Colored Coins For IOTA Implemented In GoShimmer

The development of IOTA 1.5 is making great strides and as of recently, we can see the Colored Coins on GitHub added to the GoShimmer project. With the first component for IOTA 1.5 being the Hornet node which was released a few days ago, the release of Chrysalis is within reach.

As we reported before, IOTA 1.5 is developed to make major improvements to the IOTA Tangle and is popular in the blockchain news for its potential of making the technology ready for enterprise use even before Coordicide is released.

The launch of Chrysalis is a step-by-step process which is in two phases. The Colored Coins for IOTA are now implemented in GoShimmer, but the first phase in the project is expected to be implemented at the beginning of July and will include features like improved tip selection, milestone selection, white flag and autopeering.

The second phase, on the other hand, will be even more exciting. The new UTXO model, atomic transactions, reusable addresses (Ed25519), higher hardware support for all major architectures through more standard cryptography (EdDSA) as well as new features such as Colored Coins will be all introduced on the network by the end of OCtober.

As Hans Moog who is a developer at the IOTA Foundation has committed the support for Colored Coins on GitHub to GoShimmer.

In the IOTA news today, we can also see that the IOTA Colored Coins (ICC) will be integrated in the second phase of Chrysalis, which is why the development seems to be on schedule. The ICCs are earmarked coins which can represent real-world assets in a tamper-proof way, based on the IOTA Tangle.

The IOTA token will be used as a carrier, which can have a different meaning in certain contexts and can be given a higher value. The ICC is created by the person who owns the IOTA token via a value transfer application, which gives the IOTA a new “coloring” and its new value.

Additionally, the IOTA Colored Coins can tamper-proof represent any type of asset and ownership such as a deed of ownership, land, admission ticket, stocks, corporate bonds or other real world financial products which are based on the IOTA Tangle.