Coinprism is a free of charge online Bitcoin wallet and Token platform that enables users to store and develop their own coin. Coinprism is based on the Open Assets Protocol . Bitcoin’s scripting language allows to keep small quantities of metadata on the blockchain, which may be used to symbolize asset manipulation instructions. As an example, we can encode in a Bitcoin transaction that one hundred units of a brand new asset had been issued and at the moment are credited to a given bitcoin cope with. a colored coins wallet can create a Bitcoin transaction that encodes sending 50 gadgets of an asset from one deal with to a new cope with, and so forth.
Coinprism enables anyone to “color Bitcoins” through a process of tokenization. Users can create, issue, these Colored Coins over the Bitcoin network. Each of these Colored Coins can represent anything: such as securities, commodities, bonds, stocks, smart properties, precious metals, other currencies (such as dollars, pounds or euros), other crypto-currencies, and anything the user or creator might think of.
In order to understand a little more about this new coloring process as well to know more about the Open Assets Protocol we had a chat with the project founder Flavien Charlon .
NewsBTC – How did you get involved with colored coins and the Coinprism Project?
Flavien – I first heard about colored coins at a Bitcoin conference in 2013. I started to think about all the interesting use cases they would enable. At the time, colored coins were merely a concept. While there were discussions around it, there was no viable implementation of it. This is when I decided to work on a colored coin standard, now called Open Assets. We then built Coinprism itself which was the platform end users would use […]
