Mastering Blockchain - Second Edition

Counterparty

This is another service that can be used to create custom tokens that act as a cryptocurrency and can be used for various purposes such as issuing digital assets on top of bitcoin blockchain. This is quite a robust platform and runs on bitcoin blockchains at their core but has developed its client and other components to support issuing digital assets. The architecture consists of a counterparty server, counter block, counter wallet, and armory_utxsvr. Counterparty works based on the same idea as colored coins by embedding data into regular bitcoin transactions but provides a much more productive library and set of powerful tools to support the handling of digital assets. This embedding is also called embedded consensus because ...