Announcing Colorcore: an open source wallet for Open Assets

We are glad to announce the release of Colorcore: an open source colored coin wallet compatible the Open Assets Protocol and Coinprism.

We are also releasing the openassets Python library for developers who want to integrate colored coins. This library is also available on PyPI (PIP), and will act as the reference implementation for Open Assets. Colorcore itself is based on that library.

What can I do with Colorcore?

Colorcore lets you:

  • Issue you own coins
    Anybody can issue their own coins. It only takes a single Bitcoin transaction. The only fee you have to pay is the Bitcoin transaction fee (which can be zero), which makes Colorcore much more efficient than alternatives which have additional fees for issuing assets.
    Also, you don’t need to buy any intermediary coin (like XCP) since colored coins work directly on top of Bitcoin.
  • Send and receive assets
    Use your address to receive assets from other people. You can also send assets, again for the price of a standard Bitcoin transaction.
  • Manage crowdfunding campaigns
    Finally a way to manage a truly decentralized crowdfuding campaign. You don’t have to trust a complex and limited exchange protocol, the “distribute” feature creates standard Bitcoin transactions. This is the same process as the one we’ve recently introduced in Coinprism.

Every asset created or exchanged using Colorcore are visible on the coinprism.info block explorer, and can be sent to a Coinprism wallet.

Installation and dependencies

Colorcore does not connect to any external service. All it needs is access to the Bitcoin blockchain, via Bitcoin Core. Therefore in order to run Colorcore, you need Bitcoin Core running with RPC enabled and the -txindex=1 -server=1 flags.

Follow these instructions to install Colorcore:

  • Windows users: make sure you have Python 3 and pip installed on your machine
  • Run the following commands:

  • Edit the config.ini file with the username, password and port for your local Bitcoin Core instance (rpcurl setting).

You are now ready to run Colorcore.

How to use it?

Get your balance

Run the following command to get your balance:

getbalance

All the addresses with a non-zero balance on your Bitcoin Core wallet will be displayed. The ‘assets’ field will show how much assets you have. If you don’t have any asset, it will be empty. Each asset has a ‘assetAddress’ field as well as a ‘quantity’ field. ‘assetAddress’ is what identifies the asset. It is cryptographically secure, and it is impossible for two people to be owner of the same asset address. ‘quantity’ is an integer indicating how many units of that asset you own.

Create your own asset

First, you need to create an address in Bitcoin Core. This address will represent your asset, and the private key associated will be required for any issuance of the asset. Note that the protocol supports multi-sig addresses for issuance, though that is not implemented in Colorcore 1.0.

Run the following command on bitcoind (not Colorcore):

This will generate a private key and return the address. Make sure your wallet.dat file is properly backed up.

Now transfer a small amount of bitcoins (0.0002 BTC is enough) to that newly created address.

Run the following command to issue one million colored coins:

You can issue up to 9,223,372,036,854,775,807 colored coins at once. Unlike older colored coins implementations, you only need 0.000006 BTC for issuing coins, regardless of the quantity you want to issue.

This command will return a transaction hash. You can look up that transaction hash on the coinprism.info block explorer.

You may also like...