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There are no layers - all the colours are in the sample capsule. There's some clever tweaking of electrical properties that allows one of the colours to be displayed in preference to the others, or white. Yes, they're bistable (or quad-stable) like regular B&W e-ink.
eInk mention 300dpi B&W and 150dpi colour, so I think they're not able to mix colours within a capsule, so full colour needs to be a sub-cell of four dots. But with much better contrast and saturation than from colour filters in front of B&W cells.
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