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Counterparty Cash Announces Support for Token Assets

Counterparty Cash Announces Support for Token Assets

This past January a project was launched that revealed a forked version of the crypto-derivative platform, Counterparty, and it’s being built for the Bitcoin Cash (BCH) network. Now this week, at the Cryptopulco event in Mexico, the creator of the new BCH token infrastructure, Julian Smith, has announced that Counterparty Cash (XCPC) and all assets, tokens, and instruments released on the protocol will work natively in Edge mobile wallet including the protocol’s own XCPC token.

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The Ecosystem Building Around Bitcoin Cash Is Very Healthy

Counterparty Cash Announces ERC20 Competitor with Edge Wallet Support for TokensOn February 18 news.Bitcoin.com spoke with the creator of the Counterparty Cash (XCPC) protocol, a project that aims to add tokenized assets to the BCH network. Julian Smith tells us that the Counterparty Cash Association (CCA) based in Zug, Switzerland has formed a partnership with the cryptocurrency wallet provider Edge (formally Airbitz). This means that all assets and tokens based off of the XCPC protocol will work natively with Edge Mobile. Further, the blockchain logistics startup Blockfreight, Bitcoin Cash Parity, and Bitcoin ABC implementations will also support the Counterparty Cash infrastructure.

“I think that Counterparty has been an excellent experiment for Bitcoin and will be valuable to users on Bitcoin Cash,” explains Bitcoin ABC lead developer, Amaury Séchet at the Cryptopulco conference.

I see that between this initiative and similar projects working on tokenization and new OP_Codes being enabled in future releases, the ecosystem building around bitcoin cash is very healthy.

Essentially An ERC20 Protocol Competitor

Julian Smith who is also the founder of Blockfreight believes that the Counterparty Cash system and the ‘meta-protocol’ concept that utilizes the margin of a bitcoin transaction for declaring a specific tokenized application will help bolster BCH innovation. “Bringing this core concept to bitcoin cash is a natural extension and useful service to higher frequency on-chain transactions of many business models from financial instruments to bonds, warrants and equity within a project,” Smith explains.

What Counterparty Cash brings to bitcoin cash is essentially an ERC20 protocol competitor. In my view 2018 will see a 10x increase of token offerings on Counterparty Cash over Counterparty tied to bitcoin core.

Android and iOS Mobile Wallet Support and the Construction of Distributed Exchanges

Besides token offerings, XCPC will allow any bitcoin cash user the ability to underwrite assets and issue financial instruments and non-financial tokens, ticketing, licenses and redemption rights on the BCH chain. Adding a Counterparty infrastructure to the BCH network coupled with the system’s lower fees and faster transaction times will also enable the construction of a Distributed Exchange (DEX) that allows trading tokens without an intermediary.

Counterparty Cash Announces Edge Wallet Support for Token Assets
Edge mobile wallet was launched this week.

The Edge mobile wallet was fully launched this week and allows users to hold multiple cryptocurrencies like bitcoin cash in a non-custodial fashion. Paul Puey the founder and CEO of Edge looks forward to enabling support for the tokenized BCH assets using the Counterparty Cash protocol.     

“We have taken everything we have learned about making a bitcoin mobile wallet simple and a familiar user experience and extended that to other digital tokens,” Puey said during the conference. “Adding the ecosystem of projects adopting Counterparty Cash into Edge is on par for making Edge one of the easiest, most familiar and safe mobile wallet experience for all of our user’s key digital assets.”

What do you think about the Counterparty Cash team partnering with the Edge wallet platform? Let us know in the comments below.

Images via Shutterstock, Counterparty Cash, and Edge.

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Tags in this story
AirBitz, Amaury Séchet, Assets, BCH, Bitcoin ABC, bitcoin cash, Bitcoin Parity, Blockfreight, Colored Coins, Counterparty Cash, Counterparty Cash Association, Edge, Julian Smith, N-Technology, OP_Codes, Paul Puey, tokenization, Zug Switzerland
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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.