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[ICO REVIEW] Color Platform? Could a Non-tech Build Their own Smart Contract without Progamming?

christina - 09/06/2018 - 1665 view
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Have you ever thought of a non-tech person building their own dApps, with their own ‘Auto Smart Contract”? The answer is YES with Color Platform! Let’s find out what Color platform is!

The "Color Platform" utilizes "Color Engine" to rebuild the Smart Contact Ecosystem. Color Engine technology enables users to easily create "Auto Smart Contracts". Users can utilize the "Color Design Tool" to create "Smart Contracts" and "Smart Contract Templates" without any programming.

 I. Media Sites

Website  

Telegram +1200 active members

Facebook +120 followers

Twitter +80 followers

Medium +40 followers

Reddit +18 followers

Youtube Channel 85 subscribers

IIToken metrics

  • Ticker: COL
  • The TGE is scheduled for July 2018
  • Token supply: 500,000,000 COL
  • Accepted Cryptocurrency: BTC

The thing is that Bounty & Partnership is 10%, I’ve contacted through telegram but the answer for the specific bounty percent is TBA. 

III. What is “Color”?

“Color” desires to create a new blockchain ecosystem with various dApps that will be developed on the Color Platform. If you look at the logo of Color, you will see four circles that represent the value of Colorful, Creative, Courage and Connection.

The interesting point is that the non-technical users could possibly develop Smart Contracts by “Color Engine”. It already removes the technical barriers for users to enter and makes dApps easy, enable everyone to use. It aims to be the incubator for a host of dApps, such as Color Media, Color Future, and Color Music.

The Color Platform also provides various services to supercharge the dApp-creation process, among them the Color Development Kit, which enables even non-technical users to easily create as a dApps store. Additionally, the Color Platform provides the back end for dApp development so ordinary users don’t have to worry about the intricate details of the consensus algorithm or how to set up a decentralized server.

IV. How is Color Platform useful?

Colorchain aims to achieve the mass adoption beyond the blockchain.  The Color Platform utilizes Colorchain, a hybrid software/hardware blockchain that enables lightning-fast decentralized computing. Colorchain utilizes a peer-to-peer (P2P) payment system and a cryptographically secured physical unclonable function (PUF) chip to greatly increase transaction speeds. Color’s purpose is to maintain enterprise-level speed and scalability while hosting thousands of dApps.

With the recent blockchain’s struggles, such as high fee, narrow scalability, slow transaction speed; the mass adoption for blockchain remains the starting-point. Colorchain serves a pure peer-to-peer cryptocurrency system that excludes third-party involvement. It uses digital signatures through the non-replicable attribute of PUF chips. This technique overcomes the constraints of other cryptocurrencies, including transaction delays and the limitation of TPS (Transaction process system). In addition, it doesn’t require a separate consensus process to maintain the completeness of the transaction.

V. Ecosystem

  1. PUF Chip (Physical Unaloneable Function Chip)

What is PUF Chip? Physical Unclonable Function is considered to be a cryptographically secure device that utilizes unclonable physical characteristics.  Unlike the Memory-Based security chip, PUF Chip is a physical entity which produces an output value at least independence of physical structures, which are hard to clone. When using PUF in a consensus algorithm, every user node has a physical PUF chip and logical PUF software. That’s why PUF chips help protect private data from unauthorized. 

  1. Smart-contract is the essential computer program to interact with the blockchain, so why is it “auto smart contract”?

Smart contract eliminates the need for trusted third-party, automated and reduces the transaction cost. “Auto smart contract” will be viewable on any device, are featured with the outstanding:  automatic- no coding needed, which means if you are a non-technical, you can still “program” it.

The Color Platform aims to create a new economic blockchain paradigm by enabling almost anyone to create Smart Contracts which will be stored with their view data on the blockchain, viewable on any device. Combined with an interface layer capable of accessing and verifying the state of external blockchains, the Color Platform is capable of computationally enforcing the terms of the Smart Contracts. Every Auto Smart Contract will operate on standard metadata and will be interoperable with every other Color dApp.

  1. What is “Pixel program”?

Color Platform has seen the problem most apparently in PoW and PoS cryptocurrencies, the initial miners reap the majority of the rewards or similarly, large coin holders continue to be rewarded with coins. The gaining coins have gone after the principle of fiat money, goes against the principle of the blockchain. In which people tend to store up and make the rich-poor gap becomes larger. The "Pixel Program" is a network effect driven referral program that distributes "Pixels". Pixels are awarded on a periodic basis. Unless Pixels are given to new users, sent to fund projects, or used for other community functions, they will disappear. The "Conditional Sharing Mechanism" aims to disincentives hoarding and increase overall user participation in the system. 

 VI. Team

There are 11 people who are listed on their website, with 5 blockchain developers. However, their media site was not much updated, except for Brandon Knodel and Hyungwon Chae, with the previous experience in machine learning, IT and blockchain. There was no information updated on the other three blockchain developers of Color Platform’s LinkedIn regardless of previous or recent company, any experiences, which raises questions of verification. Github is recommended update for more trust and evaluation for the coder.

