Bitcoins, colored coins 2014-01
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A not too technical introduction to colored coins (and about using Bitcoin as a platform). As held at the Bitcoin Startups Berlin Meetup at betahaus
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Bitcoins, colored coins 2014-01
- 1. A not too technical introduction to colored coins and using Bitcoin as a platform. www.qllector.com - hubert@gert.is
- 5. so what? Troll!! @*%XXX 1 a currency Me feels A bit volatile t’day. Fiat money without intrinsic value. ● ● ● ● crypto currency decentralized deflationary fiat
- 7. 2 From bulb to town house to tulip to bulb ... asset/value store ● ● ● ● crypto currency decentralized deflationary fiat
- 9. a technology! 3 a software! a platform a network! ● ● crypto currency decentralized
- 10. Bitcoin is the first plausible proposal for an economic protocol for the Internet a technology! 3 a software! a platform a network! ● ● crypto currency decentralized
- 13. key points White paper v2.0 The idea behind colored coins is to separate the bitcoin network and its underlying cryptographic technology from the bitcoin as a currency unit and the surrounding ecosystem, using the Bitcoin network simply as a mechanism to securely send transactions and avoid double spending.
- 14. I am the mighty Bitcoin Network. I am THE cool crypto currency. I run on top of the mighty network. (BTW, My name is Bitcoin as well.) Protocol only is just fine with me ... I enable other crypto stuff on top of the mighty network. Me too!
- 15. key points FAQ Could an alternate colored coin be better for colored coins? From an implementation point of view, certainly. An alternate cryptocurrency could be specifically designed to transport colored coin values. However, Bitcoin has the largest hashing pools, which means Bitcoin is more secure and reliable. An alternate cryptocurrency would have very hard time providing the secure and stable distributed computational network that Bitcoin provides.
- 16. key points FAQ Are colored coins tied directly to particular Bitcoins? Bitcoins do not have an individual existence ... a colored coin cannot be tied to a particular Bitcoin. Most generally, Color Coins only require an objective and unambiguous method for calculating the colored coin values available on the inputs of a transaction, and an objective and unambiguous method for calculating the colored coin content of each output on a transaction.
- 17. if input is color coded ... red green green … then color code output.
- 18. key points White paper v2.0 In order to issue a new color, one must release the coins of that color by creating a ● Non-reissuable colors - in the nonreissuable case, the inputs are irrelevant; the issuer will not have any power once the genesis transaction. transaction is issued, so all that matters is the ● transaction itself (specifically, its outputs). Reissuable colors - here, the issuer should choose one secure address as an “issuing address”, and set input 0 of the transaction to come from that address. Later on, the issuer will be able to issue more units of the color by creating another genesis transaction with the same address at input 0.
- 19. key points FAQ How are colored coin Coins different from regular Bitcoins? Bitcoins only represent Bitcoins, while colored coin coins are used to represent other assets. For example, a colored coin might represent a stock in a company, or a gram of gold, or a US Dollar. As long as one or more parties are willing to recognize the backing of a colored coin, that particular colored coin can be used to trade the underlying assets as easily as Bitcoin can be traded.
- 21. 1 legal some caveats Forex! Yikes! stock exchanges: Highly Regulated! For example, a colored coin might represent a stock in a company, or a gram of gold, or a US Dollar. commodity trading: Highly regulated!
- 23. 3 else ● competing efforts ● internal squabbling ● differences with Bitcoin core team (e. g. dusting) some caveats