tipmebch: A Bitcoin Cash tipping bot for Telegram app

tipmebch: A Bitcoin Cash tipping bot for Telegram app

Tipprbot is cool. It works well. It allows people to give tips to people whose words and thoughts they might find meaningful, agreeable, or, at the very least, arguable. Bitcoin Cash smooths out the process of sending and receiving tips from user to user. The bot’s hosted code does the rest.

Now, not everyone willing to support and donate great content with Bitcoin Cash is on Twitter or Reddit. Some dwell at the instant-messaging platform called Telegram. How to send and receive tips from there then? r/BitcoinArtist’s tipmebch bot does just that.

Telegram is a messaging platform that offers one of the best encryption algorithms in the instant messaging (IM) space. While other proprietary communications platforms rely on a core branded platform—Messenger for Facebook, Hangouts for Google—to identify with, Telegram offers a unique, singular experience.

The platform has all the standard features of a messaging app, and currently supports authentication methods across multiple devices. It can also send files like .doc, .zip, .mp3 and many others. Perhaps the most interesting feature of Telegram is the ability to create ‘channels’ or groups with up to 100,000 people subscribed to a lead user, which is oftentimes an organization or business sending out regular updates.

Because of its public availability and wide reach, Telegram’s open platform became popular with discussion groups in the cryptocurrency community. Recently, Telegram also announced its attempt at leveraging blockchain technology through its own cryptocurrency called TON, one that is embedded into its existing system.

Pardon the digression. Now let’s get back to tipmebch, an inline bot developed for transferring Bitcoin Cash through Telegram. It’s a simple implementation of Telegram’s open development for bots, and works through an integration made by the author. Telegram users may send commands to the bot or invite it into their groups.

Below are a few screenshots of the Telegram bot in action:

tipmebch: A Bitcoin Cash tipping bot for Telegram app

tipmebch: A Bitcoin Cash tipping bot for Telegram app

tipmebch: A Bitcoin Cash tipping bot for Telegram app

tipmebch: A Bitcoin Cash tipping bot for Telegram app

Here, it indicates the commands currently available for the bot to respond to. Bitcoin Cash users must be wary though, as the bot itself says in its introduction that it is “not a wallet,” hence “Your funds will be lost if there are bugs.” The bot is currently at version v1.0.0 and is maintained by Andreas Brekken, a cryptocurrency developer who has been working since 2011. The bot’s feature branch on Github may be viewed here.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Ledger announces native desktop apps

Ledger announces native desktop apps, sets roadmap for Android and iOS

French startup Ledger recently announced that it’s working on updates for its software, with plans to expand its suite of services for mobile devices in a bid to create a seamless, cross-platform experience for its users.

Despite being met with flaws and vulnerabilities in recent news, the hardware wallet company has pushed to recreate its software in such a way that it also addresses the need for well-designed user interfaces that will not confuse newer users of leading cryptocurrencies supported by the wallet.

In the announcement, Ledger has stated that it will begin to deprecate its Google Chrome extension first introduced in 2015. These Chrome apps only functioned natively with legacy Bitcoin (BTC) and Bitcoin Cash (with the CashAddr upgrade), while users of other cryptocurrencies such as Ethereum still had to open a new page whenever they do transactions with Ledger’s Chrome app. If a user had a portfolio with multiple cryptocurrencies, they had to manually install and open each one for Ledger’s firmware to work properly with the selected hardware.

Another note to explain this gradual demise for the 3-year-old Ledger Chrome extension would be how Google’s ChromeOS has been making inroads into app development and integration, making some previous extensions and web apps either redundant with Android apps or obsolete for the Chrome browser installed on a desktop.

Ledger’s initial release will feature native desktop applications for Windows, macOS, and major Linux distributions. Multiple cryptocurrencies will be supported on the apps, including Bitcoin Cash, Ethereum, Ripple, BTC, and 19 other cryptocurrencies. Ledger’s latest devices, such as the Ledger Nano S and the Ledger Blue, will be compatible with these apps. In case of new registrations, users with no physical Ledger wallets may still access their accounts on a read-only basis, with an option to password-protect the viewing access.

