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ing opcode, the meta-coins have been able to record meta-data more directly in the blockchain, and most are migrating to using that instead. Colored Coins Colored Coins is a meta-protocol that overlays information on small amounts of bitcoin. A “colored” coin is an amount of bitcoin repurposed to express another asset. Imagine for example taking a $1 USD note and putting a stamp on it that said “This is a 1 share certificate of Acme Inc.”. Now the $1 serves two purposes: it is a currency note and also a share certificate. Because it is more valuable as a share, you would not want to use it to buy candy, so effectively it is no longer useful as currency. Colored coins work in the same way by converting a specific, very small, amount of bitcoin into a traded certificate that represents another asset. The term “color” refers to the idea of giving special mean‐ ing through the addition of an attribute such as a color - it is a metaphor not an actual color association. There are no colors in colored coins. Colored coins are managed by specialized “wallets” that record and interpret the met‐ adata attached to the “colored” bitcoins. Using such a wallet, the user will convert an amount of bitcoins from uncolored currency, into colored coins, by adding a label that has a special meaning. For example, a label could represent stock certificates, coupons, real property, commodities, collectible tokens, etc. It is entirely up to the users of colored coins to assign and interpret the meaning of the “color” associated with specific coins. To color the coins, the user defines the associated metadata, such as the type of issuance, whether it can be subdivided into smaller units, a symbol and description, and other related information. Once colored, these coins can be bought and sold, subdivided, aggregated and receive dividend payments. The colored coins can also be “uncolored” by removing the special association and redeem them for their face-value in bitcoin. To demonstrate the use of colored coins, we have created a set of 20 colored coins with symbol “MasterBTC” that represent coupons for a free copy of this book. Each unit of MasterBTC, represented by these colored coins, can now be sold or given to any bitcoin user with a colored-coin-capable wallet, who can then transfer them to others or redeem them with the issuer for a free copy of the book. This example of colored coins can be seen here: https://cpr.sm/FoykwrH6UY Example 9-1. The metadata profile of the colored coins recorded as a coupon for a free copy of the book { "source_addresses": [ "3NpZmvSPLmN2cVFw1pY7gxEAVPCVfnWfVD" ], "contract_url": "https://www.coinprism.info/asset/3NpZmvSPLmN2cVFw1pY7gxEAVPCVfnWfVD", "name_short": "MasterBTC", "name": "Free copy of \"Mastering Bitcoin\"", "issuer": "Andreas M. Antonopoulos", Meta-Coin Platforms | 221PDF Image | Mastering Bitcoin
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