One of the major news items (so far) this month has been Overstock.com’s plans to launch a crypto stock exchange named Medici. As part of those plans, the online retailer (which begun accepting bitcoin at the beginning of this year) hired developers from Counterparty to make the exchange platform happen.
Counterparty is a peer-to-peer, decentralized platform that allows its user base to “create and trade their own tokens for bitcoins and XCP,” in addition to speculating and hedging against currencies, commodities, and more.
And they’re planning to aid in their own future growth with the launch of a little something called the Counterparty Foundation.
“With the development of a healthy user base and industry around Counterparty, we have been receiving requests for enhanced structure and services, especially from Counterparty-based businesses,” remarked Robby Dermody, a co-founder of Counterparty.
“While Counterparty has been funded out of our savings up to this point, many of these businesses are willing to contribute funds that would allow for the long-term sustainability of the project, along with a more democratic and inclusive process moving forward.”
So – what exactly is the purpose of such a Foundation?
Well, according to Monday’s announcement, the formation of the Foundation will do a couple of things. For starters, it will ensure the long-term viability of the Counterparty protocol. It will also preserve Counterparty’s community-driven and open-source nature, in addition to encouraging further development in the Counterparty ecosystem.
Law firm Perkins Coie will help out in getting the Foundation going, and when they do, all of Counterparty’s intellectual property rights will be transferred to the Foundation.
On the Foundation board will be members of the Counterparty community, in addition to companies that are organizing themselves around the platform.
As a means of generating revenue, the Foundation offer consulting services and an industry partner membership program.