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myarbrough@oreilly.com 2014-11-05 09:17:34 -08:00
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@ -33,7 +33,7 @@ _Colored coins_ is a meta-protocol that overlays information on small amounts of
Colored coins are managed by specialized "wallets" that record and interpret the metadata attached to the "colored" bitcoins. Using such a wallet, the user will convert an amount of bitcoins from uncolored currency into colored coins by adding a label that has a special meaning. For example, a label could represent stock certificates, coupons, real property, commodities, collectible tokens, etc. It is entirely up to the users of colored coins to assign and interpret the meaning of the "color" associated with specific coins. To color the coins, the user defines the associated metadata, such as the type of issuance, whether it can be subdivided into smaller units, a symbol and description, and other related information. Once colored, these coins can be bought and sold, subdivided, aggregated, and receive dividend payments. The colored coins can also be "uncolored" by removing the special association and redeemed for their face-value in bitcoin.
To demonstrate the use of colored coins, we have created a set of 20 colored coins with symbol "MasterBTC" that represent coupons for a free copy of this book shown in Example 9-1. Each unit of MasterBTC, represented by these colored coins, can now be sold or given to any bitcoin user with a colored-coin-capable wallet, who can then transfer them to others or redeem them with the issuer for a free copy of the book. This example of colored coins can be seen here: https://cpr.sm/FoykwrH6UY.
To demonstrate the use of colored coins, we have created a set of 20 colored coins with symbol "MasterBTC" that represent coupons for a free copy of this book shown in Example 9-1. Each unit of MasterBTC, represented by these colored coins, can now be sold or given to any bitcoin user with a colored-coin-capable wallet, who can then transfer them to others or redeem them with the issuer for a free copy of the book. This example of colored coins can be seen https://cpr.sm/FoykwrH6UY[here].
.The metadata profile of the colored coins recorded as a coupon for a free copy of the book
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