Counterparty is the first cryptocurrency to use a proof-of-burn method in which users ‘burn,’ or destroy, bitcoin by sending it to an address for which no one has the private keys. Proof of coin burning will be rewarded with the newly-minted Counterparty price coins. XCP price is controlled with a zero-mined, slightly deflationary mechanism. So far, 2.6 million XCP has been created by burning bitcoin in January. Counterparty is written on a completely new code base and gives users features like user-created assets, a distributed exchange environment, feeds, betting, and financial derivatives.
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