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Author Topic: ChromaWallet (colored coins): issue and trade private currencies/stocks/bonds/..  (Read 96870 times)
cbeast
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July 05, 2014, 06:25:26 PM
 #501

Colored coin may help solve the IP dilemma.

Let's say I create an original digital image and want to sell a limited set of copies online.
1. Starting with the uncompressed original I use the image to create a SHA256 hashed Bitcoin address.
2. I then take that address and embed it into a slightly compressed copy.
3. Then I send some bitcoins to that address to issue colored coins.
4. I sell the compressed copy along with a corresponding colored coin using p2p trade on my Deviant Art website.

The copies and coins are part of a limited set issued by the author. I understand that copies of the art will be pirated, but the colored coins cannot. They can be used to prove ownership of a copy with the colored coin. If anyone wishes to buy a copy and ensure that it is a legitimate copy, they need only buy it on auction by placing a buy and having it accepted or accepting an existing offer.

Software can be done the same way. Make it easy to copy and use, but if anyone wants a legitimate copy they buy a token. Upgrades can be distributed in this way (though I recommend only using verified copies). Then the IT or Accounting department needs only manage the tokens.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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July 07, 2014, 04:25:30 AM
 #502

Killerstorm,

Could you possibly outline the differences between your implementation and the CoinPrism one?

Also, I've got some trading services I'd like to explore - will you be releasing an API for your colour implementation? That would help me choose between ChromaTokens (?), CoinPrism (no API) and CounterParty (has an API).

Thanks!
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July 07, 2014, 05:30:25 AM
 #503

Killerstorm,

Could you possibly outline the differences between your implementation and the CoinPrism one?

Also, I've got some trading services I'd like to explore - will you be releasing an API for your colour implementation? That would help me choose between ChromaTokens (?), CoinPrism (no API) and CounterParty (has an API).

Thanks!
Chromawallet is a wallet and a server. It uses JSON instead of an API because it doesn't run on a central server. Others running the client will have to import your short JSON script to see your bids/asks. It would be cool if a central exchange like Counterparty would add Colored Coin to their API to do that for you.

Coinprism is like Colored Coin, but runs on an Open Assets server, which is not open source yet. Chromawallet is open source and needs folks to run colored coin servers along with their Bitcoin nodes.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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July 07, 2014, 09:37:23 AM
 #504

Is there any way to incentivise the uptake of ChromaWallet amongst people running bitcoin nodes, and/or is there any chance support for it could be incorporated into bitcoin core?
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July 21, 2014, 11:19:48 AM
 #505


Installs fine on 10.6.8. Is there a way to switch from main to testnet ?
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August 24, 2014, 09:38:21 PM
 #506

Is there any way to incentivise the uptake of ChromaWallet amongst people running bitcoin nodes, and/or is there any chance support for it could be incorporated into bitcoin core?

I saw the code on the git, maybe the first step would be to re-write in c++. then figure a way to graft it.
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August 24, 2014, 11:44:23 PM
 #507

So how does a Colored coin representing 1oz of gold actually transmit gold? Wouldn't this require the trust of 3 parties as with ripple?
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August 25, 2014, 03:25:00 AM
 #508

So how does a Colored coin representing 1oz of gold actually transmit gold?
There's no such thing as a colored coin, or a Ripple whatever, that represents 1 oz of gold. The only way to transmit gold is to pick it up and carry it to where you want it to go.

A colored coin, or any other kind of financial instrument in any form, represents somebody's promise to give you 1 oz of gold.

Promises are can be transmitted, not the gold itself.

Most of the "Bitcoin 2.0" projects completely misunderstand - or are actively obfuscating - these facts.
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August 25, 2014, 04:33:57 AM
 #509

Weren't Colored Coins seen as a bad thing to the community, making some coins useless or bad or something like that ? Why the hell would we use this if that's the case ?

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August 25, 2014, 04:46:28 AM
 #510

How does this destroy the fungibility of bitcoins? You can still spend it like any other (but you would be making a mistake). It's just like your traditional stock certificate happens to be written on the back of a dollar bill. That bill doesn't lose any value. Remember, Bitcoin is not foremost a currency - it is a record keeping protocol that happens to also be useful as a currency.
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August 25, 2014, 04:47:37 AM
 #511

Weren't Colored Coins seen as a bad thing to the community, making some coins useless or bad or something like that ? Why the hell would we use this if that's the case ?
Colored coins are considered altcoins or non-coins by the moderators and most bitcoiners. Posts are moved to off - topic or altcoins.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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August 25, 2014, 04:49:29 AM
 #512

If a small nugget of bitcoin is like an ounce of gold,

Then this would be like taking the gold, hammering it flat, and writing "House Title" on it.