Once opened, the desktop apps will treat users to a dashboard view of all their assets, with information on current values from their cryptocurrency and exchange of choice. The desktop apps will retain the basic functions of a wallet: it will allow users to send, receive, and check their account balances, as well as examine the history of their transfers on the blockchain.

The apps will also function with Ledger’s proprietary address and transaction confirmation process (verified through keys on the hardware) before funds are released for transfer. With their introduction of desktop-class software, Ledger has also promised that the desktop apps will perform better in terms of account synchronization.

Ledger said its developers are hard at work with future updates that include applications for both Android and iOS, giving cryptocurrency users a full mobile experience with features such as spotlight search, transaction tags and notes and third party app support through API integration, as well as support for more cryptocurrencies and Ethereum ERC-20 tokens with the Ledger Nano S.

The hardware wallet company is also working on a new version of the Ledger Manager platform, and will release it to Google Chrome, Opera, and Chromium for open source extensibility. The platform will allow Ledger users to access their account details with a web-based solution involving direct device communication through a USB port.

For users who opt for the desktop apps, the new apps will have its own set of USB drivers. However, the startup notes that its deprecation of the Google Chrome extension would mean that native compatibility with Chromebooks will be suspended, pending the full integration of Android apps to the operating system.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Atari bets on crypto with 2 new ‘tokens’

Atari bets on crypto with 2 new ‘tokens’

In a bid to decentralize how arcade games are made, gaming console company Atari announced that it is developing two new cryptocurrencies: Atari Token and Pong Token.

The announced development is in line with Atari’s partnership with blockchain company Infinity Networks, with a strategic roadmap set to create tokens written in their investment deal.

For a significant amount of time now, the Atari name has existed as a reflection of the past: the glory days of arcade gaming and vinyl records, or what is now the subject of TV series banking on ’80s nostalgia. It has been on the brink of extinction, though.

According to a report by Ars Technica, Atari’s stock price quickly rose by 52% after the announcement of its blockchain-based venture.

“The company is developing a decentralized platform giving access to any form of digital entertainment, that is to say a very wide offer ranging from video games to movies and music. This platform, under development, will operate using a cryptocurrency, the Atari Token.” the company said in a press release to French media outlets.

The second cryptocurrency, called Pong Token, is more aligned with gaming, and is a result of Atari’s partnership with another company, Pariplay, Ltd. The platform works like an online casino, except it will offer in-site betting with Atari-developed games using the token as its base digital currency.

If you’ve been reading CoinGeek for a while now, this is nothing new. Kodak has done it, so why not Atari? Atari has been at the forefront of the arcade game development movement. Think of it as an equivalent of Valve or Blizzard in the ’70s to the ’80s.

Perhaps a more apt analogy would be to say that it is the ‘Steam’ of its era: it disrupted the arcade market back then by introducing games playable at home, with your own console, without having to go physically go to an arcade in town. In a subtle hint to its legacy, Atari even chose to call its own crypto “tokens” instead of “coins.”

Atari CEO Frederic Chesnais gave a positive outlook for blockchain technology, saying that it is “poised to take a very important place in our environment and to transform, if not revolutionize, the current economic ecosystem, especially in the areas of the video game industry and online transactions.”

In the cryptocurrency space, however, ICOs related to gambling are, again, nothing new. Investors and enthusiasts may be well warned not to participate in yet untested gambling platforms promising advantages through their digital token sales, as risk of significant losses have been identified with these offerings which lack the edge of more established gambling sites.

As proprietary coins, Atari Token and Pong Token, once launched, will be limited to the ecosystem within which they exist, and thus winnings inside these sites cannot be easily transferred or converted to other goods and services for the user’s benefit.

Atari bets on crypto with 2 new ‘tokens’

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Coins.ph opens digital exchange to private beta

Coins.ph opens digital exchange to private beta, launches BCH/PHP trading pairs

Philippine-based digital currency wallet Coins.ph announced the forthcoming launch of its Coins Exchange (CX) platform, which will serve as a digital currency exchange and is the first order-book exchange in the country.

In a statement, Coins.ph said that after receiving requests for “lower bitcoin (BTC) conversion fees” for the past couple of months, they wanted to let their users know that they’ve taken these requests to heart and are now working on a private beta of the platform.

