Pixelbits

<script type="text/paperscript" canvas="canvas-0019">
view.element.style.backgroundColor = '#111';

var color = new Color('#0074d9');
var rectangle = new Rectangle(new Point(0, 0), new Size(100, 200));
var shape = new Path.Ellipse(rectangle);
shape.fillColor = color;

var numLayers = 3;
var blendModes = ['screen', 'screen', 'multiply'];

// make it pointy
shape.segments[1].handleIn.x = 0;
shape.segments[1].handleOut.x = 0;
shape.segments[3].handleIn.x = 0;
shape.segments[3].handleOut.x = 0;

var opacity = 0.3;
for (i = 0; i < numLayers; i++) {
    for (j = 0; j < 360; j += 15) {
        var newShape = shape.clone();
        newShape.scale(1 - (i * 0.33));
        newShape.fillColor.hue += j;
        newShape.opacity = opacity;
        newShape.blendMode = blendModes[i];
        newShape.rotate(j, [50, 220]);
    }
    opacity += 0.2;
}

shape.remove();

project.activeLayer.position = view.center;


</script>

<canvas id="canvas-0019" height="250"></canvas>