Poker Chips 2.0: Digital Assets

http://www.vennd.io/

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!

contact@vennd.io

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