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BITCOINEX.XCP and the Counterparty Gateway

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Cryptonaut

Hey everyone!

Today, I am officially launching a new "proxy token" on Counterparty for BTC, called BITCOINEX (similar idea to XBTC, for those already familiar with it). This token may be used instead of regular Bitcoin for paying dividend payouts on tokens, as well as trading on the DEX (especially since native BTC trading is currently disabled on Counterwallet).

The code powering the BITCOINEX gateway / vending machine is all open source and can be found on Github here: https://github.com/tokenly/xcp-gateway . This code is mostly a proof of concept and is still being worked on (feel free to contribute), but it provides a nice alternative to vennd.io. Perfect for if you want to create a vending machine for your own tokens!

Additionally, as an extra bonus at launch, any bitcoin addresses which hold less than 0.01 XBTC will be receiving an air drop of the equivalent balance in BITCOINEX. The reasoning behind this is that many addresses have just a very small amount of XBTC that they have collected from various token dividends, but not enough to make it worthwhile spending bitcoin transaction fees in order to exchange them.

Ok, let's cut to the chase:

What is BITCOINEX?

BITCOINEX is a bitcoin "proxy" token used primarily for paying dividends etc. for other tokens. Mostly the same idea as XBTC.

Primary uses and advantages over BTC:

  • Can be used to pay dividends at a protocol level, avoiding the BTC dust size limit, saving on transaction fees and maintaining a record of dividends on the blockchain
  • Useful for faster/cheaper trading on the Decentralized Exchange (DEX), especially since regular BTC trading is currently disabled in Counterwallet
  • Can be used in ethereum style smart-contracts (once it goes live on main-net)

Core Features:

  • 1:1 exchange ratio for BTC. 1 BITCOINEX = 1 Bitcoin
  • 0.5 % fee for new deposits. For example depositing 1 BTC will give you 0.995 BITCOINEX. No fees are taken when exchanging BITCOINEX back into BTC
  • Accepts both BTC and XBTC for deposits, however will only give out BTC when exchanging back
  • Sends out tokens after just 1 confirmation (instead of the 4 required for XBTC)
  • Total existing supply of the token represents how much has been deposited into the system. For instance, if there is only 5 tokens in existence, but the vending machine has 0 tokens left and you deposit 10 BTC, it will issue 10 new BITCOINEX tokens, increasing the global supply to 15 total tokens. Tokens are recycled whenever possible, instead of constantly increasing the supply. This is in contrast to XBTC, which has 21 million tokens issued already (even though there will never be anywhere even close to that actually deposited or converted)

So how do I obtain some BITCOINEX?

Simply create a wallet on Counterwallet.io (if you haven't already created one), fund your address, and then send any amount of either BTC or XBTC to the official vending address:

1CoinEXLQtivDjckWMRBbhgVJk9RdwdYbR

After one confirmation, your BITCOINEX will be sent back to you (with the exception of if it needs to issue new tokens or not, in which case it may take a few blocks)

To receive real Bitcoin back to your address, simply send your BITCOINEX back to the vending address.

Projects actively using BITCOINEX

The following are projects or tokens which make use of the BITCOINEX token. If you want your project added to this list, post here or PM me.

Questions, concerns, issues/bugs with the vending machine.. let me know!

Chief Architect - Let's Talk Bitcoin!
Co-Founder - Tokenly
Owner - IronClad Web Technologies
BITCOINEX - SPECULATE - EARNFREEBTC - BOOKKEEPER - IRONCLADWEB
Adbit.co Bitcoin Advertising

4 likes
  • ikidesu

    How about XBTC holder? or SPECULATE holder? Their still get devidens/share? or replace to this new coin?

    LTB add: 1HxvB4kjjXC4xAMW9nt4FuQqtgzWEEUPbB

    Dogeparty: D8S4k5gmituVapGtWfsqNJHKfSKvXJFLwF

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  • blockscan

    This is a really neat and interesting idea. I especially like the fact that the total coins in circulation is equivalent to the total coins exchanged

    Cheers

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    1 like
  • blockscan

    Is the asset issuance handled programmatically? Meaning when BTC gets in the platform automatically converts to the tokens?

