Ink-like particle effect

I am somewhat new to Unity and would like to know how I might be able to create something like this: 3Ds Max flow FumeFX - Krakatoa - YouTube using a mesh particle emitter. Anyone know how? Any suggestions will help!

To make a really neat effect the answer is sadly particles that spawn particles, which would be extremely costly and not a good implementation in the end. But, what you could do is animated particles that behaves like ink.

Check out the ParticleRenderer and have a look at uvAnimationXTile, uvAnimationYTile and uvAnimationCycles.
For quicker results the Animated Particle Creator might come in handy too.

You create your animation on a single image which you set in X- and Y tiles. Animation is the best solution for good particle behavior in Unity at the moment.