What is counterparty XCP?

Could you please elaborate on what exactly counterparty XCP is? I understand it's related to cryptocurrency and finance, but I'm not entirely clear on its function, purpose, or how it operates within the broader ecosystem. Is it a token, a protocol, or something else entirely? How does it differ from other similar systems, and what sets it apart? Lastly, can you provide a brief overview of its use cases and potential benefits for those looking to invest or participate in the cryptocurrency space?