Once officially launched, the exchange will allow unlimited trading (no balance limits, no deposit limits) at lower fees. According to its live trading page, it currently accepts Bitcoin Cash, Ethereum, Litecoin, Ripple, and legacy Bitcoin (BTC).

Here’s a screenshot of CX’s trade page with the BCH/PHP trading pair selected as default when the page first loads:

With the proposed regulation of cryptocurrencies and ICOs from the Philippine Securities and Exchange Commission, startups in the country have been preparing their documents and filing for compliance with the local government.

Coins.ph is a blockchain services platform which started operating in the Philippines in 2014. According to CX’s about page, Coins.ph has secured a Certificate of Registration from the Bangko Sentral ng Pilipinas to “formally operate as a virtual currency exchange.”

The CX project is “to make access to digital currency cheap and fast,” according to the company, noting that such efforts to offer a professional-grade order-book would result to reduced costs for trading digital currency in the country.

The platform’s consumer base forms about 2 million active users who buy and sell cryptocurrencies, send remittances to their families, and do online payments without requiring them to have bank accounts or registrations with other financial institutions.

The blockchain company previously stated that it has been evaluating the possibility of supporting Bitcoin Cash (BCH), a move that would reflect the cryptocurrency community’s vision to “bank the unbanked” and empower users with low fees and reliable confirmations over a secure network.

CX is still in private beta to a limited number of Coins.ph users, but its site has opened a waitlist for new users to register.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Crypto 'nation' Liberland moves its independent economy with Bitcoin Cash

Crypto ‘nation’ Liberland moves its independent economy with Bitcoin Cash

What roles do cryptocurrencies fill in a world beset by technological advances and massive inequality? It’s a point of contention that rests in the global cryptocurrency community’s collective conscious.

A point of argument: Cryptocurrencies, or at least in the way Satoshi Nakamoto envisioned them in his seminal whitepaper, were meant to challenge the centralized political-economic authority represented by governments and centralized financial institutions.

The fundamental principle of blockchain technology is decentralization, that is, the diffusion of authority and power to a horizontal collective. In terms of decisions, our lives have always been governed by the state. Whichever form of government it takes, it always seeks ways to regulate and undermine individual liberty.

Enter Liberland, a new ‘nation’ resting on a contested piece of land between Croatia and Serbia. Officially declaring itself as the Free Republic of Liberland, the micronation was first proclaimed as an independent entity back in 2015 by Vit Jedlicka, an economist and activist from the Czech Republic.

Liberland occupies some 7 square kilometers of riverside sandbank, and persists under a constitutional republic with a provisional government headed by Jedlicka as president. However, due to constraints placed by the Croatian police, nobody can enter its premises without close inspections, and only a small local community on the Serbian side of the Danube River welcomes visitors to the country.

“The situation on the mainland in Liberland is still difficult as Croatian police illegally persecute all visitors and settlers,” Jedlicka said. “We are waiting for exoneration from the Croatian constitutional court but for now, our settlement has essentially moved to the river, where we host visitors almost on a daily basis.”

What’s so peculiar about this, one may think. Since 2006, similar groups have existed, a noteworthy example of which is the Pirate Party of Sweden launched by cryptocurrency advocate Rick Falkvinge. While Falkvinge has been noted for his criticism of the Lightning Network’s political-economic direction, he has nevertheless been active in the formation of collectives such as the Pirate Party which undermine traditional governments and the way traditional political parties decide on national issues. Liberland is one example of a move to what is outside of the mainstream political spectrum, only this time, it is about to form its own physical territory and jurisdiction.

According to its website, Liberland is now accepting applications for ‘citizenship’. There are certain requirements and conditions for eligibility, including respect for other people and their opinion, respect for private ownership, and no criminal records from a previous country.

Liberland’s economy is run on three of the leading cryptocurrencies today: Bitcoin Cash, Ethereum, and legacy Bitcoin (BTC). Due to its transitional state, Liberland is currently funded through donations, with donors receiving a crypto token called ‘Merit’ which will officially launch in April 13, coinciding with its third foundation anniversary. In its website, Liberland also described how it is currently planning to launch its legal system based on blockchain technology and digitally-signed contracts.

