A coloured coin is a UTXO that has been agreed to represent a separate asset or obligation that must be enforced in law if the transfer is not honoured. The coin must be large enough to be capable of transfer but unlike normal bitcoins, the transfer does not constitute the entire settlement. Mar 16, · The great thing about colored coins, smart contracts, etc. is that it's possible to make digital representations of contracts that have the same sort of properties as Bitcoin. But remember that any time you have a contract, you have counterparty risk. So this is all contingent on people not breaking their promises to honor the contract. Notes: Technologies not using the Bitcoin Blockchain (such as Ethereum, NXT or BitShares) are not presented here.. Counterparty and Mastercoin have features that are not represented here, for example, Counterparty has support for P2P betting and and soon smart gasthausamflughafen.der this page only compares features related to user-issued assets and their management.
Colored coins bitcoin counterpartyColored Coins, What They Are and How They Work On The Bitcoin Blockchain - gasthausamflughafen.de
Colored Coins also enable people to create smart properties. A deed for a house can be represented on the Blockchain as a colored coin. The owner of that coin is then the legal owner of the house. Transferring ownership of the house becomes as simple as making a Bitcoin transaction. Undoubtedly there are. Going along with the not enough choices, you can have assets sent to any BTC address, you need to generate an asset address to receive them, but any BTC address can hold colored coins.
The downside to this is that because colored coins are designated by a transaction and special data on the blockchain, if the transaction that holds a colored coin gets used to send funds that coin then gets destroyed. In your opinion, how important is the Colored Coin protocol for the further development of Bitcoin 2. Personally I think that anything that expands the blockchain and makes it more relevant and easier to use is very important to Bitcoin and the future of Crypto in general.
As far as I can tell this is the first of its kind in the crypto economy. There are plenty of POS pools but they only pay you based on the exact coin you sent in to their wallet. Payouts are done weekly via colored coins and btc directly to the btc address holding the asset.
Dividends are paid weekly based on the coins that have been earned from staking over the past week. There are currently three ways to get involved.
The first step is to get a wallet that is color aware. To get involved one can send BTC to the asset address we have published on our webpage and our official forum thread. They could also purchase direct from our shop via a variety of crypto coins. They can send coins to the addresses we have published on our site and then send me an email or a pm on gethashing and I will tally up what they sent and issue an equal of shares.
To be honest, I am not sure. The only other colored coin I can speak to is GHX by the team at gethashing. That is a bit like comparing apples and oranges.
The advantage I can see is a diversification into the varied alt coins in the wild. While Colored Coins have a long way to go, there is already a large number of potential uses. As the number of color-aware wallets increases, the ease of use will also increase. As Ryan stated, it is possible for noncolor-aware wallets to destroy Colored Coins by spending them. As the Colored Coin protocol expands, it will be less likely that users will accidentally destroy assets through noncolor-aware wallets.
CSC seems like a pretty awesome use of Colored Coins and is a great example of a great use for the protocol. I wouldn't say other systems that do require their own currency for this are flawed, it's how they decided to do things, as karask noted.
Counterparty's approach emphasizes the use of BTC while XCP have been only where necessary at least that's been the case so far. Sign up to join this community. The best answers are voted up and rise to the top. Ask Question. Asked 4 years, 10 months ago. Active 3 years, 11 months ago. Viewed times. Active Oldest Votes. Yes, something on those lines.
EvilDave EvilDave 21 2 2 bronze badges. Unfortunately, fees are part of the protocol and cannot be avoided. Hope this helps. Clement J. FedFranz FedFranz 4 4 silver badges 15 15 bronze badges. Sign up or log in Sign up using Google. Sign up using Facebook. Sign up using Email and Password. Post as a guest Name. Email Required, but never shown. The Overflow Blog. Podcast What can you program in just one tweet? Ciao Winter Bash !
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