Topic: [ANN]CoinBlock: Colored coins for games, prediction markets & shareholder voting (Read 744 times)

Sorry, didn't see your replies until just now.

Yes, colored coins are moved by transactions on the underlying chain.  That could be Bitcoin, Litecoin or whichever chain is defined as the underlying chain in the asset's definition.

So transaction fees are paid in BTC, but none of your colored coins are lost to fees when you make a transaction.

CoinBlock does not use OP_RETURN though - colored coins are moved just using normal P2PKH transactions.

Meaning you would have to pay a fee for moving these colored coins
The fee is the same as moving bitcoin.

And if the value of a colored coin is very small, you end up paying a fee higher than the price of the coin itself.

This is the same system used by counterparty.io

Yes, using the OP_RETURN field to embed data

Transfering the colored coins is done via the official Bitcoin blockchain, am I correct ?

CoinBlock is an open source blockchain platform which allows anyone to create and trade crypto assets (colored coins).  CoinBlock colored coins run on top of another blockchain & therefore new coins are not generated by mining.  Instead, coins are created based on the result of voting events conducted on the blockchain. CoinBlock assets are defined with an inflation rule & event resolution rule which determine exactly how events are resolved and how many coins are generated and given to the winners.

Currently the inflation rules supported are:
Zero inflation - Good for representing ownership of real world assets & for shareholder voting.
Linear inflation - Good for prediction markets & strategy games
Exponential inflation - Good for prediction markets & strategy games

You can get started on CoinBlock either by signing up for a web wallet account via CoinBlock.org (easy) or by installing the CoinBlock app on your own computer (more secure / decentralized).

To install CoinBlock, first install any proof of work blockchain such as Bitcoin or Litecoin. CoinBlock requires you to run a full node, so please remember to set txindex=1 in your coin.conf. Then install the CoinBlock web app and sync it with your blockchain.  After setting up your node, import game definitions for the assets that you wish to use.

To create your own colored coin, create a game definition using the CoinBlock GUI & then share this definition with others.

Some CoinBlock games are entirely decentralized whereas others require some centralization.  In strategy games such as Mock Election 2016, some centralization is employed in the form of an escrow address.  Players can buy in by sending bitcoins/litecoins to the escrow address, and can sell out by sending colored coins to the escrow address.

For more information, please read the CoinBlock whitepaper, visit CoinBlock.org or check out the CoinBlock web app on github.