Many years ago, it was RGB, which was proposed by Giacomo Zucco and Peter Todd. This is the protocol for the creation of a non-fungible tokens in the second and third tiers of the bitcoin, like the one on the Lightning Network. About a month ago or so, RGB is officially released it is time for a little more of an explanation.
⚡️#RGB Beta is LIVE!⚡️🚀🔥
Check out the demo @dr_orlovsky did last Wednesday.
🤓 What can you do now?
– issue asset
– transfer to assets
– I’m not sure my assets
👀 All of that:
on top of #Bitcoin
– proprietary and confidential
More news to come!https://t.co/LukfAFuBdW
— Olga Ukolova (LNP/BP) (@OlUkolova) on June 29, 2020
What is the RGB?
For those of you who don’t know what RGB is, try to do it, it’s a protocol that’s on the top of the Lightning Network has been built to be smart-contracts (applicable law), to be able to use it. This may also be a non-fungible tokens that are to be built in a scalable manner. With non-fungible tokens, unique tokens, such as a digital collectable meant to be. Consider, for example, a unique digital Pokemonkaart, where there is only one of them. These features are built in to Ethereum, but for a month, so it will also be available on the Bitcoin protocol, or yes, on to the Lightning Network.
Also, you can see your asset’s unique token, to make. Think of it as a painting and the ownership thereof may be in the form of a token can be issued.
A lot of the RGB-developers to find the Ethereum and the ERC20 is not good practice, and to think that in the long term, to be replaced by a different standard.
If you’re not interested in the asset and issuance/ERC20/or Liquid, you owe it to yourself to pay attention to the RGB of the project. With private, off-chain) in state ownership, it is infinitely scalable, and extremely private. With Simple contracts, it’s extremely expression.https://, etc.co./TzS0UKgBYA
Bob McElrath (@BobMcElrath) – August 6, 2020
In addition, it will be the RGB use of Blockstream’s Simple scripting language, and zero-knowledge proofs. The RGB is actually a revival of the old idea of a Coloured Coin, hence the acronym RGB, Red, Green, Blue. RGB will be integrated into the Lightning Network, the Client-Side Validation of architecture, and was designed by Peter Todd. This means that the smart contracts are not recorded as a transaction on the bitcoin blockchain, or the the Lightning Network.
The objective of the RGB is to use cases to provide a standard, if rather privacyvriendelijk as possible. With the use of the existing strengths of the Bitcoin protocol. Think of it as transparency, the independence of the editor and / or open-mindedness.
Simply put, RGB is a bitcoin-based alternative to the token that Ethereum will be released. Perhaps because of this, even the Final transfer of the Ethereum to the Bitcoin.
The development of the Lightning Network does also have a hand in. It is a platform that can draw on the strengths of the LC, namely: scalability, privacy, and confidentiality.
In other words, it is through the use of the power of the individual functions of the LC and the security of the blockchain of Bitcoin is, the RGB was developed as an alternative to Ethereum, and other blockchains through which digital assets can be created.
If you go deeper in the matter and want to dive, check out the video below.