Author Topic: Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin  (Read 2112 times)

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Offline luckybit

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Re: Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin
« Reply #15 on: November 12, 2014, 06:56:33 pm »
Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin

Quote
The limitation of Counterparty up to now has been that all of its smart contracts have had to be hard‐coded into the protocol’s reference client by a set of core developers (as is the case with Bitcoin itself). This means that the addition of new features has been much slower than it needed to be. The solution to this problem is to allow users to write their own smart contracts, which they (and other contracts) can execute whenever they want.
This is the basic model of Ethereum, which is a project to create a novel blockchain in addition to a programming language and virtual machine for the creation of smart contracts. But the development of a new blockchain is unnecessarily slow and risky. Instead of reinventing the wheel, we, the cryptocurrency community, should be making evolutionary, tractable improvements to Bitcoin itself, whenever possible.
Counterparty Contracts
With Counterparty Contracts, users may write Turing Complete smart contracts into the Bitcoin blockchain and execute their code on all Counterparty nodes. We’ve ported Ethereum’s language and virtual machine over to the Counterparty platform, using the pyethereum codebase. The result is hosted on GitHub and open for public testing. Today, you can take Turing Complete Ethereum code, or write your own, and run it on Bitcoin with Counterparty. Anything that one could ever do with Ethereum, one can now do with Bitcoin and Counterparty.

One of our primary focuses was around maintaining compatibility between the Counterparty and Ethereum contract language. This also maximizes the security of the system. Our success is reflected in the fact that our implementation passes 100% of pyethereum’s contract execution integration tests:
  ~/counterpartyd > py.test test/pyethereum_contracts_test.py -v -x
  =============================== test session starts ================================
  platform linux -- Python 3.4.2 -- py-1.4.25 -- pytest-2.6.3 -- /usr/bin/python
  collected 14 items

  test/pyethereum_contracts_test.py::test_evm PASSED
  test/pyethereum_contracts_test.py::test_sixten PASSED
  test/pyethereum_contracts_test.py::test_returnten PASSED
  test/pyethereum_contracts_test.py::test_namecoin PASSED
  test/pyethereum_contracts_test.py::test_currency PASSED
  test/pyethereum_contracts_test.py::test_data_feeds PASSED
  test/pyethereum_contracts_test.py::test_hedge PASSED
  test/pyethereum_contracts_test.py::test_post PASSED
  test/pyethereum_contracts_test.py::test_suicider PASSED
  test/pyethereum_contracts_test.py::test_reverter PASSED
  test/pyethereum_contracts_test.py::test_stateless PASSED
  test/pyethereum_contracts_test.py::test_array PASSED
  test/pyethereum_contracts_test.py::test_array2 PASSED
  test/pyethereum_contracts_test.py::test_array3 PASSED

  ==============================14 passed in 63.47 seconds ===============================
  ~/counterpartyd >
http://counterparty.io/news/counterparty-recreates-ethereums-smart-contract-platform-on-bitcoin/

Bitshares devs are going to be left behind. Not only has Counterparty snatched up Overstock support but now they've got Turing complete scripting. This would explain why the XCP price has been shooting up.

Can Bitshares devs accelerate plans for Turing complete scripting?

While this is fine and dandy:

- Getting a solid client
- Getting on/off ramps established
- Use cases for bitUSD with high risk merchants
- Marketing push on the above

That's where our immediately value comes from in my opinion.  If we would have beat CP to the punch, we would have had a blip of news about it. CP is adding the features of an alt chain to Bitcoin, that's the real story.

Don't get me wrong, of course I want to see turing complete scripting. I'm just adding my thoughts on where our real immediate value proposition lies.

Counterparty isn't doing any of that and their market cap is rising based on features alone. They have less marketing than Bitshares, they don't seem to have any on-ramps or off-ramps, and merchants don't seem to care about Counterparty.

It seems Turing completeness is being rewarded by the market in the case of Ethereum and not Counterparty. I agree with you for mass adoption you need these things but to attract the hardcore audience you need Turing completeness.
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Offline hpenvy

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Re: Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin
« Reply #16 on: November 12, 2014, 07:05:14 pm »
Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin

Quote
The limitation of Counterparty up to now has been that all of its smart contracts have had to be hard‐coded into the protocol’s reference client by a set of core developers (as is the case with Bitcoin itself). This means that the addition of new features has been much slower than it needed to be. The solution to this problem is to allow users to write their own smart contracts, which they (and other contracts) can execute whenever they want.
This is the basic model of Ethereum, which is a project to create a novel blockchain in addition to a programming language and virtual machine for the creation of smart contracts. But the development of a new blockchain is unnecessarily slow and risky. Instead of reinventing the wheel, we, the cryptocurrency community, should be making evolutionary, tractable improvements to Bitcoin itself, whenever possible.
Counterparty Contracts
With Counterparty Contracts, users may write Turing Complete smart contracts into the Bitcoin blockchain and execute their code on all Counterparty nodes. We’ve ported Ethereum’s language and virtual machine over to the Counterparty platform, using the pyethereum codebase. The result is hosted on GitHub and open for public testing. Today, you can take Turing Complete Ethereum code, or write your own, and run it on Bitcoin with Counterparty. Anything that one could ever do with Ethereum, one can now do with Bitcoin and Counterparty.

