> At this point, I don't think what you are doing is even colored coins
> anymore. You might want to look into Counterparty or Mastercoin.
>
Nope, it's still colored coins. The difference between colored coin model
and Mastercoin model is that colored coins are linked to transaction
outputs, while Mastercoin has a notion of address balances.
The implications of this is that in colored coin model explicit
dependencies allow us to rely on SPV. (Assuming that one can fetch the
dependency graph to link txout in question to genesis.)
While it is not the case with Mastercoin.
While it's pretty far from the original colored coins model, what Flavien
have described is identical to it in majority of aspects.
This is an interesting approach, but OP_RETURN size limitations can be a
significant problem for some kinds of applications.
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