Wednesday, September 28, 2022

Counterparty’s New ‘Subassets’ Are Like Blockchain Domain Names

Counterparty’s New ‘Subassets’ Are Like Blockchain Domain Names

The Counterparty project has released an update to include its new “subassets” feature. Asset owners will now be able to create tokens with specific purposes, linked to a common parent token.

Also read: Should Anyone Worry About Bitcoin’s Market Cap Share?

Counterparty’s announcement suggested a large food company could create digital vouchers for special promotions and discounts. For example, a parent Counterparty asset called “DOMINOS” could create the subasset “DOMINOS.Coupon_34930”. This digital coupon would be independent and tradable, and also allow the company to track its use.

These assets also form a kind of “blockchain domain name”, which are also tradable. Counterparty Foundation community director Trevor Altpeter told Bitsonline this expands the number of names available to users by providing a longer and richer character set to basic token names.

“I think gaming projects will appreciate the change right away. It lowers the barrier to entry for projects to launch with a token because they will only need to obtain one or several primary assets instead of having to bid over names that represent common items. Subassets are half the cost in terms of XCP so they are cheaper to make.”

The subassets feature will go live on the Bitcoin mainnet in three weeks (block 467417) and the project is urging users to upgrade ASAP. Like other Counterparty features, subassets are undergoing Bitcoin testnet trials to make sure everything works properly.

Developers have upgraded the Counterparty asset wallets to recognize the new feature (also on the testnet for now). They’re also busy integrating it into Indiesquare Wallet, Freewallet and Book of Orbs.

Subassets Receive a Counterparty Improvements Bounty

Counterparty has an improvements standard called “CIP”, similar to Bitcoin Improvement Proposals (BIPs). To further encourage developers the project also has a “CIP bounty” to offer financial rewards.

In the case of subassets, one community member wrote the initial CIP specifications and a separate user implemented it. The new CIP process encourages individuals in the community to contribute however they’re able.

Altpeter said the feature collected the first-ever CIP bounty payout. Contributors received a total of 1,000.55573494 XCP + 0.11581530 BTC.

Most Famous for In-Game Items

Princess Pepe CounterpartyWhile users can create Counterparty’s Bitcoin blockchain-based digital assets for any purpose, the project is most famous in the gaming and trading-card worlds.

Most have probably heard of “Rare Pepe” assets. This art/trading card economy, which has a cult following in the cryptocurrency world, moved onto the Counterparty platform late in 2016. Both Rare Pepes and the currency “PepeCash” continues to hold value — and bend the minds of outsiders.

Games like Sarutobi and Spells of Genesis are making the most of in-game items that can be traded on external platforms. Meanwhile, Book of Orbs is a wallet specifically designed to hold these assets.

Upcoming Projects to Watch For

Altpeter also advised the Counterparty-curious to look out for a 3D sequel to Sarutobi. The game, by Mandel Duck developer Christian Moss, is also jumping on the Rare Pepe bandwagon.

Then there’s “Augmentors”, an augmented reality creature game that recently raised over $1 million in its initial coin offering (ICO).

Counterparty also announced it’s implemented preliminary support for SegWit. Developers are also working on CIPs to reduce the cost of transactions (CIP009), add multisend (CIP010) and add a more flexible token voting system (CIP005).

Have you ever used a Counterparty Wallet or traded assets? Tell us what you think.

Images via RarePepeDirectory, Mandel Duck

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