One of our primary focuses was around maintaining compatibility between the Counterparty and Ethereum contract language. This also maximizes the security of the system. Our success is reflected in the fact that our implementation passes 100% of pyethereum’s contract execution integration tests:
  ~/counterpartyd > py.test test/pyethereum_contracts_test.py -v -x
  =============================== test session starts ================================
  platform linux -- Python 3.4.2 -- py-1.4.25 -- pytest-2.6.3 -- /usr/bin/python
  collected 14 items

  test/pyethereum_contracts_test.py::test_evm PASSED
  test/pyethereum_contracts_test.py::test_sixten PASSED
  test/pyethereum_contracts_test.py::test_returnten PASSED
  test/pyethereum_contracts_test.py::test_namecoin PASSED
  test/pyethereum_contracts_test.py::test_currency PASSED
  test/pyethereum_contracts_test.py::test_data_feeds PASSED
  test/pyethereum_contracts_test.py::test_hedge PASSED
  test/pyethereum_contracts_test.py::test_post PASSED
  test/pyethereum_contracts_test.py::test_suicider PASSED
  test/pyethereum_contracts_test.py::test_reverter PASSED
  test/pyethereum_contracts_test.py::test_stateless PASSED
  test/pyethereum_contracts_test.py::test_array PASSED
  test/pyethereum_contracts_test.py::test_array2 PASSED
  test/pyethereum_contracts_test.py::test_array3 PASSED

  ==============================14 passed in 63.47 seconds ===============================
  ~/counterpartyd >
http://counterparty.io/news/counterparty-recreates-ethereums-smart-contract-platform-on-bitcoin/

Bitshares devs are going to be left behind. Not only has Counterparty snatched up Overstock support but now they've got Turing complete scripting. This would explain why the XCP price has been shooting up.

Can Bitshares devs accelerate plans for Turing complete scripting?

While this is fine and dandy:

- Getting a solid client
- Getting on/off ramps established
- Use cases for bitUSD with high risk merchants
- Marketing push on the above

That's where our immediately value comes from in my opinion.  If we would have beat CP to the punch, we would have had a blip of news about it. CP is adding the features of an alt chain to Bitcoin, that's the real story.

Don't get me wrong, of course I want to see turing complete scripting. I'm just adding my thoughts on where our real immediate value proposition lies.

Counterparty isn't doing any of that and their market cap is rising based on features alone. They have less marketing than Bitshares, they don't seem to have any on-ramps or off-ramps, and merchants don't seem to care about Counterparty.

It seems Turing completeness is being rewarded by the market in the case of Ethereum and not Counterparty. I agree with you for mass adoption you need these things but to attract the hardcore audience you need Turing completeness.

They are married to Overstock and the Bitcoin blockchain. It's apples and oranges in my opinion.  As BM said, there's opportunity for something like countershares. :)
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Offline Akado

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Re: Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin
« Reply #17 on: November 12, 2014, 07:06:34 pm »
wow, counterparty's marketcap caught me by surprise, wasn't expecting that tbh. im all in on bitshares but it seems we are slowly falling behind, I just hope it's all worth it in the end
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Offline luckybit

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Re: Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin
« Reply #18 on: November 12, 2014, 07:08:44 pm »
Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin

Quote
The limitation of Counterparty up to now has been that all of its smart contracts have had to be hard‐coded into the protocol’s reference client by a set of core developers (as is the case with Bitcoin itself). This means that the addition of new features has been much slower than it needed to be. The solution to this problem is to allow users to write their own smart contracts, which they (and other contracts) can execute whenever they want.
This is the basic model of Ethereum, which is a project to create a novel blockchain in addition to a programming language and virtual machine for the creation of smart contracts. But the development of a new blockchain is unnecessarily slow and risky. Instead of reinventing the wheel, we, the cryptocurrency community, should be making evolutionary, tractable improvements to Bitcoin itself, whenever possible.
Counterparty Contracts
With Counterparty Contracts, users may write Turing Complete smart contracts into the Bitcoin blockchain and execute their code on all Counterparty nodes. We’ve ported Ethereum’s language and virtual machine over to the Counterparty platform, using the pyethereum codebase. The result is hosted on GitHub and open for public testing. Today, you can take Turing Complete Ethereum code, or write your own, and run it on Bitcoin with Counterparty. Anything that one could ever do with Ethereum, one can now do with Bitcoin and Counterparty.

