Counterparty XCP to Bitcoin Gold BTG Exchange

Crypto Pair Details: XCP to BTG

Counterparty XCP

Counterparty is a platform for user-created assets on Bitcoin. It’s a protocol, set of specifications, and an API. Taken together, it allows users to create and trade assets on top of Bitcoin’s blockchain. In this way, Counterparty is similar to platforms like Waves or Ethereum. Of course, the difference is Counterparty integrates directly with Bitcoin. Therefore, it comes will all the security and reliability (and issues) that are part of the Bitcoin blockchain. This is a fairly old project. In fact, it pre-dates Ethereum with its launch in 2014. It was the original asset creation mechanism. As you’re probably aware, Counterparty has faded from prominence over the years. This is largely due to the rise of the ERC-20 token standard on Ethereum. While we’ve become used to calling blockchain assets, tokens, it doesn’t necessarily have to be the case. An asset can represent anything that has value or is rare. As a result, Counterparty steers clear of the word “token” in their marketing and documentation. They’re much more interested in digital assets of all kinds, not just currencies, securities, and utility tokens. Digital assets can be a digital marker of a physical object, an easy way to manage shares in your company, or reputation karma for a website. These are all types of assets you could create on Counterparty (or Ethereum or Waves, for that matter). Counterparty creates the set of rules, requirements, integrations, etc that are necessary for assets on the Bitcoin blockchain. It’s the infrastructure behind user-created assets in much the same way that the ERC-20 protocol sets up guidelines and standards for asset creation on Ethereum. One useful function of digital assets is as a marker of ownership or voting rights. Imagine a scenario where you issued a digital asset to each of your company’s board members in proportion to the amount of voting power held. Or if you gave your stockholders a digital asset as a marker of the amount of stock they owned. If you issued your stock asset, you could then use Counterparty’s distribution function to pay out dividends in BTC based on the amount of digital stock asset each person owned. Counterparty addresses many of the same issues as Ethereum or Waves, but on the Bitcoin blockchain. While that does come with some advantages, ultimately it is not as strong a platform for development as its competitors. It’s best suited for applications that need to interface with Bitcoin or assets that have a specific connection to the Bitcoin ecosystem.

Bitcoin Gold BTG

Bitcoin Gold hopes to change the paradigm around mining on the Bitcoin blockchain. According to the founders, the Bitcoin blockchain has become too centralized. Large companies with huge banks of mining computers now mine the vast majority of Bitcoin. For the founders of Bitcoin Gold, having large companies control the Bitcoin network defeats the purpose of a decentralized ledger and peer-to-peer currencies. In response, they’ve initialized the Bitcoin Gold project. It’s an alternate fork of the Bitcoin blockchain that implements changes that make mining more equitable. The goal of Bitcoin Gold is to create a network where anyone can become a miner with only basic hardware. As a result, Bitcoin Gold mining would be spread among many miners, instead of a few large companies.There have several features such as decentralization. Bitcoin Gold decentralizes mining by adopting a PoW algorithm, Equihash-BTG, which cannot be run on the specialty equipment used for Bitcoin mining (ASIC miners.) This gives ordinary users a fair opportunity to mine with common GPUs. Besides, there have fair distribution. Hard forking Bitcoin’s blockchain fairly and efficiently distributes 16.5 million BTG immediately to people all over the world who have interest in cryptos. Other methods, such as creating coins with a new genesis block, concentrate ownership within a small group. There also have a replay protection. To ensure the safety of the Bitcoin ecosystem, Bitcoin Gold has implemented full replay protection and unique wallet addresses, essential features that protect users and their coins from several kinds of accidents and malicious threats. Most new mineable cryptocurrencies involve ASIC-resistant hashing algorithms, and it’s becoming something of an industry standard to promote decentralization. In that respect, Bitcoin Gold holds a lot to be excited about. At its core, it’s about transitioning the Bitcoin network to more decentralized mining. However, as we saw above, there’s not much evidence that the current Bitcoin mining system is broken. There have been some small complaints, and it’s not ideal that the network is so centralized. Nevertheless, miners on Bitcoin have a lot to lose if they wield their power too aggressively. There are also new entrants to the Bitcoin mining community that are decentralizing control from a few key ASIC farms. The general consensus from Bitcoin experts is there’s not enough new in Bitcoin Gold to warrant an independent investment. While it certainly doesn’t hurt to hold onto your free BTG that you receive as a result of the fork (if you owned Bitcoin before Oct 24), wait until the dust settles before deciding whether to buy more.'

SOURCE: COINGECKO

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