Color Pay, a Future Leader in Blockchain Hardware

Hello Color Supporters!

Last month we conducted a survey in our Korean community chatroom to determine the name of the PUF chip technology. Although there was a lot of good back and forth conversation, overwhelmingly the name “Color Pay” was born with 52.8% of the vote.

Color Pay, a Future Leader in Blockchain Hardware

When you go to market, you are either a market leader, fast follow, or a market challenger, or you are trying to corner a niche market. As of this month, there are already over 2000 cryptocurrencies in circulation. how many of those cryptocurrencies are utilizing hardware? One of the most notable projects are Pundi X and Israeli based coin Sirin Labs (SRN) coin, a blockchain based smartphone with dApp marketplace.

There are examples of successful first-movers such as Coca-Cola, the first online auction service eBay, the first facial tissue Kleenex, and the first online bookstore Amazon. These first-movers carved out the new market and became the number one leader in that field. Color Pay aims to be a market leader in overcoming the limitations of existing blockchains and leading cryptographic payment systems by combining PUF chips, which are not physically replicable, with blockchain technology.

Color Pay, Solving Current Blockchain Limits by Hardware Integration

The existing blockchain is implemented in software, which is constantly trading security for speed or decentralization or vice-versa.

To combat this, there are efforts to integrate hardware into the blockchain, which is mainly divided into three types. The first is CPU-based, which uses a CPU security code to maintain the security of blockchain. The second is utilizing a security chip, much in the same way Color Pay is utilizing the PUF chip. It enhances blockchain security by protecting sensitive information such as private keys through a security chip. Third, it combines with existing hardware and utilizes terminal security functions of a smartphone, which is the same with Sirin Coin(SRN) as described above.

If hardware is effectively integrated into a blockchain, it has the potential to provide great advantages in improving transaction throughput. By eliminating third-party intervention in the cryptocurrency transactions between two nodes, it can process transactions immediately.

Color Pay, Strong Security and Fast Transaction Speed

What differentiates Color Pay from other wallets? Typically, PUF chips have 2000–3000 holes called ‘Via holes.’ A security key is created based on the entropy from whether these via holes are blocked or not and the number of possible cases will be nearly 2^2000~2^3000. It was designed such that even if the unexpected evolution of quantum computing makes huge leaps, that it will still be hack-proof. Not only there is there a possibility to have a large number of security keys themselves, but the process of creating them is done in a random way. Imagine throwing a bucket of paint at a wall. The amount of different patterns that could emerge are almost innumerable. That is essentially what it would take to hack this system, throwing a bucket of paint at a wall, and having it leave identical markings, down to the nanometer.

Color Pay, A Safe and Reliable Wallet

If you’re involved in cryptocurrency communities you’ve probably heard, or had some of these thoughts yourself:

“Please recommend a secure wallet!”
“What is a good hardware wallet I can use?”

Secure hardware wallets are essential in order to protect your cryptocurrencies effectively, but using them in everyday life can be cumbersome, to say the least. According to the TechRadar, nearly 1 billion US dollar of cryptocurrency was stolen in 2018. Hardware wallets that people firmly believe relatively safe are also doubtful. Last September, a teenager boy gained worldwide notoriety because he uploaded a video claiming that he had hacked the“Unhackable” Bitfi hardware wallet after it had launched its $250,000 bounty program. The Color Pay Wallet, on the other hand, is powered by the world’s best Korean semiconductor manufacturing technology and robust security with proven PUF chips.

So what differentiates Color Pay for existing hardware wallets?

Figure 1 — Hardware Wallet Comparison

In the market, there are two main types of hardware wallets that actually function to make payments (as opposed to offline cold storage wallets). There are cards, which are essentially credit-cardesque renditions done with crypto back-ends, and then there are USB wallets.

Color Pay supports a broad array of payment methods as shown in the table above, and you don’t necessarily need a PUF-enabled device to take full advantage of Color Pay’s secure and robust wallet features. In a later blog post, we’ll cover some usage scenarios for Color Pay, so you can get a closer look at just what exactly we plan to develop here at Color!

Have any questions? Send us an e-mail at hello@colors.org and stay connected with us through our Telegram channel.

Have a Colorful Day :)

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