Our Coins API will exist as an independent service that provides general tools for navigating the world of colored coins. It is designed to appeal to the broadest set of developers interested in leveraging the Open Assets protocol. As such, many of the queries developers use on the Bitcoin Blockchain have colored analogs here.
It has tools for interacting with addresses, blocks, transactions, colored coin metadata, encrypted messaging, and multisignature features. Most of these API calls are not currently available in an easy-to-use API online. LET´s CREATE will be a consumer of the colored coins API as it implements LET Coins. But the same Coins could be manipulated with a separate service, a forked version, or via handcrafted Bitcoin transactions. It should never be obligatory to use our API to handle LET Coins. Behavior of the Protocol LET Coins adopts the Open Assets protocol (https://github.com/OpenAssets/open-assets-protocol/blob/master/specification.mediawiki. This is a convenient and open-ended way to label assets as a layer on top of Bitcoin.
Colored Coins are originally born with a user creating a Bitcoin public address, the issuing address. When a user writes a Bitcoin transaction with the correct metadata from that issuing address, a hash can be generated from the Bitcoin script in the first input of that transaction. This hash is a unique identifier for the coin color. Coin colors may have human-readable names such as ‘RedCoins’, but they always also have a unique hash which we call the ‘Asset Hash’.
To prevent confusion, our API responds to a colored coin’s Asset Hash. Other metadata about the coin color may then be queried. Please see the original protocol for more useful information. There are certain important advantages to this protocol. – All necessary information is inscribed in the Bitcoin Blockchain.
– It harnesses all the advantages of the Bitcoin Blockchain, security, protection from double-spending, ease of use, transparency, pseudonymity. – Tools that already exist for Bitcoin can be easily applied to Colored Coins.
– Color coin assets are not tied to actual Bitcoin amounts, meaning asset transfers and creation are very cheap. – There is basically no limit to the number of coin colors that can be issued.
– It is possible to move multiple kinds of Colored Coins to with multiple inputs and outputs in one transaction.
– There is no metacoin between Colored Coins and Bitcoin. That means no pre-mining, presale, or other cheap gimmicks.
– This is not another Altcoin! It exists on the Bitcoin Blockchain, which means it’s going to endure. Other services may not be directly available with Open Assets, but could be developed on top of it. – Think about Decentralized Exchanges
While trust is critical in doing business, in practice, it is currently a very expensive thing to acquire. LET´s CREATE wants to square the circle and deliver you that trust via ironclad cryptographic tools, which, we believe, are the way business will be done in the future. Assurances that would require complicated legal frameworks will be obviated by elegantly complete mathematics.