One of our primary focuses was around maintaining compatibility between the Counterparty and Ethereum contract language. This also maximizes the security of the system. Our success is reflected in the fact that our implementation passes 100% of pyethereum’s contract execution integration tests:
  ~/counterpartyd > py.test test/pyethereum_contracts_test.py -v -x
  =============================== test session starts ================================
  platform linux -- Python 3.4.2 -- py-1.4.25 -- pytest-2.6.3 -- /usr/bin/python
  collected 14 items

  test/pyethereum_contracts_test.py::test_evm PASSED
  test/pyethereum_contracts_test.py::test_sixten PASSED
  test/pyethereum_contracts_test.py::test_returnten PASSED
  test/pyethereum_contracts_test.py::test_namecoin PASSED
  test/pyethereum_contracts_test.py::test_currency PASSED
  test/pyethereum_contracts_test.py::test_data_feeds PASSED
  test/pyethereum_contracts_test.py::test_hedge PASSED
  test/pyethereum_contracts_test.py::test_post PASSED
  test/pyethereum_contracts_test.py::test_suicider PASSED
  test/pyethereum_contracts_test.py::test_reverter PASSED
  test/pyethereum_contracts_test.py::test_stateless PASSED
  test/pyethereum_contracts_test.py::test_array PASSED
  test/pyethereum_contracts_test.py::test_array2 PASSED
  test/pyethereum_contracts_test.py::test_array3 PASSED

  ==============================14 passed in 63.47 seconds ===============================
  ~/counterpartyd >
http://counterparty.io/news/counterparty-recreates-ethereums-smart-contract-platform-on-bitcoin/

Bitshares devs are going to be left behind. Not only has Counterparty snatched up Overstock support but now they've got Turing complete scripting. This would explain why the XCP price has been shooting up.

Can Bitshares devs accelerate plans for Turing complete scripting?

While this is fine and dandy:

- Getting a solid client
- Getting on/off ramps established
- Use cases for bitUSD with high risk merchants
- Marketing push on the above

That's where our immediately value comes from in my opinion.  If we would have beat CP to the punch, we would have had a blip of news about it. CP is adding the features of an alt chain to Bitcoin, that's the real story.

Don't get me wrong, of course I want to see turing complete scripting. I'm just adding my thoughts on where our real immediate value proposition lies.

Counterparty isn't doing any of that and their market cap is rising based on features alone. They have less marketing than Bitshares, they don't seem to have any on-ramps or off-ramps, and merchants don't seem to care about Counterparty.

It seems Turing completeness is being rewarded by the market in the case of Ethereum and not Counterparty. I agree with you for mass adoption you need these things but to attract the hardcore audience you need Turing completeness.

They are married to Overstock and the Bitcoin blockchain. It's apples and oranges in my opinion.  As BM said, there's opportunity for something like countershares. :)

I hope BM wasn't joking and they actually develop something like that. Counterparty if they get the momentum will be hard to compete with. A lot of people want to support the Bitcoin blockchain and a lot of companies are going to side with Counterparty just because it rides on Bitcoin.
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Offline CoinHoarder

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Re: Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin
« Reply #19 on: November 12, 2014, 07:19:43 pm »
Not the first turing complete scripting coin and definitely not the last.

Turing complete scripting will be a "vanilla" feature in a few months.. all "2.0" coins will have it.

Nxt, Qora, etc have AT. Now there's Counterparty. eMunie will have it, Bitshares, Ethereum, Bithereum, etc, etc.

Buy the rumor, sell the news as usual.
« Last Edit: November 12, 2014, 07:31:01 pm by CoinHoarder »
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Offline Ander

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Re: Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin
« Reply #20 on: November 12, 2014, 07:26:33 pm »
While we all marvel at the rise of Bitocin and Counterparty today, there is a piece of good news....

The only coin in the top 20 that is down today is NuShares. :D :D
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Offline CoinHoarder

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Re: Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin
« Reply #21 on: November 12, 2014, 07:27:58 pm »
While we all marvel at the rise of Bitocin and Counterparty today, there is a piece of good news....

The only coin in the top 20 that is down today is NuShares. :D :D

I've noticed Nushares volume is pitiful every time I check it. Not one day with over $50,000 in volume, most days with much less. I guess that's what you get when you "screen investors" and sell shares behind closed doors.
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Offline cass

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