A fully functional miniaturized projection head below 5 cm3 is presented, using computer-generated holograms dynamically displayed on a liquid-crystal spatial light modulator. Spatial division of the modulator is used for color projection without color breakup, and specially designed, anti-reflection coated prisms ensure simple light paths with small losses. Real-time calculations are performed on a remote server with on-the-fly compression of holographic fringes. Cloud computing allows 1 W of local electrical power usage and apparent image brightness equivalent to 15-500 lm/W efficiency, depending on the displayed content. The properties of the projector allow future applications in handheld displays.