Colored coins to paint revolutionary future for Bitcoin
Posted By : Kiran Bisht | 12-Jun-2015
Meni Rosenfeld, a contributor of the whitepaper on the subject, which is still in progress, explains a range of apps. Colored coins can be used to show physical assets, like a house, car etc. These coins can also stand for financial instruments like bonds and stocks, including interest-bearing assets.
Colored coins allow developers to build smart property on top of
Bitcoin is indeed a very useful thing, but it also has the potential to reform the whole world if bitcoin users could use it to issue bonds, shares or even design alt currencies on top of bitcoin; they would add incredible value to this revolutionary currency. This whole colored coin concept will completely democratize finance.
This system will bring revolution in the
Coinprism ( colored coins wallet for Bitcoin ) uses the Open Assets protocol; this is a protocol built on top of bitcoin to enable the exchange of colored coins, or bitcoins that have already been colored or modified to represent decentralized assets.
According to the experts, users don’t have to trust their bitcoins to a centralized exchange. Your ownership records ( to cheat, for instance) can’t be manipulated by companies. So basically, if anybody gives you an IOU, it is not at all a good idea to leave it with the person who has
This innovative concept would give bitcoins a huge advantage over traditional ways of sending assets.But like any other concept of bitcoin and
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About Author
Kiran Bisht
Kiran Bisht is a Blogger and a Web Content Writer. She's a landscape photographer and a travel aficionado who loves traveling to the great Himalayas.