derivative Platform Counterparty Is Coming to the Bitcoin Cash Network | Crypto News

This week a original forked counterparty protocol has been announced that will be fully devoted to the Bitcoin Cash (BCH) community. The crew plans to open its native currency XCPC on March 1 whereas additionally detailing there’ll be a ‘burning’ as smartly.

Also read: Japan’s DMM Bitcoin Exchange Opens for Trade With 7 Cryptocurrencies

An Independent Counterparty Protocol Dedicated to Bitcoin Cash

Bitcoin cash supporters had been greeted this week by a original boost — A counterparty protocol for the BCH community. The authentic counterparty community is a scrutinize-to-scrutinize platform launched in 2014 that enables the introduction of monetary property derived from the BTC chain. In show to bootstrap the protocol’s native currency, builders performed what’s known as Proof-of-Burn. This means requires the initiation of sending a cryptocurrency to an address that is unspendable. All during the introduction period of XCP in January of 2014, 2125.Sixty three BTC had been ‘burned’ by being sent to an unspendable address. In actuality the counterparty protocol can earn other kinds of property like bond notes, collectible playing cards, and loyalty rewards which would perchance be backed by the protection of the BTC blockchain.

“Now a original forked model of the counterparty protocol is being created for the bitcoin cash blockchain — The counterparty protocol for BCH can have its own native currency known as XCPC, and must quiet be used to pay for the registration of asset names,” explains the XCPC crew.

More in general, XCPC represents stake in the counterparty.cash platform on the Bitcoin (Cash) blockchain and it is miles the voting currency for changes to be made up our minds on by the particular person neighborhood.

Counterparty.cash Nodes Will Keep up a correspondence With the Bitcoin Cash Community

At the 2d the crew is having a “neighborhood session” to discuss the handiest systems to accumulate counterparty for bitcoin cash operating easily. I

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Original Source: Bitcoin News

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