Colored Coins, What They Are and How They Work On The Bitcoin Blockchain
Colored Coins is an advanced application of Bitcoin’s blockchain. The protocol is considered to have Bitcoin 2.0 properties, as it expands the use of Bitcoin’s blockchain. Colored Coins are tokens that are marked to represent real world assets. They can be used to prove ownership of cars, real estate, precious metals, etc., and are pretty easy to issue. While there aren’t very many cryptocurrencies that are Colored Coins, the ones that are colored offer some interesting features. The most common use of Colored Coins is for companies that wish to host an IPO. Setting up an IPO with Colored....
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The colored coins space is certainly heating up with leading start-up Colu raising $2.5 million from large investors such as Aleph, Spark Capital and BoxGroup. The growth in the space has not been lacking in innovation. Start-ups such as Shocard, which aim to replace cumbersome bank processes to GetGems – a blockchain based social media platform are proof that new, out-of-the-box uses for the blockchain are yet being discovered by the day. In a recent paper titled, “Watermarked tokens and pseudonymity on public blockchains”, Tim Swanson of R3 CEV highlighted the main pain points of using....
March 22, 2014 (Dublin, Ireland) - The Irish company behind the Bitcoin prediction market Predictious is announcing the private beta launch of a new colored coin web wallet Coinprism. Colored coins use Bitcoins to represent other assets and store them on the Bitcoin Blockchain. Colored coins can be used to represent anything, such as stocks, bonds, smart properties, securities, precious metals, commodities, other currencies (such as dollars, pounds or euros), and even other crypto-currencies. A company which wants to do an IPO can do so with colored coins in a matter of minutes and....
Bitcoin is a useful way to exchange money, but what if you could do other things with it? If bitcoiners could use it to issue shares, bonds and IOUs, or even to create alternative currencies atop bitcoins, they could add even more value to this innovative cryptocurrency. Bitcoinx, a community wanting to "democratize finance," is hoping to facilitate just that, with a concept called "colored coins". Colored coins is a concept designed to be layered on top of Bitcoin, creating a new set of information about coins being exchanged. Using colored coins, bitcoins could be "colored" with specific....
Though by far the most visible, the recent debate over bitcoin's maximum block size isn't the only area where the technology's decentralized decision-making processes can result in impediments to further development. The colored coins community, for example, recently attempted to consolidate its efforts in a bid to encourage more developers to use the bitcoin blockchain as a vehicle for asset transfer. However, the attempt to merge the best of the sector's offerings to support this goal, started in late 2014, has ended without consensus. As a result, ColoredCoins.org today released a new....
Coinprism is brining colored coins to Android users via a new mobile wallet it describes as the first crypto 2.0 standalone wallet. The Coinprism platform allows individual users and companies to create and issue colored coins, which can then be used as loyalty points or tokens to denote a range of physical and digital goods and services. Colored coins are bitcoins marked with certain properties to reflect digital or physical assets, and can also be used at various events for voting, tipping and more. Flavien Charlon, founder of Coinprism, explained the potential applications of the....