You could "melt" all these little satoshis back to bitcoins, probably.
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August 25, 2014, 05:00:38 AM
 #513

Coloring coins is just leveraging the insanely awesome security of the blockchain for other uses. Colored Coins are just bitcoins, thats it. If you want to uncolor a coin and spend it as a regular coin again you can. Sure, designating some bitcoins as colored coins decreases the overall supply, but so does losing them by losing your private keys. Also, if colored coins become popular as I believe they will, it is going to drive the demand for bitcoins even higher, the supply lower, and I think you all know what that means.tothemoon
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August 25, 2014, 05:21:13 AM
 #514

Issue #1, there is no concise, precise and complete description of how color coins work.

Issue #2, there is no description at all how exchanging of one colored coins for another in the bid/ask model works.
As a consequence one has to assume that at best the implementation is riddled with inconsistencies, omissions, dysfunctionalities and generally not trustworthy, as it cannot be compared to any defined working principle.

Issue #3, Due to lack of usable documentation and due to "newness" of this software, independent verification by known trusted bitcoin developers has not been done yet.
Until issues 1, 2 and 3 are resolved satisfactory, anybody should stay very, very far away from this.
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September 10, 2014, 10:07:48 PM
 #515

If a small nugget of bitcoin is like an ounce of gold,

Then this would be like taking the gold, hammering it flat, and writing "House Title" on it.

You could "melt" all these little satoshis back to bitcoins, probably.

Great anology. This will ultimately put Wall Street on the ropes. Once trust levels are established, colored coins will be more dangeoures to traditional finance than bitcoin is to fiat. Wall Street makes billions of dollars in investment banking aka taking companies public. Not for long. I see dollar signs Smiley

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September 11, 2014, 05:35:54 AM
 #516

Issue #3, Due to lack of usable documentation and due to "newness" of this software, independent verification by known trusted bitcoin developers has not been done yet.
Until issues 1, 2 and 3 are resolved satisfactory, anybody should stay very, very far away from this.

How mean and ignorant.

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September 12, 2014, 10:58:28 PM
 #517

how about c++? that would draw some attention.
killerstorm (OP)
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September 13, 2014, 06:48:26 PM
 #518

Is there any way to incentivise the uptake of ChromaWallet amongst people running bitcoin nodes, and/or is there any chance support for it could be incorporated into bitcoin core?

I saw the code on the git, maybe the first step would be to re-write in c++. then figure a way to graft it.

There is absolutely no need to incorporate it into Bitcoin Core.

FYI first two implementations were actually in C++ (the first one was a proof-of-concept which modified Bitcoin Core (bitcoind), the second one was Armory-based).

It would take just a couple of days to add a color kernel to Bitcoin Core, but what's the point? How are you going to use it?

Chromia: a better dapp platform
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September 13, 2014, 06:51:13 PM
 #519

So how does a Colored coin representing 1oz of gold actually transmit gold? Wouldn't this require the trust of 3 parties as with ripple?

Colored coin is like a voucher. Obviously, it doesn't transfer any physical item. When you receive a voucher, you can either send it to somebody else or try to redeem it.

Colored coins are not magic, it's just a way to do vouchers on top of Bitcoin blockchain.

Chromia: a better dapp platform
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September 13, 2014, 07:01:25 PM
 #520

There is absolutely no need to incorporate it into Bitcoin Core.

FYI first two implementations were actually in C++ (the first one was a proof-of-concept which modified Bitcoin Core (bitcoind), the second one was Armory-based).

It would take just a couple of days to add a color kernel to Bitcoin Core, but what's the point? How are you going to use it?
There is a need to incorporate it into btcd, but Monetas is going to handle that.

The point is that Open-Transactions is already an excellent system for managing vouchers and the metadata associated with them, and just needs some kind of objective server-independent representation of them for maximum functionality.

What's going to happen is that OT servers will run btcd nodes in the back end (theoretically they could also run bitcoind, but who'd want to?) and OT clients will handle all the front end functionality.
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