Coinprism provided CoinDesk with early access to the app and some sample coins. The app installed and ran smoothly on two Android 4.4.x devices. It is available for free on the Google Play store and compatible with all Android 4.x devices.
The Android app features a hierarchical deterministic (HD) wallet compliant with BIP32 and BIP39 standards. Since the wallet is a standalone application, it does not require any signup or account creation. The key is automatically generated by the phone and the app can be used upon download.
Notably, the app cannot be used to issue colored coins. Coinprism said, however, that the process of issuing colored coins via its service should take no more than 10 minutes.
Colored coins vs crytpo 2.0
Coinprism maintains colored coins are the most suitable crypto 2.0 platforms for mobile payments because of how they handle transactions.
Unlike Counterparty and Mastercoin, colored coin transactions do not require an interaction with another protocol. This, he argues, makes colored coins more practical for physical transactions than other asset transfer platforms. Counterparty and Mastercoin, for example, are built on top of the bitcoin protocol but use alternate protocols and tokens, not physical bitcoins, to represent assets.
Still, Charlon said many end users often don’t realize the benefits of colored coins compared to their alternatives.
“They will become more obvious as features such as frictionless mobile payments, micropayment channels and anonymous coin mixing get released,” Charlon asserted.
Images via Coinprism