How do I create, issue and send my own colored coins?
You can follow these steps to create your own colored coins:
- Create a new colored coin address
Visit https://www.coinprism.com/account/new-color (or navigate to the Adresses & Colors tab and click "New Color")
Give a name to this new address and enter your password to encrypt the private key before it's sent to the server.
- Include details about your color:
Note that each of these is optional and you can also add/edit them at any time.
This metadata is available at the Resource URL of the form http://cpr.sm/UniqueId displayed on your screen. You will be able to host this on your own website once you issue your Colored Coins.
- Ticker (i.e you could use "USD" for US Dollars; GOOG for a Google Stock, etc.)
- Name your coin
- Add the issuer name (it can be your name, the name of your company, etc.)
- Select pictures to associate with your coin
- Add a description
- Select the divisibility: if you select indivisible, the smallest amount which can be issued or transferred is 1 unit. If you select 2 places, it means the smallest amount which can be issued or transferred is 0.01 unit, etc.
- Select the asset type
- Click the Save button
Note that changes to your Colored Coin definition might take up to 15 minutes to appear on your wallet.
- Send Bitcoin to fund your new colored coin address
You need to send a few Bitcoins on your colored coin address in order to have some Bitcoins when you want to issue and send colored coins. We recommend sending a minimum of 0.001 Bitcoin so that you can cover for the transaction fees and minimum dust for a few issuing or transfer transactions. Note that the absolute minimum you need is 600 satoshis.
- From address: If you already have Bitcoins in one of your Coinprism address, you can fund your new colored coin address from the Send Coins tab at https://www.coinprism.com/account/send (you can also fund this address from any other Bitcoin wallet).
- To address: Make sure you enter the new colored coin address in the "To address" field.
- Amount: Then enter the Bitcoin amount you want to send.
- Fees: Note that the miners' transaction fees are optional (if you include a fee your transaction will be prioritized by miners and will happen more quickly).
- You will then be asked to enter your Coinprism password to sign the transaction.
- Issue your first colored coins
Now that you have funded your colored coin address with Bitcoin, its time to issue your first colored coins. For this, go to the Addresses and Colors tab, select your new colored address, and click "Issue Colored Coins" (or visit this page).
- From Address: select your colored coin address.
- Amount: Enter the number of colored coin units you want to issue. This number is independent from the Bitcoins you have in your address, the Bitcoins are only used to cover for the transaction fees and minimum dust.
- Fee: The miners' transaction fees are optional (if you include a fee your transaction will be prioritized by miners and will happen more quickly).
- Metadata: You can enter your own URL (and host the metadata on your site - this will prove to the receiver that you are who you claim you are; you can also decide to host them on Coinprism)
- Click "Issue"
Congratulations, you have now issued your first coins! You will see these in the Home tab
and Addresses & Colors tab