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  • Cryptonaut

    @blockscan Is the asset issuance handled programmatically? Meaning when BTC gets in the platform automatically converts to the tokens?

    Yep. Basically, if it runs out of tokens to send out, it triggers a new issuance for however much it needs and then waits until the issuance is confirmed before sending

    Chief Architect - Let's Talk Bitcoin!
    Co-Founder - Tokenly
    Owner - IronClad Web Technologies
    BITCOINEX - SPECULATE - EARNFREEBTC - BOOKKEEPER - IRONCLADWEB
    Adbit.co Bitcoin Advertising

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  • Rassmus74

    Good job!

    ReCyclix : https://recyclix.com/?id=e3c07f541fd4b1

    Eco Friendly Investment! Buy waste (you get 20€ for free to try it out). Process the waste! Sell it to a higher price. Real business, real company, factory in Europe. : http://ecorevenue.com/?id=e3c07f541fd4b1

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  • Cryptonaut

    quick update on the gateway source code. It now supports multiple gateways running off the same script, all you need to do is add in new entries to a config file. Also supports dynamic exchange rates on a per-token basis. Prices can be based off a JSON API response, a custom function, a counterparty feed broadcast or just a fixed price rate! Examples and such can be found in the README

    Chief Architect - Let's Talk Bitcoin!
    Co-Founder - Tokenly
    Owner - IronClad Web Technologies
    BITCOINEX - SPECULATE - EARNFREEBTC - BOOKKEEPER - IRONCLADWEB
    Adbit.co Bitcoin Advertising

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  • yampi

    I have a suggestion. How about a vendor that takes BITCOINEX and gives out XCP. The price could be taken from the most active exchange dealing BTC/XCP

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  • Cryptonaut

    @yampi I have a suggestion. How about a vendor that takes BITCOINEX and gives out XCP. The price could be taken from the most active exchange dealing BTC/XCP

    yep, something like this will be coming soon!

    Chief Architect - Let's Talk Bitcoin!
    Co-Founder - Tokenly
    Owner - IronClad Web Technologies
    BITCOINEX - SPECULATE - EARNFREEBTC - BOOKKEEPER - IRONCLADWEB
    Adbit.co Bitcoin Advertising

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    0 likes
  • guillaume.bonnot

    Sounds great ! I just received the airdrop, so I came here tot take a look. Do you plan to publsh proof of reserves ? Because ATM, the vending machine adress holds only 1.39032241 BTC but there are a total of 1.92556095 BITCOINEX. Where are the remaining 0.53 BTC ? Full transparency should be achieved in order to compete in this trustless environnement ;) Good Luck !

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  • Cryptonaut

    @guillaumebonnot Sounds great ! I just received the airdrop, so I came here tot take a look. Do you plan to publsh proof of reserves ? Because ATM, the vending machine adress holds only 1.39032241 BTC but there are a total of 1.92556095 BITCOINEX. Where are the remaining 0.53 BTC ? Full transparency should be achieved in order to compete in this trustless environnement ;) Good Luck !

    Thanks! Actually, the full reserve can be seen right on the address if you check it out on blockscan. See here: http://blockscan.com/address/1CoinEXLQtivDjckWMRBbhgVJk9RdwdYbR

    Total BITCOINEX in existence: 1.92556095

    Vending address balances:

    • BTC: 1.39032241
    • BITCOINEX: 0.23163337
    • XBTC: 0.3046973
    • Total: 1.92665308
    • Difference: +0.00109213

    XBTC is another token which is the same kind of idea, exchangeable 1:1 with BTC. I will be exchanging the current amount held back into regular bitcoin soon.

    Chief Architect - Let's Talk Bitcoin!
    Co-Founder - Tokenly
    Owner - IronClad Web Technologies
    BITCOINEX - SPECULATE - EARNFREEBTC - BOOKKEEPER - IRONCLADWEB
    Adbit.co Bitcoin Advertising

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