Last week, we launched the first Colored Coins web wallet Coinprism in closed Beta. We are now starting this blog, to post news and updates about Coinprism and Colored Coins.
Coinprism is similar to other Bitcoins web wallets, in particular Blockchain.info, except you can store, issue, send and receive colored coins and not only normal Bitcoins. The site is currently in closed beta, and on the Testnet blockchain. We will make sure to let you know through this blog when we are officially launching Coinprism.
The concept behind Colored Coins:
Colored Coins allow you to store any assets on the Bitcoin blockchain. You can for example use them to represent shares, another currency (USD, EUR, etc.), another crypto currency (BTC, LTC, etc.), but also smart properties, which then means you can store a house, a car, an ounce of gold, well anything you can think of on the Bitcoin blockchain!
There are many interesting applications to Colored Coin. You could for example have an IPO on the blockchain by issuing shares as a colored coins, and send them to your shareholders. The shares can then be traded almost instantaneously and for free through the Bitcoin blockchain. You could also use Colored Coin to store your house on the blockchain by issuing a single coin, then the ownership of the house can be transferred with a simple Bitcoin transaction. But again, there are hundreds of use cases, and we’ll make sure to share them with you through this blog.
If you want to get a high level overview of Colored Coins, we recommend watching the below video. You can also read some FAQs from the coloredcoins.org website. And If you are interested in the colored coin protocol we are using, you can have a look at this specification.
The Coinprism Team
Finally, if you are wondering who we are, we are the team behind the Bitcoin prediction market Predictious, which we launched in July last year.
Please don’t hesitate to contact us with any question from here.