XCP Price Ignites after Counterparty Announces Ethereum Clone

[Yoni Johnathan Assia]

https://www.cryptocoinsnews.com/xcp-price-ignites-counterparty-announces-ethereum-clone/

Can anyone explain how this works? I didn't a good place to explain this yet.

Does this mean this can be implemented on coloredcoins as well ?

[Alex Mizrahi]

Can anyone explain how this works? I didn't a good place to explain this yet.

Counterparty works by scanning the Bitcoin blockchain for Counterparty messages and executing them to apply changes.

So they added another message type, which is associated with running an Ethereum script.

I.e. if counterparty encounters that script, it runs it using an existing Ethereum library.

So that's pretty much it. They say they added two opcodes which would let Ethereum scripts to work with Counterparty assets, but there are no actual examples of such integration.

Counerparty devs gloss over the fact that neither original Counterparty, nor this Ethereum-in-Counterparty are compatible with SPV, and thus people who aren't running full nodes will have to rely on trusted servers.

The real Ethereum will be much better in this respect.

Does this mean this can be implemented on coloredcoins as well ?

Well, colored coins use a model which is different from "let's execute this bunch of messages", so simply using Ethereum scripts is not an option. (Although I would not rule it out 

But implementing smart contracts of this kind is definitely possible, but might cost us SPV-ability.

Actually I wanted to describe how to do this for colored coins today, but haven't got a round tuit.

Briefly: functional color is a color which produces colorvalues of type `function` instead of normal scalar values.

We can then apply those functions to external data to get to actual amounts we are interested in.

We need consensus over external data. There are several options: 

 * using the whole blockchain (in the same way Counterparty does)

 * part of blockchain

 * trust-based

 * ???