Where is the counterparty ledger and how can I see it?

So I am trying to understand a bit better how counterparty works.

I was able to use counterwallet to buy some XCP and create some assets, pay dividends etc. I’ve used the DEX and it sometimes worked.

What i am trying to understand is the ledger.

I understand the way bitcoin works. Every transaction is in a ledger and can be verified this way. I don’t understand how the ledger works for counterparty. Given how counterparty runs on top of bitcoin how can we check the status of counterparty transactions. I.e. What is the counterparty network etc. Is this all just managed by bitcoin, i.e. are the bitcoin miners doing everything here or is there something else.

Is there a description or can someone explain it to me? Currently i just feel like a dumb user. That knows how to use some of this but does not quite understand what is going on.  I was able to see some transaction in the bitcoin history but its hard for me to for instant figure out how many assets are owned by address x.