Counterparty wallet review

Counterparty
Developed Ease of use,  High Privacy,  User Private Keys Stored

Counterparty is an open-source platform for peer-to-peer markets which allows users to create their own tokens . The platform is built using Bitcoin Blockchain. Built on same principles. The offer a decentralized exchange for tokens created on their platform. It designed primarily as a new sort of crowdfunding and voting app using Blockchain technology.

Counterwallet uses regular Bitcoin addresses and lets users store BTC, XCP and all Counterparty assets. Some of its most interesting features are the option to create and manage new tokens on the Bitcoin Blockchain, distribute profits to asset holders, monitor the Counterparty network statistics and create watch-only addresses.

Company / organization behind the wallets

Counterparty Foundation is a non-profit organization that has created the first protocol for decentralized financial tools, an open-source BTC toolkit. Their mission is to strengthen the Counterparty ecosystem by promoting innovation, decentralization, standardization and community participation. XCP, the native Counterparty crypto, was created through Proof-of-Burn and can't be mined.

Crypto Currencies Support

  • Bitcoin (BTC)
  • BitCrystals BCY
  • CounterParty XCP
  • Folding Coin FLDC

Language Support

  • Chinese
  • Danish
  • English
  • Russian

Supported Systems

  • Online Only

With Counterwallet, encryption is handled client-side, thus the passphrase, addresses and private keys never leave the browser. It also supports additional security features such as watch-only, multi-signature and Armory addresses plus a secure escrow system within BTC blockchain. It's important to note that if the user loses the passphrase, the access to wallet and funds is permanently lost.

Summary:

Security
Low
2 Factor Authentication
No
Multi-Signature
Yes
Private Keys Stored On
User
Storage Type
Hot storage
Transactions Validation
Centralized validation
Hierarchical Deterministic
No

What happens in the event of a disaster/theft/loss?

The user has a 'root key', 'recovery phrase' or 'word seed' that can be used to regenerate private keys.

Counterwallet is rather easy to setup and use, though, for some users, it appears to be a bit tricky when it comes to mining fees and blocks until expiration settings. The wallet has an intuitive design, yet it seems to be best suited for those having at least some basic knowledge on how Bitcoin Blockchain works and are frequently trading tokens that are issued on the Bitcoin blockchain directly.

Summary:

Counterwallet includes all the functionalities members of the larger Counterparty community would need, including the ability to make fee adjustments. Hot storage does not provide the highest level of security, but users have the option to add an address in an offline Armory wallet thus creating cold storage. Developers are working on Lightning Network and solutions to support SPV.

Ease of use
Developed
Suitable For
Techy’s
Account activation process
Simple
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Functionality:

  • Exchange coins crypto to crypto

Counterwallet uses regular Bitcoin addresses and lets users store BTC, XCP and all Counterparty assets. Some of its most interesting features are the option to create and manage new tokens on the Bitcoin Blockchain, distribute profits to asset holders, monitor the Counterparty network statistics and create watch-only addresses.

The wallet platform has built the exchange function in their own software and manages it locally.

Help and support:

  • FAQ section
  • Live chat
  • Counterparty Forum

Most common customer complaint:

transfer fees that keep growing