It supports two modes: a command line interface, and a JSON/RPC server. The command line interface is suitable for managing a local wallet without going through any third-party service. The JSON/RPC interface is suitable for server-side implementations of colored coins and programmatic colored coins wallet management.
- Issue you own coins: Anybody can issue their own coins. It only takes a single Bitcoin transaction. The only fee you have to pay is the Bitcoin transaction fee (which can be zero), which makes Colorcore much more efficient than alternatives like XCP (about $20 to issue an asset). Also, you don't need to buy any intermediary coin (like XCP) since Colored Coins work directly on top of Bitcoin.
- Send and receive assets: Use your address to receive assets from other people. You can also send assets, again for the price of a standard Bitcoin transaction.
- Manage crowdfunding campaigns: Finally a way to manage a truly decentralized crowdfuding campaign. You don't have to trust a complex and limited exchange protocol, the "distribute" feature creates standard Bitcoin transactions. There is no magic behind it.
You can read more details about Colorcore in the Bitcoin Wiki.