In spite of the fact that it has been pending for a long while now, Coinprism will officially close its entryways on March 31. This news isn't a major shock, as an end has appeared to be up and coming for a while now. Although the service has been somewhat well-known among enthusiasts of colors coins, the end will definitely happen as arranged.
The recent years have been quite a fascinating period for Coinprism. Explicitly, Coinprism was one of the initial companies to make access to colored coins which are (digital tokens issued over the Bitcoin blockchain, which work into some degree a comparative design to Ethereum ERC20 tokens) quite direct. Once upon a time, there were not many ICOs consistently, however, the occasional crowdsale occurred.
Sadly, it comes up apparent that colored coins, in the long run, would not add up that much traction. More particularly, the idea rapidly got pushed to the side till when Ethereum ERC20 tokens began to add up traction. All things considered, colored coins were possibly marginal in advance of their time in regard to offering things individuals weren't even searching for. It happens once a while in the crypto world, however, not all initiatives are launched at the most favorable time.
Therefore, it is of much importance that users of the Coinprism service ought to know that the platform will close down on March 31. This likewise implies their wallets will no longer be available from that date forward. The block explorer and API will also be closed down on that date. However, nobody will be very astonished by this development, although a few people may raise an eyebrow at it.
Subsequently, Coinprism doesn't store any of its users' private keys, users must guarantee they can get to their assets in an auspicious way. Coinprism just stores an encrypted version of one's private keys on the platform, which can be decrypted using the password generated during the information signup process. Unfortunately, on the off chance that users have forgotten their passwords, there is nothing the company can do about it.
After users export the private keys for their Coinprism wallets, they can clear them into some other compatible wallet. This will enable users to get to forked currencies, for example, Bitcoin Cash and Bitcoin Gold, if they have not done so already. It is good to see that users can in any case access this money when everything ends, yet it stays to be checked whether users can recall their passwords and 2FA data.
It is unfortunate to see venerable service, for example, Coinprism close down, yet it is just to be expected given the way things have been going for them. It is indistinct what the majority of this implies for the colored coin industry, as it appears there will be even less spotlight on this sector advancing on. Nonetheless, in general, an intriguing future lies ahead for colored coins, in spite of the fact that it stays to be checked whether ERC20 tokens will keep on reigning supreme.
