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For some, Bitcoin is lagging behind when it comes to the smart contracts phenomenon. A premise that could well change with the launch of RGB. RGB is a smart contract platform based on Bitcoin's Lightning Network.
RGB launch
The news was published on Twitter on Monday by Olga Ukolova, who announced the launch of a private RGB network beta.
Thus, RGB offers a different approach to those that are undertaken on the Bitcoin network, such as colored coins. In addition to offering a smart contract platform, the protocol ensures user confidentiality, enough to kill two birds with one stone.
“RGB is a smart contract system, capable of operating on the Lightning Network and designed with confidentiality and scalability in mind. It is managed by the standards of the LN / BP Association. »Official website
RGB: a revolution for Bitcoin
As Ethereum continues to expand, powered by its DeFi ecosystem, the Bitcoin network may well be catching up.
Indeed, the RGB protocol offers a lot of new possibilities on the Bitcoin network, namely:
- Issue fungible digital assets, such as stocks, bonds and other forms of securities.
- Create different forms of collectibles (non-fungible goods).
- Create and manage sovereign / decentralized identities.
- Design and manage other forms of arbitrarily complex smart contracts.
A different approach
So far, the approach of the Bitcoin network has been very clear: keep the simplest base possible (on chain) and transfer the complexity to the upper layers (off chain) like the Lightning Network.
“RGB smart contracts work with a client-side validation paradigm, which means that all data is kept outside of Bitcoin transactions, that is, the Bitcoin blockchain or Lightning channels. This allows the system to operate over the Lightning Network without any modification to the LN protocol. »Explains the official website
RGB may well be the new platform to offer smart contracts on the Bitcoin network. It will now be necessary to take your pain in patience and the opening of a public beta phase to discover and experiment with this new solution.
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