So they went from 1 bit symbols (0=white, 1=black), to 3 bit (rgb) symbols. You should get 2^3=8 possible states per pixel vs 2... So isn't there a better encoding that would give you 4x capacity? Maybe that strays too far from the standard?
I agree with your maths - It’s possible they need more error correction bits or something like that, and there is a reference in the article to needing more bits to account for “chromatic abberations”
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[ 1.7 ms ] story [ 9.9 ms ] threadTicketmaster is making use of these. They have a strip of fluctuating color around the outside.