That is at least very similar to a paint I used in the mid to late 80's. It went on like finger nail polish. The stuff I used was marketed as bow hunting sight illumination. Depending on the surface it often took two coats. On front sights, I found it to be brittle and would chip off from leather holster wear! as for rear sights, in the holes for white dots, it was protected and lasted for 3 or 4 years (until I sold that 1911).
As for how the product functioned; If you weapon sat in the bright sunlight all day, the dots were fairly bright for around 6 hours. It you weapon was in a safe, desk drawer, or concealed carry holster, You had the cream colored dots, you would have to use a bright flashlight to charge up the photons. From a night stand drawer in the middle of the night, they were dead! And you would loose your night vision (and surprise) charging them with a flashlight! Tritium costs more, is good up to 15 years, and works (if not too old), it is a pain to dispose of properly! Lasers are a good alternative, but give your position away! Choose your nighttime trade off.
Ivan