Launching the first mobile wallet for Colored Coins

Coinprism for AndroidWe 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.


Get it on Google Play

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  • Hampus Sjöberg

    Very cool! Downloading right away.

    Of topic question, how does unconfirmed transactions work with Colored Coins? And is transaction confirmed (by miners) just as with normal bitcoins?

    • flaviencharlon

      This works exactly the same way as with regular Bitcoins. They are confirmed by miners the same way as Bitcoin transactions.

      • Hampus Sjöberg

        Ah great, thank you for the answer.

  • Odditor

    what is the time frame normally for unconfirmed transactions? I just tested sending some colored coins to the mobile app from coinprsm.com and they have been unconfirmed for about 20 minutes.

    A few suggestions….Hopefully a pin lock is coming to the app, after sending coins from the app it would be nice to clear the transaction field. Currently the address sent to and the coin amount remain in the fields and could result in sending the same amount twice…

    • flaviencharlon

      > what is the time frame normally for unconfirmed transactions?

      Same as regular Bitcoin transactions, usually 10 minutes, but that really depends on the miners. It will also take longer if you don’t pay fees.

      > A few suggestions….Hopefully a pin lock is coming to the app, after sending coins from the app it would be nice to clear the transaction field. Currently the address sent to and the coin amount remain in the fields and could result in sending the same amount twice…

      Thanks for the suggestions, we’ll look into that.

  • http://www.google.com/profiles/starodubcev Dima Starodubcev

    You are awesome guys!

  • Alain

    I had the opportunity to test it intensively but for an unknown reason the transaction time takes a while. In addition, while we are waiting the confirmation the asset is not balanced/updated in the recipient wallet… Here is one example transaction : https://www.coinprism.info/tx/3a6bf30eba0f24c537db541a0c52487eb6d5d111c649f37892dc0295e0c03145

    For this transaction, I sent 32’000 chegue from the sender client. This is reflected in the wallet, but for an unknown reason, it does not show the same amount in the transaction (320 in lieu 32’000).