We are happy to be announcing today the release of Coinprism for Android, the first mobile colored coins wallet.
With Coinprism for Android, you will be able to store, send and receive colored coins from your mobile device. It is important to note that it doesn’t require any sign-up on Coinprism or any service. The wallet will generate an HD seed as you start it up for the first time. From then on, the key will be stored encrypted on the device.
The application can be used by merchants to accept payments in colored coins. You could imagine paying your coffee in gold. You could also imagine automatically receiving loyalty points when shopping in Bitcoin in store. Another interesting use case is the ability to use colored coins to vote: organizers of a conference could distribute colored coins to attendees, and the attendees could then vote with their phones during the conference using the colored coins. This can be done with Coinprism today in just a few minutes, and at no cost.
The critical part about mobile payments is the ability to process unconfirmed transactions. You don’t want to have to wait for 10 minutes (sometimes more) to get your coffee. The Open Assets protocol, used by Coinprism, is able to process unconfirmed transactions. As usual, there is a small risk of double-spend for the merchant, but this is extremely rare in a face-to-face transaction (similar to paying for a coffee with counterfeited bills). In absence of double-spend, the merchant is guaranteed to receive the funds. This is how vanilla Bitcoin transactions work today, and Open Assets transactions use the exact same mechanism.
Other systems like Counterparty and Mastercoin cannot process unconfirmed transactions. With those protocols, there is a risk of a transaction being cancelled before confirmation even if there was no double-spend. This is a serious limitation for face-to-face payments, and it is probably why those platforms don’t (and won’t) have a mobile wallet.
Coinprism for Android is free and available on any Android phone or tablet running at least Android 4.0.3.