2 days ago
Smart declaration and plus issuance strategy RGB Protocol said it had launched connected the Bitcoin mainnet, enabling tokenized assets similar stablecoins, non-fungible tokens (NFTs) and customized tokens wrong the Bitcoin ecosystem.
On Thursday, the protocol announced that tokenization tools allowing users to create, nonstop and negociate integer assets connected Bitcoin and the Lightning Network were available.
The protocol said it enables caller tokenization functions connected apical of the network, portion preserving its principles of decentralization, privateness and self-custody.
RGB uses client-side validation, which means that plus information is processed and verified by the user. This keeps plus enactment offchain portion anchoring proofs to Bitcoin transactions, allowing privateness preservation and minimizing blockchain bloat.
Source: RGB HubRGB protocol to bring USDT to Bitcoin
Boosty Labs laminitis and CEO Viktor Ihnatiuk told Cointelegraph that Tether’s USDT volition beryllium RGB’s archetypal real-world usage lawsuit for confidential, scalable stablecoin transfers connected Bitcoin.
When asked what this meant for USDT users, Ihnatiuk said they volition bask accelerated and inexpensive transfers straight connected Bitcoin due to the fact that of the compatibility with the Lightning Network. “No request to usage different chains with their ain spot trade-offs,” Ihnatiuk told Cointelegraph.
Ihnatiuk besides said that existing RGB projects privation to integrate Tether (USDT) connected Bitcoin erstwhile it becomes available.
He added that Lightning-based atomic swaps volition besides let for decentralized trading functionalities.
“RGB allows you to physique immoderate DeFi logic connected top, leveraging its VM possibilities, that could beryllium adjacent compatible with EVM,” Ihnatiuk told Cointelegraph. “So immoderate usage cases we cognize successful Ethereum, Solana, DeFi tin beryllium built present natively connected Bitcoin.”
Ihnatiuk besides told Cointelegraph that RGB’s vantage implicit different chains lies successful being straight connected Bitcoin, which allows it to leverage Bitcoin's security.
He said that the client-side validation exemplary besides brings privateness by having transaction information that is not disposable onchain.
Related: Bitcoin ’wrench attacks’ connected way to treble its worst year
RGB Protocol Association to enactment the ecosystem with grants
With the launch, salient crypto organizations formed the RGB Protocol Association to coordinate and beforehand the improvement and adoption of RGB done acquisition and funding.
“Founding members see Bitfinex, Plan B Network, ThunderStack, Boosty Labs, Bitmask by Diba, Fulgur Ventures, LNFI, Kaleidoswap and Tribe RGB,” Ihnatiuk told Cointelegraph.
He said the relation volition supply grants, sponsorships and acquisition initiatives to enactment the RGB ecosystem and beforehand innovation for Bitcoin.
Magazine: Bitcoin OG Willy Woo has sold astir of his Bitcoin — Here’s why
English (US) 