Many people have jumped on the Counterparty platform, as it is the first easily-accessible way to create tokens that leverage the inherent security of the bitcoin blockchain. For example, the Let's Talk Bitcoin! ecosystem is currently run on a Counterparty asset called LTBcoin. While the Counterparty protocol is relatively cheap to use, the costs add up when there is a lot going on. That is because each transaction requires sending Bitcoin and enough in miner's fees to make sure the transaction is recorded to the blockchain. Thus, any time you send a Counterparty token, you need to send a base level of Bitcoin. Recently, the Counterparty developers decided to create a version of their protocol that would live on the Dogecoin blockchain. That not only reduces the transaction fees to less than 1% of those running on the bitcoin blockchain, it also allows for much faster transactions. Now, anyone who wants to experiment with asset creation on the Counterparty protocol can do so for pennies!

The Dogeparty protocol uses XDP as the native unit for the system, instead of XCP used for Counterparty. If you want to create your own assets, you need XDP, plus some Doge (as you must send Dogecoin to carry the data for the Dogeparty transaction). Because the Dogecoin protocol just launched, the "burn" period is still in effect, so you can acquire XDP by using the Dogeparty Wallet to send Doge to a specific nonrecoverable address. I've seen this process interpreted as a nonsensical wasting of Dogecoin, as an artificial attempt to prop up the overall Doge platform. But that overlooks the fact that people are converting their Doge into XDP, because they believe in the potential of the Dogeparty platform. After seeing how well Counterparty has worked on the bitcoin blockchain, it is not surprising that there is excitement about Dogeparty, even for people who have never been involved with Dogecoin.