What is stopping me from modifying the Counterparty installation on my system to provide all of the same functionality without burning XCP?
The network effect. It would be a one person party that's implementing updates from the real dev team.
I'm still not clear on this. Let's say I'm a company that wants to create an interface for smart contracts. Why can't I modify the counterpartyd instance running on my server to execute smart contracts without burning XCP?
As already answered: Network effect.
The question is akin to asking why you can't modify the bitcoind instance running on your server to process transactions without debiting BTC, whilst you CAN do it, you will need to convince the super majority of users to agree that that's a good idea.
XCP acts as a anti-spam token, and an economic reward, if you tried to create your fork you would really just end up switching it to an XCP alternative token to fulflll those functions. Your newly created tokens properties (distribution, adoption, upside potential of continuing to hold or hoard) would have to match or usurp the previous
http://www.prnewswire.com/news-releases/symbiont-smart-securities-funding-announcement-strategy-300096175.htmlSymbiont 'Smart Securities™' technology secures backing by an all-star lineup of financial leaders
NEW YORK, June 9, 2015 /PRNewswire/ -- Symbiont, a pioneer in the creation of Smart Securities on the blockchain, has secured $1.25M of seed funding from influential financial market leaders. Early investors include Duncan Niederauer, former CEO of the NYSE Euronext; Matt Andresen, founder of the Island ECN and trading head at Citadel; Getco, LLC founders Dan Tierney and Stephen Schuler through Wicklow Capital; Scott Carmilani, Chairman and CEO of Allied World Assurance Company; and Celeridem FinTech Fund. A 'Series A' round of institutional investment is expected to close in Q3 2015.
The new company is seeking to eliminate many of the inefficiencies and opaqueness that have developed on Wall Street by utilizing the speed and security of cryptographic distributed ledgers known as blockchains to enable faster markets that are more efficient, and exhibit lower costs with increased liquidity, transparency, and security.
The development of Smart Securities promises to transform the way that issuance, trading and settlement takes place in the capital markets. By making programmable versions of traditional securities available on a distributed ledger, the platform will allow institutional and retail users to issue, trade and process a range of instruments more efficiently in a single, global, decentralized and distributed peer-to-peer financial network.
"Symbiont is bridging the gap between Wall Street and the emerging blockchain ecosystem. It's an exciting, timely and much-needed development for the long-term health of the markets," said Niederauer, Managing Member of 555 Capital and a member of the Symbiont Board of Directors, for whom this is the first investment in the bitcoin ecosystem.
"This is a once-in-a-generation opportunity to leverage this previously unimaginable technology for the greater good of investors, financial institutions, and global financial markets," said Mark Smith, co-founder and CEO of Symbiont. "The blockchain not only has the potential to democratize markets but to drive down the cost of doing business across all sectors."
Interest in the use of blockchain technology is growing rapidly with the realization of its importance in the creation of trusted networks to more rapidly and cost-efficiently trade and process financial transactions.
Symbiont was formed as a combination of MathMoney (fx) and Counterparty, creator of the Counterwallet deterministic web wallet, which was founded in 2013. Smith is joined at Symbiont by co-founders Robbie Dermody (President); Evan Wagner (MD, Operations); and Adam Krellenstein (CTO).
The issuance of the first Smart Securities is expected later in 2015.
About Symbiont
Symbiont is bridging the gap between the emerging blockchain ecosystem and Wall Street. They are developing a platform that allows financial market participants to create programmable versions of traditional securities that take the form of SMART SECURITIESTM: self-executing digital contracts that are stored in a distributed ledger called a "blockchain". The platform will allow users to issue, manage, locate, and trade smart securities™ efficiently in a single, global, peer-to-peer financial network.
SOURCE Symbiont
Great news on the seed funding. It's reassuring to see devs working diligently in the background moving forwards on true 2.0 tech despite some of the recent perceived setbacks. CounterParty team never rests on their laurels or tries to take the easy route.
The magnitude of the potential of this technology is hard to grasp for a layman. On a zoomed out view once you see where the trends are inevitably going pieces start falling into place. I'm Excited to follow the progress of the formal A funding round and also very pleased to see the first issuance should also happen this year
For those that don't know Symbiosis (from Greek σύν "together" and βίωσις "living") is close and often long-term interaction between two or more different biological species. The aptly named Symbiont seems to strategically place itself as a bridge between emerging novel 2.0 superstars. CounterParty is one of the chief foundation/building blocks where it makes total sense to use as smart contract vehicle, asset registration system for private debt, kickstarter fundraising and more.
CounterParty adopters are in the minority of altcoin market particpants following a mature project which pushes the envelope whilst many dinosaur coins are still cloning litecoin source, coming up with a story about how their coin will be the next bitcoin with a marketing campaign and calling it a day. IMO that was the teenager phase. CounterParty is clearly in adulthood and targeting big-boy markets. It means we might well be in it for the long haul but as this is new ground with previously unattainable market share the potential rewards are far greater. Smart contracting and p2p marketplaces could revolutionize finance as we know today and counterparty is right now one of the premier candiates to take advantage of it's prime position. On a long term view a market cap of $2.5 million dollars for this ecosystem is peanuts. It reminds me of bitcoin at dollar parity, and I can't help comparing it to a deflated air-ship- there is so much room to grow it's not even funny. A recent article sums up the direction well.
Thank you. Made a purchase today using it! Works extremely smoothly. Even stored the XCP directly on the phone like BTC before moving to counterwallet -
which you can't do with some of the other coins as there is no iOS wallet yet
Was waiting for something like this
