Blockchain company Coinprism upgrades colored coins and releases source code

     Blockchain technology company Coinprism previously developed a virtual currency called colored coins (hereinafter referred to as colored coins). Recently, the company officially released the open source code of colored coins and upgraded the colored coins.

Coinprism said in a press release:

     The powerful hierarchical account system of the open source code will effectively coordinate the coordination between various system files, which will help administrators redefine business rules by setting accounts with different permission levels through open source code. The open source distributed accounting solution will effectively reduce audit costs and record every detail of the transaction ledger.

     In addition, open source distributed accounting also reflects the basic characteristics of Bitcoin, such as high security and irreversibility, while greatly reducing transaction costs .

     Bitcoin transaction confirmation takes several minutes or even hours. In contrast, the colored coins using the new scheme can complete transactions almost instantly, and the processing speed of distributed accounting is much higher than the original transaction method of Bitcoin.

     Currently, Coinprism is working with GitHub ’s technical staff to develop an online wallet, the website of which is wallet.openchain.org. The head of Coinprism also said that in addition to them, some other companies and financial institutions are also testing open source distributed accounting solutions.