When I was creating my app called Foldify, I needed a good quality drawing algorithm, there was a lack of proper end-to-end solution on the network.
Because of that gap in the knowdlege I've researched and implemented my own algorithm, using OpenGL to create anti-aliased lines at low cost, it also features speed based width similar to Paper (by FiftyThree) app.
You can read tutorial explaining all the steps neccesary for creating this algorithm at my blog: http://www.merowing.info/2012/04/drawing-smooth-lines-with-cocos2d-ios-inspired-by-paper/
MIT. Use it for anything you want, just attribute my work. Let me know if you do use it somewhere, I'd love to hear about it :)
Enjoy && Share other crazy stuff. Let me know if you used
This project now uses Cocos2d as a submodule. Cocos2d itself uses submodules now as well. Do not forget to git submodule update --init --recursive