Counterparty is a Bitcoin-based smart contract platform focusing on financial applications. The platform includes a functioning decentralized cryptocurrency exchange and allows users to create native assets. The platform token, XCP, is used to create new assets and fuel smart contract execution. New XCP is issued through a proof of burn process, where BTC is sent to a non-spendable address. Counterparty supports Solidity, the native smart contract language of Ethereum. The network launched in early 2014, with development coordinated by the Counterparty Foundation.