Does it exist, a colored coins solution that doesn't run on the Bitcoin blockchain?

The problem with Colored Coins today is that you still need some Bitcoin dust for every transaction, which is a disadvantage if you would like to promote the use of your own, small scale community coin. You don't want to force your users into having to buy Bitcoin (or any other crypto-currency) if you're trying to get them to use your own, community oriented altcoin (whether or not altcoins are a good idea, is not the discussion here ;-)

As far as we know, something like that doesn't exist yet. Or does it?

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