There are 12 advisors, who are experienced with high positions and business management & marketing experience. Besides, the 7 board team members already have experiences working with large corporations, which is a bonus point for the follow up of the project.

You can click here for the detail of the advisors, board, and team.

 VII. Partners

There are 5 listed partners on Color Platform’s website.

Two of those are the technology companies: Nexybit, and SoftEQ. Color Platform has the back of AI Crypto, which is doing their ICO. This ICO sure does not make a boom to catch attention from the Capital or any Funds.

VIII. Roadmap

 How they run their project?

The roadmap stipulates that once the platform has garnered enough users, they will switch to True Color, the main chain that will depict decentralized governance and platform in full swing. Paralleling dApp development, the Color Team is building out the platform with developer tools such as test-network, IDE’s, smart-contract templates, documentation guides, and even boot camps to support the platform’s adoption. A key piece of Color’s development will come in the form of the powerful Color Virtual Machine (CVM), which will encompass advanced features and make developing dApps on Color easy even for those new to blockchain programming. The CVM, dApp-development tools, methodologies and IDE’s will be released to the community to empower users to create decentralized applications and add value to the platform.

XI. Comparision

Take a look at this table; we can see the outstanding features of Colorchain, Color Platform blockchain. It solves the problem of scalability compared to centralize and the recent blockchain (Bitcoin, ETH).

Colorchain utilizes a peer-to-peer (P2P) payment system and a cryptographically secured physical unclonable function (PUF) chip to greatly increase transaction speeds. Color aims to maintain enterprise-level speed and scalability while hosting thousands of dApps.

X. Evaluation

This project has both pros and cons.

  • Advantages

The over idea of Color is creative and potential. Color Platform has clear road-map. It is clear that the potential impacts dApps bring about in the future are an improvement in how we own the data, efficient IoT integration, and better digital security. The idea of an auto smart contract is highly rated, but we are still lack of information from the developer team (GitHub, so on), so let’s wait to see how they build the platform and how the test network is.

  • Disadvantages

About the percent of bounty and partners are 10%, which is very high, not a good predictor for the future investors. The developer is not total revealed regardless of the skill, but they are on the way building the test net till April 2019, so waiting is a solution. It seems to be a long way for Color Platform to run on. The answer to invest or not is up to the update and the more trust-build from the developer team, though. Color Platform makes investors raise a question about ensuring the best practices in the creation of dApp? Although the platform promises to unleash the potential to create a decentralized software application, there are factors you should take notice when it comes to creating your own dApp. Some of the essential to watch out for include: autonomy of the entire use to ensure no entity control; the token generation must have a standard algorithm or criteria; the protocol employed should ensure adaptive capabilities to improvements and market feedback from the customers.

XI. Verdict

There is quite a massive influx of dApp projects already in place, and there is a growing possibility that humans are about to get to see a more advanced level of dApp projects through Color Platform. After considering both pros and cons, for those are about to establish a blockchain platform, Color is a specific platform for you to try out. But again, always keep an eye for this project, especially, hardcap, developer team. The whole project seems viable and stable, however, the unfortunate part is that the concept is yet to materialize and for now most of the details and platform are being processed.

“Another way to see the unexpected fruits that arise from the mystery is that when we live in the spirit of the gift, magic happens. Gift mentality is a kind of faith, a kind of surrender—and that is a prerequisite for miracles to arise. From the Gift, we become capable of the impossible.” Let’s see how they can do!

Rate from Icogens.com:

HYPE

RISK

ROI

TERM

ICOGENS' SCORE

NOT RATE

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NOT RATE

NOT RATE

NOT RATE

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*Note: All the information (on icogens.com) including tokens sales, “interest level”, ROI rate, hype rate, risk rate are our subjective opinion and only for informational and educational purposes. The information ICO Gens provides is not an investment advice.

HYPE: is defined as the level of concern over a project and its FOMO. This score is based on the number of people joining a project’s social channels such as Reddit, Telegram, Twitter, Facebook, Bitcointalk, Medium or Slack as well as the number of review articles produced by the third party.

RISK: the risk rate of the project. Based on this score, you can find more spam warnings of the project. More specifically, RISK is about the transparency of the project, its idea, members of the development team, roadmap and whitepaper. (RISK is rated regardless ROI rate of the project).

ROI: (Return on Investment): the rate of profit a project can bring to investors (ROI is considered separately from RISK. ROI can be rated High and RISK can be rated High as well).

TERM: this factor reveals the length of time you should hold token or coin of a project. The period of time can be Short, Medium or Long.

ICOGENS’ SCORE: this score can be decided by scores of four other scores or it will reflect the level of interest ICOGENS’ team has in the project. This score is separated from ROI score. It just shows how much Icogens core team concern the project.

You are reading [ICO REVIEW] Color Platform? Could a Non-tech Build Their own Smart Contract without Programming? from the section ARTICLES.

Source: Icogens.com

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