If this can be done, the coin looks promising. Having a crypto that only merchants can read the details of the holder.
But if the holder transfer the coin to another user for example, will the details on it becomes that of the new holder or the old holder?
Topic: Theory geocolored coins for mass adoption? (Read 121 times)
the problem
Companies selling products for crypto, need to know where residents are located for sales tax purposes,.but a lot of crypto people are reluctant to hand that info over. Credit cards encode that info in the transaction itself
solution
Coloured coins are normally used to represent assets, but this is just data. Instead create a wallet that uploads a rough location (country,state) to coins that are mined or received. This allows the Bitcoin wallet itself to handle the passage of needed info, without needing to reveal ID or detailed data.
This could be handled as an alt, but coloured coins would build on the network and hopefully be useable as just ordinary Bitcoin, when needed or dealing with those not using that tech.
Companies selling products for crypto, need to know where residents are located for sales tax purposes,.but a lot of crypto people are reluctant to hand that info over. Credit cards encode that info in the transaction itself
solution
Coloured coins are normally used to represent assets, but this is just data. Instead create a wallet that uploads a rough location (country,state) to coins that are mined or received. This allows the Bitcoin wallet itself to handle the passage of needed info, without needing to reveal ID or detailed data.
This could be handled as an alt, but coloured coins would build on the network and hopefully be useable as just ordinary Bitcoin, when needed or dealing with those not using that tech.
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