"The problem with conventional fiat currencies is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” - Satoshi Nakamoto"
Many believe that the bitcoin system will soon eliminate the middle man ( i.e.bank system) and bringing financial independent. However, in this article we are not going to discussing about bitcoin In depth. Like the Knight In the silver armor, I believe that the idea by a mysterious person name Satoshi Nakamoto to implement cryptocurrency is a good one. The concept behind bitcoin, which is the blockchain will be bringing a new era of the internet.
Is bitcoin or Ethereum a trustless system? Does their system remove the need for a trusted 3rd party to identify & verify the transaction?
You may surprise why I’m asking this question. But let’s we look back on what the function of the trusted 3rd party in a transaction i.e bank. Bank basically accepts fund deposit from the customer (sender) and then transferring the funds into the receiver by identifying and verifying the receiver. Banks also become “bad general” by accepting of fund deposit and offer loans with the fund. Its similar to bitcoin or ethereum miner which are like match maker and rewarded in BTC or ETH. The miners are like bank which earn fee to be the match maker and maybe in the future, miners can offer lending facility
“A PUF is a physical entity which produces an output value at least independence of physical structures, which are hard to clone.” - Christoph Bohm, Maximilan Hofer
Introducing the PUF – “the TRUE killer of middle man”
PUF is Physical Unclonable Function is a cryptographically secure device that utilizes unclonable physical characteristics, serving as the key identifier invented by Color Platform. The structure of the color platform (read: blockchain platform) has colorchain based on a P2P payment system hybrid software/hardware blockchain that enables lightning-fast decentralized computing with the advent of the PUF chip.
Consensus algorithm using PUF Purechain allows real time instant transaction between two PUF enabled nodes. This eliminates miners and transaction does not need to be recorded in the public ledger.
Thus it’s drastically reducing confirmation time and power consumption. In fact, transactions on the Color network are expected to be even FASTER than VISA Or MASTERCARD!! Color platform in collaboration with the ICTK, Korea Advanced Institute of Science and Technology together with Kyung Hee University are developing the PoC (Proof of Concept) of the USB PUF device with its own unique digital fingerprints.The PUF chip may come in different device in the future. In other word, the more users with PUF-nodes, the faster transactions appear for everyone!
Eliminate technical barriers – Color Engine
The idea for non-technical person” to develop their own dApp, reminds me of Sparskter.me that allows users to build Decentralized App by anyone in Plain English. The ICO’s manage to raise $22.2 mills USD with 435 mill of token. Color platform approach to create dApps by offering the Color Engine to “supercharge” the developers in writing color smart contracts. Color engine will revolutionize the way dApps are created and analyze real-time flows of both structured and unstructured data to assist in making Big Data analysis and Machine Learning on color decentralized platform.
In a nutshell, the color engine enables the users to easily create “Auto Smart Contract” and also easily deployed smart contract template without any programming by utilizing “Color Tools Design”. This smart contract which will be stored with their view data on the blockchain, viewable on any device. Adding “auto” in front of the sentient smart contract means the colorchain will operate on standard metadata and will be interoperable with every other Color dApp and other blockchain platforms. You can imagine creating this smart contract just like drag & drop or filling in the blank – it’s like Thanos snapping his fingers
So far none of the blockchain platform focuson the “application driven paradigm” but they focus on getting faster TPS (transaction per second) except NEO. NEO seems to be a system that is going to replace Ethereum with average ROI investing into ICO on NEO blockchain of 176% according to WalrusCap Studies
Another thing that get my attention to Color platform is it’s intention to revolutionize the dApp ecosystem by developing enterprise-level dApps call Mega dApps.
Color platform most likely did research by categorizing HIGH VOLUME transactions as their base of developing dApp ecosystem on the platform. Well structure Mega dApps designed from the ground up to have a comprehensive by having “Color Media”, “Color Future”, “Color Music”, “Color Legal”, “Color Reward”, “Color Career”, “Color Medical”, “Color Home”, “Color TV” etc. due to the prevalent scalability issues and lack of development in the industry
How most blockchain platform will stay alive”?
To maintain a healthy body, we need to exercise – taking care on what you eat and don’t forget to donate your blood. But in terms of mass adoption on the blockchain, traditional blockchain platform as most people know, by rewarding miner will increase circulation of the coin. With the prices of cryptocurrencies rising and falling like the tide, bitcoin's current estimated annual electricity consumption giving 73.12 TWh and cost over electricity consumption giving 67.44% (source: digiconomist.net).
