Colu specializes in making assets digital through the use of colored coins and the Bitcoin blockchain. Although the service is still in beta, Colu has already made a partnership with Revelator, a company that is building a rights management API that will help to alleviate many of the problems facing the music industry.
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I spoke to Mark Smargon, Co-founder and VP of Product, from Colu regarding what Colu is and asked a little bit of how it works:
“This API will provide the secure issuance and distribution of digital assets, including listing and registration of musical works for its clients and helping collecting societies provide more transparency and efficiency to all market participants.” – Revelator PR
What is Colu and what is it trying to achieve?
Colu allows creating a layer of digital assets on top of the internet using the Bitcoin blockchain – the greater vision behind this, is to democratize value and information by using blockchain based digital asset.
Our philosophy at Colu is to allow businesses to use this technology and offer solution to their clients today. We believe that creating a good mobile experience for the end-user concept is a key catalyst for adoption, that’s why we decided to release Android & iOS apps along with our platform, so developers and companies can test their ideas and instantly engage with their user base.
With the new platform, developers with little to no Bitcoin knowledge, can issue and manage digital assets for various uses, from financial industry (shares, bonds, stocks), records (certificates, copyrights, documentation) to ownership (event tickets, vouchers, gift cards).
How is blockchain technology used in Colu?
The underlying technology we are using is the new implementation of colored coins developed by Colu. We use this protocol in our Colu Engine that allows individual developers to issue and manage digital assets according to their needs and integrate them in their project. Our SDK/API allows easy integration with the platform for various of use cases and automatically handles all bitcoin-related issues in the backend. By using Bitcoin Blockchain we can manage to develop tools relatively fast with high level of trust and security. We focus on how to make blockchain technology trusted by defining the guidelines and rules surrounding digital assets.
Colu is currently in beta, what does this mean for anyone looking to give Colu a test run? When should we expect a full release?
At the moment, anyone can go to colu.co , check the Quick Asset Issuance and start issue their own digital assets and see them on the Block Explorer.
You can also download the Colu Bag app (available for iOS and Android) – mobile digital wallet that enables to store, send, receive and manage digital assets in one place. Soon, we will be out of beta and will enable customizing and managing features when it comes to issue your digital assets.
How do you see colored coins and blockchain technologies being used by consumers in the near future?
By creating a layer on top of Bitcoin, we can extend the functionality of digital currency. We already seeing new startup and ideas released in the last months that leverage those possibilities – we believe we are very close to a point those ideas break the “POC” stage into mainstream adoption. The fact that you can give your users a “seamless” experience for using digital asset without any complexity that Bitcoin sometimes enforces might be the catalyst for adoption. Our greatest challenge is to really nail the usability factor for this technology without compromising on security but we are confident that this technology has the potential to exceed Bitcoin’s user base.
Anything you’d like to add specifically to say to the readers?
We welcome all developers to start experiment with the platform and issue relevant digital assets and services, customized to their needs.
Thank you, Moran, for your time!
What do you think of Colu? Will others follow Revelator footsteps of using the blockchain to solve industry problems? Let us know in the comments below!
Photo Sources: Colu