Here is the the colored opal FAQ, also known as the colored coin FAQ, it will be edited as questions come.
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What is colored coin and colored opal ?By coloring an opal you turn it into a token that represents anything you want to trade: Shares, Gold, Houses, Artwork, Commodities....
Colored Coins enable us to create Smart Property on top of the Opal blockchain.
Smart properties are transferable like tickets and certificates, and in addition, every particular smart property is both unique and atomic. Only one smart property of a given identifier can be created, and once created it may not be subdivided.
Smart properties can be used to indicate ownership of an unique real-world asset.
Do i need a specific wallet to use Colored opal ?Yes, you need an color-aware wallet: the colorcore web wallet
What features is included in the Colorcore?the Colorcore includes:
-Client Side Encryption: Nobody can't touch your funds.
-Easy Crowdfunding Tools
-A colored coins block explorer
-2 Factor Authentification
-and more...
What is the benefit of colored opal ?Instead of just sending cash through the Opal network, you can use it to trade anything you want.
With colored opal we can explore new possibilities like advanced financial tools, smart contracts and peer-to-peer exchange over the Internet.
Colored coins adds a new layer to Opal that make it much more useful.
How can i get colored opal ?There’s no need to purchase extra coins, just use regular Opal and the colorcore wallet to create and transfer assets.
Do i need development skills to create such property, such asset ? on top of the Opal Blockchain ?No, you dont need any technical skills to create colored coins.
Do you need to change the protocol ?No, you must see colored opal technology as an implementation in the form of a floating set of specifications that can be implemented in third-party Qt clients, rather than in the protocol itself.
Did colored opal work with opaque technology ?Not currently...
Is colored opal value as the same value as classic opal ?Yes, an opal is an opal, but you should see a colored coins as a tool: a token, a title, a key...
color a coin is like writing something unique on it.
A good example is: color a coin which represents the car and who owns that coin owns the car.
A futuristic example will be: Only people who sign an address holding a colored coin can use that car.
The buyer gives you 10,000 Opals, and you give him the colored coins, the key which allow the buyer (and nobody else) to open it, start it... use it.
Can i modify a colored opal into a classic opal ? Yes.
Does colored coin need a centralized "coloring transaction server", are there nodes that do the verification and storage? No, it is completly decentralized.
How does this technically work?for such technical approach, please read:
https://docs.google.com/document/d/1AnkP_cVZTCMLIzw4DvsW6M8Q2JC0lIzrTLuoWu2z1BE/edit#What is the limit of colored opal ?Your, Our imaginations. You are free to link anything which can be trade... without central authority, notarial act, or middlemen...
to give you ideas, let's list examples:
-Shares A company could issue colored coins representing shares. The shares could then be traded frictionlessly through the Opal infrastructure.
-Backed coin A bank could issue colored coins backed by a cash reserve[/b]. People could withdraw and deposit money in colored coins, and trade those, or use them to pay for goods and services. The Blockchain becomes a system allowing to transact not only in Opal, but in any currency.
-Locks on cars or houses could be associated with a particular type of colored coins. The door would only open when presented with a wallet containing that specific coin.
-Tickets are transferable bearer tokens which are designed to be eventually redeemed for some kind of real world value.
Examples of tickets include:
Event entry passes
Store coupons and special offers
Frequent flyer miles and other redeemable rewards
-Certificates are transferable and redeemable in the same manner as tickets, and they additionally entitle the bearer to some kind of revenue paid through the blockchain.
Certificates can be used for bearer securities, such as securitized loans, mortgages, bonds, and dividend-paying stocks.
....the potential is huge, we do not believe we have fully mapped out all the possibilities it opens up !
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