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What is Counterparty?

Counterparty is an open-source token creation platform that launched on top of Bitcoin in January 2014. For the first time in Bitcoin history users had the ability to create their own tokens that were secured by the PoW coin. This allowed early participants the ability to partake in early token innovation and experimentation.

The native currency of Counterparty is XCP, which was created by sending Bitcoin to a β€œburn address” and in return would receive XCP. This is relevant because XCP is required to be spent in order to mint a new token on the platform. There are a variety of ways to acquire this currency including small exchanges, the native DEX, and dispensers.

The first token created on the platform is known as TEST, which was used just as it sounds, to test if the platform was functional. Since that day popular collection Spells of Genesis, Rare Pepes, Sarutobi Island, and Fake Rares have all gone on to find Historical and Cultural success while being native to Counterparty.

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