The country’s campaign to full independence has since attracted the attention of influential personalities in the crypto world such as Roger Ver. Recent support statements have been given to the country from artists like Patrik Schumacher of Zaha Hadid Architects; academics like Jeffrey Tucker, who works in the area of cryptocurrency research; and Dan Mitchell, a fellow from the think tank Cato Institute.

The country’s motto is “live and let live,” reflecting the desire of its believers to change the way we decide how to live. “Liberland aims to be a basic model for change. People can love it, hate it or ignore it. We don’t care as we are just doing our own thing.” said Jedlicka.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
BitFunder founder faces fraud charges in $60M BTC heist

BitFunder founder faces fraud charges in $60M BTC heist

The U.S. Securities and Exchange Commission (SEC) has charged the founder of BitFunder, a defunct cryptocurrency exchange that once hosted a legacy Bitcoin (BTC) trading platform.

In a statement, the SEC accused Jon E. Montroll of making false and misleading statements to the regulatory body in an attempt to escape responsibility for the loss of some $61 million worth of cryptocurrency. In its heyday, BitFunder allowed its users to buy and sell virtual “shares” of various digital currency enterprises in exchange for BTC.

Marc Berger, director of the SEC’s New York Regional Office, said BitFunder “operated unlawfully as an unregistered securities exchange.” Berger said all platforms that function as a national securities exchange involving digital assets, tokens or coins are required to register with the SEC or operate “pursuant to an exemption.”

A parallel criminal case was filed by the U.S. Attorney’s Office for the Southern District of New York against Montroll, citing perjury and obstruction of justice. The 37-year-old was arrested in Saginaw, Texas.

“[Montroll] repeatedly lied during sworn testimony and misled SEC staff to avoid taking personal responsibility for the loss of thousands of his customers’ bitcoins,” said Manhattan U.S. Attorney Geoffrey Berman.

According to the SEC complaint, Bitfunder and WeExchange were hacked in 2013 due to a vulnerability in their programming, causing the platform to credit profits which were not actually earned. This, in turn, allowed the hackers to withdraw some 6,000 BTC from WeExchange. Because it doesn’t have enough BTC to cover the losses, BitFunder was forced to shut down 2013.

Montroll, however, denied that the hack transpired successfully and never paid up the users who lost their investments. Three days after the attack, Montroll used a pseudonym to join an online correspondence in which he asked for help from the principal of another cryptocurrency exchange to track the “stolen bitcoins,” according to prosecutors. In a bid to conceal the incident, Montroll later transferred his own BTC holdings into WeExchange to make it appear that there were no losses.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
New Yorker's crypto mining rig draws FCC's ire

New Yorker’s crypto mining rig draws FCC’s ire

The Federal Communications Commission (FCC) issued a “Notification of Harmful Interference” to New York City resident Victor Rosario, citing a complaint filed by T-Mobile which pointed to Rosario’s miner as the culprit for an interference in the network’s 700MHz LTE band.

The notice, according to FCC, was in response to T-Mobile’s report of radio emissions coming from a local residence in Brooklyn which interfered with its LTE network. Initial investigations in the vicinity, which made use of “direction finding techniques,” determined that Rosario’s legacy Bitcoin (BTC) mining operation was the cause of the reported interference.

The cryptocurrency mining operation used several units of the Antminer S5, which generated “spurious emissions on frequencies assigned to T-Mobile’s broadband network,” thereby causing “harmful interference,” according to the FCC’s findings.

The FCC warned the crypto mining operator that if he continues to use the specified device, the interference which it causes to T-Mobile’s network can be used as evidence to file a case placing the operator in violation of federal laws. This, according to the commission, could result in Rosario facing “severe penalties, including, but not limited to, substantial monetary fines, in rem arrest action to seize the offending radio equipment, and criminal sanctions including imprisonment.”

The FCC’s rulebook mandates anyone within its jurisdiction operating radio frequency devices to immediately cease use of a device found to be interfering with critical network infrastructures.

