Color is a decentralized app store, where users can build high-performance decentralized apps. The Color team has been contemplating how to bring dApps in people’s daily life and provide a revolutionary ecosystem to solve existing problems of blockchain. Here are what Color team is focused on solving and why Color matters to the blockchain world. Color aims to be the App Store of Blockchain. Existing blockchain platforms developed and provided a platform for applications to be freely built and operated on. A numerous number of cryptocurrencies were generated through ICO and didn’t succeed in retaining a sufficient amount of users. Color Platform solves the issue of scalability by enabling already existing applications to be easily operated on the platform, through Color Spectrum technology that helps users to create sophisticated dApps and experience fast transaction speed.
High speed, low cost – Making transactions on Ethereum takes average 6 minutes and Bitcoin 60 minutes. Besides, users need to pay a high transaction fee. Low speed and high fee are two factors that prevent users from utilizing existing blockchain system in daily life. It may also be the reasons why Bitcoin has only 30 million active users after 10 years of its release and Ethereum 20 million users after 3 years, while Twitter hits 30 million active users in 4 years, Instagram 50 million in one and a half years.
Unlike traditional blockchains where code and data are totally mixed, Color Spectrum consists of distinct tiers for data processing and committing data into blockchain. It allows dApp developers to utilize the computing resources of the whole network for their dApps on the high-performance Color Platform with simultaneous execution. The Color Platform, through its Color Spectrum technology, solves the problem of the existing blockchain system including scalability(low speed, a high transaction fee), limits of creating sophisticated dApps, governance, decentralization and security obstacles.
Creating sophisticated dApps – It’s possible to build only simple dApps on Ethereum since creating intricate dApps would be way too complicated. The color team is aware that only 5 dApps on Ethereum have more than 500 daily users. However, developing sophisticated dApps are much easier on the Color Platform with CDK(Color Development Kit), a development package aimed at accelerating the development of dApps with the easy-to-use front end and developer tools.
DApp Ecosystem – Thousands of dApps will run on the Color Platform and most of the dApps will be operated by single unified currency, Color Coins(COL). Users don’t need to switch apps but all they need to do is open the Color Gallery to enjoy multiple dApps available on Color. Color Platform is not just a dApp platform, but an Ecosystem for dApps that is organic and engaged.
People see and hear from everywhere that blockchain is a revolutionary technology, but not many of them recognize what benefit it brings us. Color Platform is the next generation blockchain platform that people can actually enjoy and utilize in daily life.