The State of the Counterparty Project


#1

This forum thread is being added here in order to convey the state of the Counterparty Project to any who have an interest. Recent discussions and individual decisions has resulted in the need to transparently summarize an important change to how the Counterparty project will proceed.

Foundation Dissolvement

It is in the best interest to dissolve the “foundation” and all members who were voted as foundation directors have either agreed or have already excused themselves. The following decisions represent the foundation’s final voting consensus:

  • Foundation agrees to pay outstanding debts (Devon=$5,786.30, Rebekah=$750).
  • Foundation will return general funds to those who request in next 60 days (only to those who can prove they donated). Please send requests to refund@counterparty.io to start the process.
  • Any remaining funds left in the general fund after 60 days will be applied towards future CIPs.
  • Foundation is no longer a legal entity and there are currently no plans to renew the foundation entity.
  • Counterparty now operates as an open-source project with no foundation or general fund.

This change is effective immediately.

Hired Developers

Devon Weller (@deweller) was the only paid developer and will no longer continue working on Counterparty (BTC) as a paid or volunteer developer. His decision is understandable, respected and accepted. Devon has been an invaluable resource since the project’s beginnings and especially in the last several months with critical high quality contributions. Thank you, Devon and good luck on your next challenge.

The project will continue as an open source software project and anyone is able to participate as a volunteer or get paid with bounty funds as per CIP8

Any discussion regarding this announcement can proceed here and I will refrain from adding personal comments in this OP.


#2

I just want to say that I appreciate the opportunity to work on this project over the last few months. There is a hard-working and dedicated group of core community members here.

Although I am stepping down from my official roles in the project, I hope to continue help out on a volunteer basis as I am available.


#3

Thank you @sull and @dweller. Thank you to @jdog also for all that you do. It’s been a fun ride and hope to continue to help this amazing project as much as possible.


#4

I would have hoped that the Foundation would have voted to right itself with the State of Delaware, take control of its General Fund, take control of its official domains, and fill empty seats. It’s a shame that the Foundation has dissolved rather than pay the $300 or so it owed in back taxes. (Edit: You have to pay the taxes to dissolve a DE corporation. Please address in who’s best interest this action is?)

In the past, it has been a reliable way to maintain important project assets and resources, like the official website and wallet. That stability is really a benefit to the community and project. I don’t think this announcement properly addresses the future of those assets and resources.

What about the matter of the official website (counterparty.io) and the official wallet (counterwallet.io)?

If there is no Foundation, who will be custodian of the funds? I expect the remaining funds will greatly exceed all of the CIP bounties to date, combined. It’s around $240k right now, before refunds.


#5

Also, it would be more appropriate to title this post, “The State of the Counterparty Foundation”.


#6

I think it would be worthwhile to explain the process that is happening in terms of refunds, the OP doesn’t mention the address (18BfbQ8kXcL8dwjYmX5fhyZs1YefxLFHG9) that is holding funds, for example, which may not even be the address that people donated funds to originally.

I noticed that a 2500 XCP refund was given in the last day: https://xchain.io/tx/1155600 which is nearly $156,000 at current prices and it was instantly transferred to an exchange.

What was the burden of proof required for that refund, as 18BfbQ8kXcL8dwjYmX5fhyZs1YefxLFHG9 never received funds from the refund address 1FpqXdddcdkT4AZo6uY93biF59XBxDycnx…


#7
  1. The only address which has ever been the Counterparty ‘General Fund’ is 18BfbQ8kXcL8dwjYmX5fhyZs1YefxLFHG9

  2. The process for requesting a refund is listed above, send an email to refund@counterparty.io

  3. All refund requests are manually verified, fully documented, and will hold up in any court of law.

  4. The majority of the XCP donated came from 2 donors (2,500 from robby, 2,121 from anon donor)

  5. Robby Dermody made a donation of 2,500 XCP 7 months ago from bittrex and requested a refund yesterday.
    Announcement - https://gist.github.com/robby-dermody/96afaff21791e7a66ae55475beaad64c
    Donation - https://xchain.io/tx/963952
    Refund - https://xchain.io/tx/1155600

This should clear up your above questions about refunds, burden of proof, and the general fund address.


#8

What about this address here:
https://xchain.io/address/14Tf35AovvRVURzd623q5i9kry2EW8WzyL

It’s listed on the bounties page of the documentation and on the bitcointalk announcement thread.
https://bitcointalk.org/index.php?topic=395761.0
https://counterparty.io/docs/bounties/

0.63042580 BTC ($9,748.02)
700 XCP ($42,570.29)