While the FCC has stated that “operation shall not resume until the condition causing the harmful interference has been corrected,” the issue is still under further investigation. The FCC is working to identify if the interference was an isolated case or if devices with similar configurations to the Antminer S5 are likely to also cause interference with 700MHz LTE frequencies.

Manufactured by Bitmain, the Antminer S5 was first released for international shipping in late 2015. It featured the then-flagship BM1384 ASIC chip which at the time was 20% more efficient than the previous Antminer model (S3).

At the time of writing, findings remain inconclusive as to why the Antminer S5 was emitting 700MHz radio frequencies. Hardware flaws or device modifications initiated by a mining hobbyist may cause unintentional emissions.

In a footnote to the notice sent to Rosario, the FCC clarified that the issue was only limited to the operator’s device, “not its brand or model and is not meant to suggest or find that all Antminer S5 devices are noncompliant,” adding that “although [they] are aware that even compliant devices can be modified in a manner that creates harmful interference, [they] make no finding as to whether this particular device conforms to its original manufacturer’s specifications.”

A tweet by FCC Commissioner Jessica Rosenworcel observed that the letter sent to Rosario “seems so very 2018” given its mention of cryptocurrency mining, computing power, and blockchain computation. In the cryptocurrency community, mining enthusiasts sometimes “overclock” their GPUs and ASIC mining rigs to make more competitive gains for their operation.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Google hosts lecture on cryptocurrencies

Google hosts lecture on cryptocurrencies, blockchain tech

In a bid to attract fresh talent, a Google hiring campaign is cashing in on the cryptocurrency hype by hosting a talk on virtual currencies and blockchain technology.

According to a report by TheNextWeb, Google is set to host a campus lecture at the Polytechnic University of Milan in Italy on March 8. The lecture, titled “Fundamentals and Some Recent Innovations in Crypto-Currencies,” is rumored to be delivered by a Googler, that is, a full-time employee of the search giant. The event’s website, however, did not disclose who exactly from Google will deliver the lecture.

Google’s corporate culture has been the subject of discussions among aspiring applicants and job seekers in the tech sector, with films such as The Intern featuring caricatures of how Google treats its employees with a range of perks and benefits unique to the company.

The talk’s press materials described how “many crypto-currencies have been in the news lately and most people know they can (be) purchased as an asset or exchanged as currency,”  observing how “less well known is how they really work.”

The description shifted perspective to first-person, saying, “In this talk, I’ll review the basic differences between the most popular ones and highlight some interesting innovations in the space, including scripting, privacy and reducing electricity requirements to protect the environment.” After the lecture, there will be a “description of Google jobs and internships,” as well as an overview of the search giant’s interview and hiring process.

The lecture comes at a particularly interesting phase in Google’s expansion of its web and mobile-based platforms. Recently, Google merged its payments services Google Wallet and Android Pay into Google Pay. Could it be that Google is looking to hire young people interested in crypto and blockchain tech? At the moment, this is only a matter of speculation.

Such a move by a company as hugely influential as Google may be an indication of its interest in building or integrating cryptocurrency protocols into its suite of services. Developers looking into integrating with the search engine company’s rich ecosystem may call a Google API on their own apps and use it for payment functionalities with current platforms in the cryptocurrency space.

Such development work requires technical expertise, especially from young people who may bring fresh perspectives on design, programming, and platform management. According to The New York Times report, that there has been a positive spike in blockchain-related courses being placed in official curriculum in the United States, with Carnegie Mellon, Cornell, Duke, MIT, and the University of Maryland already offering graduate-level courses on blockchain and cryptocurrency.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Hello Group acquires bitcoincash.io

Hello Group acquires bitcoincash.io, develops BCH trading platform

Hello Group, a fintech solutions development company in Cyprus, recently bought the bitcoincash.io domain for an undisclosed amount.

Top-level domains like .io are widely used in the tech and startup industry, particularly for open-source projects for building accessible platforms with public APIs. This is because .io reflects the fundamental principle of input/output communications in the infotech field. With its purchase of bitcoincash.io, Hello Group hopes to create a website that will host its exchange trading platform, a project currently being developed by its engineering team. Hello Group has set out to base their platform on Bitcoin Cash, pairing it with both fiat and cryptocurrency indicators.

