Poker Chips 2.0: Digital Assets

What Is Vennd?

To properly understand Vennd, you first need to know a little bit about Counterparty and the Bitcoin blockchain. Bitcoin’s blockchain is like a ledger book that contains records of every Bitcoin transaction ever made. Just like a real ledger book, there’s “space in the margins” next to each line. Counterparty is notes scribbled in the margins of the ledger, meaning each action on Counterparty needs a Bitcoin transaction to ride on top of. Similarly, Counterparty addresses are Bitcoin addresses; you just need a compatible wallet (i.e. Counterwallet) to see and interact with your Counterparty assets.

Because of this, Counterparty is commonly called a “Bitcoin 2.0” platform. It builds advanced features on the Bitcoin protocol like contracts for difference, decentralised exchange, and asset issuance.

An “asset” is a token that can represent anything the issuer wishes to back it with: entry to a show, a bag of soy beans, even a gold or silver coin. Once an asset has been issued the owner commonly wants to sell it; this can be done manually, but it’s a labour-intensive task. The easiest way to scale past one or two dozen sales is to use Vennd.

Vennd detects Bitcoin or Counterparty assets entering your wallet, and automatically triggers a send of the asset you’re selling back to the wallet that made the deposit. It’s a lot like a physical vending machine – put money in, get goods or services out. The base code is freely available from our Git repo under the Unlicense. Contributed bug fixes and features are of course appreciated!


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