By using PUF chip, we can remove the miners and solve all problems above.
Colors platform approach the Metcalfe’s Law with a very novel and innovative way by introducing the pixel program which is a network-effects-driven to increase the virality of the Colors Network. Pixels are essentially a referral program turbocharged by the power of the blockchain. The aim of pixel program is to have a fair distribution of tokens; there is no more centralized hoarding of cryptocurrencies which goes against the original decentralized philosophy of blockchain.
In this scope of pixel program – network effect, I remember what has been done by Mainframe.com – The future of freedom. With “Proof of heart” 1,000,000 USD in MFT tokens is distributed to the highest donors to a few non-profit organizations selected by the Mainframe team and the community. They ended up raising 1,400,000 USD for charity through the Proof of Heart phase. My friend participated in the Mainframe token Proof of Freedom campaign and won USD $7,400 worth of token (x5.9 times from ico price)
The PoC (proof of concept) of the pixel program implemented into Bounty Program and you can participate in all kinds of activities, including and airdrop every Wednesday with over 240,000 COLs up for grabs. The Pixel program encourages people to complete their KYC quickly since 5 "pixels" are awarded every hour to every KYC Verified Investor. The catch is that the Pixels must be transferred to another wallet to be redeemed as a Color Coin and this must be made within 24 hours!!
While the core distribution of pixels is organic, the Color Team is planning to develop various dApps to accelerate the distribution of pixels. The Pixel Program of Color was created based on the concept of a Seed Program validated by MyCreditChain.
Color Highlights Package
🔥 Color is tackling a major issue in crypto at the moment; namely the lack of DApps that provide legitimate utility. This project is making the creation of DApps more accessible (not just reserved for seasoned programmers), thus helping to truly unlock the adoption of blockchain
🔥 President Young K Choe was most recently and advisor on popular Korean project Edenchain. He is a professor at Yonsei University and a board member of the Korean Blockchain Industry Promotion Association
🔥 The advisor team is strong and relevant to what they are building, including Chris Howard, the Founder and CEO of Softeq Development Corporation, a 20-year old leading technical software services company with offices in the US, Europe. It also includes Vincent Gramoli, the founder of Red Belly Blockchain a significant project out of Australia that has been demo'd to show more than 440,000 transactions per second on 100 machines.
At Color,we’re building a collection of dApps to attract users and build a community. These dApps employ human-centered design so non-technical users may adopt the platform. By removing the technical barriers to entry and making dApps easy, anyone should be able to use them.
Economic model
Currency: COL
Hardcap: (approximate) $27mm ~ $47mm
Total amount of tokens: 350.000.000 COL
Amount of tokens for sale (all stages): 200.000.000 COL (57%).
All unsold tokens will be distribute through to Pixel Program
1 ETH = 2400 COL; 0.000416667 COL (pegged to ETH, and not USD)
TGE (Token Generation Event) date: 2018; Sept 19 ~ Oct 22
p/s: all about allocation, lockup period or bonus will be update into Color blog post with subject “token related information” near future.
Similar Projects
This is not a unique product that Color Platform is going to offer, so I could find any direct competitors like EOS, CARDANO, NEO, ICON, Zilliqa, Stellar, Credit. The only connection with existing projects with a similar approach that I managed to establish is other hardware/software project like High-Performance Blockchain (HPB)
1 ETH = 2400 COL approximate 1 COL = 0.0004167 ETH. Just based on Valuation alone this ICO has a potential to MOON 15x-from the hardcap of 200million token. If BHP ("EOS of China") backing by NEO ("Ethereum of China") who angle investor to the project, both are them from China. So I want to see high potential VC's like #Hashed (who has invested into ICON, Qtum & EOS) also can be the one who backing on this project since #Hashed motto is "To empower networks and innovators in building a decentralized future.
Conclusion
Color ICO not only covers the scalability and security of the blockchain but also take cares of the decentralized applications and user adoption via pixel system. My concern will be on the long timeline until 2019 and also the performance of the PUF chip. In the meantime, let the platform flourish with all the various apps just like the different colors of our life
More information about Color Platform can be found below:
visit their website here: https://www.colors.org/
whitepaper: https://www.colors.org/Color_Platform_White_Paper_v0.78_180716.pdf
One pager: https://www.colors.org/One_Pager_ENG.pdf