Hello Group’s portfolio has been expanding since 2010, with a range of white label technology provisions spanning online margin trading, diamonds, sports, and now cryptocurrency trading. At the height of the cryptocurrency fever in late 2017, Bitcoin.com reported on how the company announced that it will open the world’s first Bitcoin Cash Embassy in Limassol, Cyprus. Its recent purchase of the bitcoincash.io domain is a strategic move into establishing its presence in the cryptocurrency space.

According to a company representative, the Bitcoincash.io platform will provide the Bitcoin Cash community with “a new decentralized solution to provide secure, high performance trading,” utilizing knowledge and expertise gathered from already existing blockchain exchange platforms that still run with traditional operation models. Trading BCH pairs on the platform will provide users with a certain degree of leverage, given the platform’s innovation and accessibility.

Through its code specifications, bitcoincash.io’s developers are working on a set of features that would enable user access to live and historical data, as well as natively-built real-time alerts on market trends and thresholds.

While still a work in progress, the forex-style platform also plans on giving its prospective users open and direct access to the global crypto market with a single, synchronized account. Through this, users will be able to trade multiple assets from leading international cryptocurrency exchanges that the platform will integrate, requiring no intermediaries.

Bitcoincash.io is expected to release an alpha version of its new platform as the second quarter of 2018 begins.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Counterparty Cash brings new functionalities for BCH

Counterparty Cash brings new functionalities for BCH

Counterparty (XCP) is a peer-to-peer protocol built on top of the legacy Bitcoin (BTC) blockchain codebase. As an asset layer and crypto-derivative platform, its architecture can be integrated to other blockchains.

In an announcement by Julian Smith at the Cryptopulco conference in Mexico, the platform has now opened Counterparty Cash (XCPC) as a distinct Bitcoin Cash infrastructure that will work natively in the Edge mobile wallet, effectively releasing the protocol’s own token for all BCH users.

The Counterparty system allows crypto users to create, transfer, and communicate with other users who hold tokens and digital assets, or even artwork with blockchain-verifiable authenticity. XCPC will provide protocol functionality on the Bitcoin Cash network, and will be used as payment for smart contract executions. It was initialized in 2014 as a revolutionary cryptocurrency through a ‘Proof-of-Burn’ distribution approach which preceded other tokenization efforts such as those offered by the Ethereum network and its ERC-20 protocols.

The Proof-of-Burn distribution event saw BTC users ‘burn’ their assets by sending an amount to the burn address in exchange for XCP. More than 2,000 BTC was ‘burned’ during the event, officially launching and distributing 2.6 million XCP as a full-fledged cryptocurrency.

Holders of XCPC will gain stakes in the protocol running on the Bitcoin Cash chain, and will allow them to vote for or against changes within the protocol’s community. Counterparty also has its own decentralized exchange which facilitates secure and trustless token swaps.

Amaury Sechet, lead developer at Bitcoin ABC, said Counterparty has been “an excellent experiment for Bitcoin (BTC)and will be valuable to users on Bitcoin Cash,” adding that this recent move shows how “this initiative and similar projects working on tokenization and new OP_Codes being enabled in future releases” are all supporting the growth of the Bitcoin Cash ecosystem.

With its existing functionalities derived from the previous implementation, XCPC will provide Bitcoin Cash users with an extensive range of features, including issuance of financial instruments and non-financial tokens, options for underwriting assets, blockchain-verifiable ticketing and licenses, as well as redemption/activation rights all within the Bitcoin Cash (BCH) chain.

The concept of Counterparty Cash rests on its configuration as a ‘meta-protocol’. It makes use of a blockchain-based transaction’s margin to declare specific information regarding tokenized applications.“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,” said Smith, who is also known for creating a blockchain-based logistics solution called Blockfreight.

Counterparty Cash will bring an ERC-20 protocol with enough weight to compete with the earlier derivatives platform affiliated with BTC, according to Smith. Bitcoin Cash’s cost-efficient network and reliable confirmation times will effectively enable future implementations like the construction of a distributed exchange within the network, allowing users to swap tokens without further any third-party processor.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.