Counterparty (XCP)
Counterparty enables people to write smart contracts and execute them on the Bitcoin blockchain. By using Bitcoin's decentralized ledger network and Counterparty's built-in scripting language, real-world scenarios can now be transformed into code and executed automatically with no need for an intermediary.
Mining/Staking
The Counterparty token (XCP) is used to provide functionality where it isn't technically possible to use Bitcoin. For instance, XCP is the currency used to pay for the execution of all smart contract code. More generally, XCP represents stake in the Counterparty protocol, and is the voting currency for changes to be decided on by the community. XCP was created by "burning" bitcoins, which involved sending coins to an unspendable address in exchange for XCP (a "Proof of Burn"), in order to distribute the currency. In January of 2014, over 2,100 bitcoins were burned, creating about 2.6 million XCP.
Development Team
We couldn't really find much information about the development team.
Criticisms, Caveats, and Competitors
Perhaps the main criticism of Counterparty, other than the lack of information about their development team, is that the project is based upon the Bitcoin blockchain. Therefore, any limitations of that chain may engender limitations or technical challenges for Counterparty.
Additional Resources
The project's main website: https://counterparty.io
Link to Wikipedia Page: https://en.wikipedia.org/wiki/Counterparty_(technology)
Link to Reddit Community: https://www.reddit.com/r/counterparty_xcp
Link to Twitter account: https://twitter.com/CounterpartyXCP
Link to Team information: N/A
Link to data on Live Coin Watch: https://www.livecoinwatch.com/coins/XCP
Whitepaper: https://counterparty.io/docs/assets