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What is Coinprism?

Last Updated: Sep 06, 2014 11:16PM IST
Coinprism is a free online Bitcoin wallet allowing you to store and create your own coin (in other words Coinprism allows you to "color your Bitcoins"). You can create, issue, send and receive these Colored Coins across the Bitcoin network (all these for the price of a bitcoin transaction) to anyone with a Bitcoin address, the same way Bitcoins are sent (note that you can also use Coinprism as a normal Bitcoin wallet to store, send and receive Bitcoins).

These Colored Coins could represent anything: such as stocks, bonds, smart properties, securities, precious metals, commodities, other currencies (such as dollars, pounds or euros), other crypto-currencies, or anything you might think of.

Here are a few Colored Coins use cases:
  • Bitstamp (Bitcoin Exchange) could allow you to withdraw your USD into your Bitcoin wallet as "USD-Bitstamp coins". You can use each of those coins as a coin redeemable at Bitstamp for exactly $1 credit. 
  • Do an IPO or a crowd sale on the Blockchain: any company can create a coin representing a share of their company, and can then send them to anyone with a Bitcoin address. Investors send bitcoins to the company colored coin address, and the company can send them colored coins back. Note that the company can also issue shareholders dividends. See here to do a crowdsale with Coinprism.
  • Pre-sell: A company could also decide to pre-sell its product with Colored Coins. The price its Colored Coins are traded would give an idea on how much people are ready to pay for the future product.
  • More use cases: see this reddit thread.
     
Coinprism is based on the Open Assets Protocol, you can read the specification at www.openassets.org. If you want to explore existing Colored Coins through the blockchain, you can use the Coinprism.info blockchain explorer.

You can also read more about Coinprism from our Crunchbase profile and Bitcoin wiki. We also recommend checking our Blog and Developer Forum.


 
support@coinprism.com
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