Pigment + binder = paint. In this case, watercolor is pigment in a water-soluble gum arabic binder. However, paint made from just pigment and gum arabic will likely dry into a hard and difficult to reactivate paint. I add corn syrup, glycerin, and ox gall (sometimes). The corn syrup (interchangeable with honey) and glycerin ensure the paint is easy to reactivate and dries without cracking, crumbling, or excessive shrinkage. The ox gall helps the pigments disperse and is optional depending on the pigment properties and preferences of the painter. The exact proportions of the ingredients depends on the pigment(s) and climate.