Today we are glad to release Color Stream, a free iPhone App, created by Sahil Lavingia (@slavingia on Twitter) and released for Smashing Magazine and its readers. Color stream lets you create and store color palettes that are either created from scratch or generated from a photo, or even generated automatically using a built-in color schemer. The color schemer supports analogous, monochromatic, triadic and further color schemes. As usual, this iPhone app is released for free.

The tool automatically generates a combination of colors from a picture either selected from your device's photo library or from your device's camera (if it has one). You can save multiple color palettes, name them and rate them for quick and easy access. You can also save any one of your palettes to your photo library (and have the option to make it your wallpaper), send it via e-mail (with included hexcodes and sample html) as well as browse Flickr for appropriate color-related pictures. So if you want to use it as a color scheme generator, you don't even need to be online!

Source: http://www.smashingmagazine.com/2010/08/17/color-stream-a-free-iphone-app-for-web-designers/