ColoredCoins Goes Blockchain Agnostic, Will Open-Source its Tools

ColoredCoins, the technology development arm of Colu, has announced a new direction, away from a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term-only model and towards open-source banking solutions.

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"The Bitcoin Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term is still the biggest and most secure digital currency eco-system in the world and while ColoredCoins always was focused solely on the Bitcoin blockchain in its early days, it has to evolve to stay relevant. All this led us to rebrand and refocus the Colored Coins project from a generic protocol to push meta-data to the Bitcoin blockchain, to a blockchain agnostic framework for digital currencies," explains Mark Smargon, co-founder and VP blockchain at Colu.

Bankbox

Colu reveals that it is in the process of open-sourcing its tools and releasing them as a module called the 'Bankbox'. With it users will be able to provide asset verification credentials, fund a wallet, issue currencies, track the assets, manage distribution, and using the API/SDK they can integrate to their internal systems and create a wallet for the currency.

"The Bankbox allows a new banking model where the custodian handles consumer funds on an external, shared ledger while reducing custodial risk — requiring cryptographic signatures from customers to prevent misuse. Its operations are transparent, with the possibility of being regulated directly on the blockchain by providing cryptographic proofs to the regulator. The Bankbox will provide access to open-source tools that are battle-tested and could dramatically reduce banking IT costs," explains Smargon.

He explains that they aim to take a step back in the management of the community and invite early stakeholders to take decisions as equal partners in the ColoredCoins blockchain group. Other than Colu, this includes eToro, Bitt and Lykke.

Barbados-based Bitt will be the first deployment of the Bankbox. It will be utilized by Bitt to issue the 'Barbadian dollar' using ColoredCoins technology and in partnership with the Barbados central bank.