March 22, 2014 (Dublin, Ireland) – The Irish company behind the Bitcoin prediction market Predictious is announcing the private beta launch of a new colored coin web wallet Coinprism.
Colored coins use Bitcoins to represent other assets and store them on the Bitcoin Blockchain. Colored coins can be used to represent anything, such as stocks, bonds, smart properties, securities, precious metals, commodities, other currencies (such as dollars, pounds or euros), and even other crypto-currencies.
A company which wants to do an IPO can do so with colored coins in a matter of minutes and practically for free: they can use Coinprism to create and issue shares. The shares can then be exchanged as easily as Bitcoins through the Blockchain, across the world, instantaneously and with minimal fees.
Colored coins also enable people to create smart properties. A deed for a house can be represented on the Blockchain as a colored coin. The owner of that coin is then the legal owner of the house. Transferring ownership of the house becomes as simple as making a Bitcoin transaction.
Coinprism is the first world-ready colored coin wallet. Focusing on user experience and simplicity, Coinprism works like a traditional online Bitcoin wallet, with the difference that users have the ability to issue, send and receive colored coins at will, and for free.
A strong focus has been put on security, and Coinprism only holds keys that have been encrypted with the password of the user, which is never sent to the server. All the transactions are signed on the client machine.
“Colored coin is not only a technology; it is a platform”, said Flavien Charlon, Founder of Pixode; “there are thousands of different ways it can revolutionize the way we consume and do business today”.
Several other projects have been working in enabling custom currencies like colored coins. However, unlike other 2.0 protocols, colored coins do not require additional infrastructure. Anybody can use colored coins as long as they own a small amount of Bitcoin. This is a significant advantage given the size of the Bitcoin user base compared to everything else.
Coinprism is currently in invite-only beta, and invitation codes will be distributed through various events.
About PIXODE
Pixode is a startup founded in 2010 and based in Dublin, Ireland. Pixode is in the social and mobile application space. It released several Facebook games and applications for business pages (Forum for Pages), as well as mobile games (Warp for Windows Phone 8, YouTube DJ for Windows 8/RT). More recently, Pixode launched Predictious, now the number one prediction market operating in Bitcoin.
