Are there counterparty nodes that one can run to support the counterparty network?

3

  • Does counterparty have its own set of nodes to keep its service up?
  • Is it pow or pos system? Or is this just a centralized service?
  • What was the purpose of it burning bitcoins to generate their own counter party tokens when its somewhat centralized?

Patoshi パトシ

Posted 2017-03-04T19:35:10.047

Reputation: 8 911

Answers

1

Yes it does, the project runs a reference node.

The PoW comes from Bitcoin, but anyone can run a Counterparty node. I don't know if there's a name for it, but maybe it could be described as a community consensus approach. All Counterparty nodes can validate transactions embedded in the blockchain.

The purpose of burning BTC was to make it a non-scam token. Those who burned BTC committed to the project. Another way to put it is it's a project without "investors". Proof of Burn was rare then and in the flood of ICO scams, it's never applied these days.

whatever

Posted 2017-03-04T19:35:10.047

Reputation: 198

Where is the link to run your own counter party node? – Patoshi パトシ – 2017-10-22T19:22:53.617

https://github.com/CounterpartyXCP/Documentation/blob/master/Installation/federated_node.md - this installs everything in one go, inside of Ubuntu 16.04 LTS VM. Be sure you have 150GB free (because this also installs Bitcoin Core with addindex and txindex). – whatever – 2017-10-27T22:19:49.907

Asked: 2017-03-04T19:35:10.047

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Active: 2017-10-22T06:24:34.547