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by Nate Urbas

Crypto Trader, Bitcoin Miner, Holder. 🚀🌑


Counterparty Wallets

(1 reviews)
(1 reviews)
Site Rank: 31

Counterwallet is a web-based wallet for Counterparty. Counterparty is a protocol built on top of the bitcoin blockchain which is completely open source and allows users to create and trade digital tokens. Counterparty also enables users to write smart contracts. The wallet can be used to store and trade Counterparty's native token, XCP. It can also be used to store and trade bitcoin and any counterparty created tokens. Examples of Counterparty created tokens include Storj and Bitcrystals. There is no support for fiat currencies. All transactions completed with the Counterwallet are signed with the device you are using and private keys are not stored on the Counterparty servers. Any information which is sent to the servers is encrypted.

Counterwallet is a hierarchical deterministic wallet. The code is open source which allows the security to be assessed and the code to be adapted. There is no multi-signature functionality. There is no option for users to enable two-factor authentication which is typically an option with other wallets. Users can access their wallet from any device using there passphrase.

Counterwallet is built to be user-friendly. As a standalone wallet option, Counterwallet is not ideal as there are competitors with better features. However, the wallet is built to address the specific needs of Counterparty's users and addresses these needs well.

Pros & Cons
  • The private key is stored on the users device
  • Supports bitcoin, XCP, and any Counterparty created tokens
  • Hierarchical deterministic
  • Any information sent to servers is encrypted
  • The code is open-source
  • There are competitor wallets with more and better features
  • No multi-signature functionality
  • No option for users to enable two-factor authentication