Enterprise-level BTC with coloured coins

Posted on April 11, 2013

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bitsofproof

Here’s an intriguing one – bits of proof claims to be the leading “enterprise implementation of the Bitcoin protocol”. In itself, it’s great to see some more (and more serious) implementations of the protocol – the standard “Satoshi client” is deliberately only a “reference” implementation, and more people working on the fundamentals can only be a good thing.

bits of proof also seems to support “coloured coins” – a kind of way of categorising Bitcoins as they travel around the network (more information here). Will this take off, or will decreasing the fungibility of coins in the system make them less useful? There’s a lot of debate on coloured coins, but it has yet to gain much traction inside daily Bitcoin use.

Lastly, bits of proof has also made its Java source code available on github, should anyone want to assist, fork, or learn from it. Again, openness is key to Bitcoin not just being adopted, but opening up to new potential and new ways of working with value.

Whether bits of proof can succeed “commercially” remains to be seen, but it’s the kind of thing that could, if it found the right audience. Just like Bitcoin, then.

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