ColoredCoins protocol proposal by Colu - June 24, 2015
The Colored Coins team at Colu has been working over the past six months on creating a new proposal for a Colored Coins implementation, on which we are releasing today with its open source code.
Colored Coins is an open source bitcoin 2.0 protocol that enables developers to create digital assets on top of bitcoin Blockchain utilizing its functionalities beyond currency.
The concept of a colored coin is to represent a real world value of an asset in its digital form. This value must be tied to a real-world promise by the asset issuers, that they are bound to honor and redeem the actual value of those digital tokens in the real world when the owner wish to reclaim them.
Colored Coins are created by attaching metadata to a fraction of Bitcoin (Bitcoin dust) in a transaction and can be used to issue Financial assets (securities like shares, commodities like Gold or new currencies), prove of ownership (A digital key to a house, a concert ticket etc.), store records (Documents, Certificates) or create smart contracts.
Learn more about ColoredCoins
Automatically storing metadata that can be freely accessed and verified in torrent files. The metadata size is unlimited and can contain information like: track record, history, description, validity or any information the issuer finds relevant.
Powerful Rule Engine for issuing digital assets with various capabilities:
specific time limitations, access abilities to authorised holders only, additional fees on specific address and limited permission to issue more of the same asset.
Adding endless amount of metadata on every transaction is available not only during issuance, but also in future transactions after the asset was issued.
We Would be more than happy to hear from you