Cool so many great replies. I saw the wallet looks a little complicated to set up, but I can't imagine it's much more complex than
Nxt's wallet. The new online webwallet coming out seems almost exactly like a Nxt brainwallet.
When the online wallet launches tomorrow does it work standalone or do I need to have things installed on my computer for it to work?
I've also read you need to install bitcoind. I've always used Multibit for BTC so I don't have to download the blackchain.
Do I need to have bitcoind to use counterparty?
Also, is counterparty considered POW or POS?
For the counterwallet, you don't need to install any thing on your computer. Just create a complicated passphrase and remember it in your brain.
Counterparty is based upon PoB - Proof of Burn concept. You can check the total XCP created during the burning period here:
http://blockscan.com/burn.aspx