A barrel of wine that is worth $100, represented by 10 wine tokens, is created with Counterparty. Alice owns 90% of the barrel(9 wine tokens) and Bob owns 10%(1 wine token). Carol wants to physically own the barrel and is willing to purchase the barrel for $100, but she only has USD. How does Carol purchase the barrel?
A wine manufacturer (Party A) gives company (Party B ) a barrel of wine to sell with an agreement that Party A gets 50% of the sale and Party B gets 50% as well. Party B creates tokens which represent the barrel. Party C comes along to purchase the barrel, but like Carol in the previous example, only has USD to spend. How do Party B and Party C transact?
What are all the ways ownership of an asset may be represented forever on a blockchain? In Scenario 2, e.g., would it be possible for Party B and Party C to transact on the blockchain without Party C needing BTC/XCP, and if so how? If Party C is able to purchase the asset without owning BTC/XCP, how can this asset still be represented on the blockchain in the future?
If Alice and Bob are both marketing their tokens, Carol could buy them from them.
Otherwise Carol would have to find a way to contact them. Presumably, if the pair were willing to sell that barrel, there would be a way to find them, and I would think they wouldn’t try to make it hard on customers (i.e. Alice wouldn’t split the barrel with Bob, because that makes it harder to sell it).
But anyway, assuming Carol has only USD, she would have to buy BTC and then
WINE via a vending machine (e.g. Tokenly’s or CoinDaddy’s). Carol could - if she were at the same location and the both sides agreed - buy
WINE for US$ from Alice and Bob (but I don’t think you’re asking about this scenario).
In here Party B - if they create tokens representing the barrel - would sell
BTC just like in Scenario 1).
XCP is needed only to issue
WINE token, not to pay for anything. The
WINE asset, once issued, is recorded inside of the bitcoin transaction in which Counterparty-specific code was inserted, and becomes part of the bitcoin blockchain forever. The transaction in which 10
WINE was bought by Carol or Party C would also be recorded on the blockchain.
See examples of Tokenly’s Swapbot in action - https://letstalkbitcoin.com/services