RGB Protocol announced it launched the Bitcoin mainnet. The system allows for tokenized assets, such as non-fungible tokens (NFTs), custom tokens and stablecoins.
The protocol was held on Thursday. announced The availability of tokenization software allowing the creation, sending and management of digital assets via Bitcoin and Lightning Network.
It said that the protocol allows for new tokenization capabilities on top its network, whilst preserving decentralization, confidentiality and self custody principles.
RGB relies on client-side verification, meaning that the asset data will be processed by and checked by users. It keeps assets off-chain and anchors proofs with Bitcoin transactions. Privacy is preserved, as well as bloating of the blockchain.
RGB Protocol to Bring USDT to Bitcoin
Viktor Ihnatiuk is the founder and CEO at Boosty Labs. He told Cointelegraph, that Tether’s USDT would be RGB’s real-world first case of scalable and confidential stablecoins on Bitcoin.
Ihnatiuk responded that Lightning Network users will be able to enjoy quick and inexpensive transfers using Bitcoin. “No need to use other chains with their own trust trade-offs,” Ihnatiuk told Cointelegraph.
Ihnatiuk added that RGB projects already in existence want to include Tether.USDTWhen Bitcoin is available, it will be possible to purchase Bitcoin.
The Lightning-based Atomic Swaps, he said, will allow decentralized trading functionality.
“RGB allows you to build any DeFi logic on top, leveraging its VM possibilities, that could be even compatible with EVM,” Ihnatiuk told Cointelegraph. “So any use cases we know in Ethereum, Solana, DeFi can be built now natively on Bitcoin.”
Ihnatiuk told Cointelegraph as well that RGB has an advantage over the other chains because it is directly connected to Bitcoin and can leverage its security.
He added that privacy is also enhanced by the client-side verification model, since transaction data are not displayed onchain.
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The RGB Protocol Association supports the ecosystem through grants
After the launch of the RGB Protocol Association, leading crypto organizations have formed it to coordinate and encourage the development and use of RGB by funding and education.
“Founding members include Bitfinex, Plan B Network, ThunderStack, Boosty Labs, Bitmask by Diba, Fulgur Ventures, LNFI, Kaleidoswap and Tribe RGB,” Ihnatiuk told Cointelegraph.
According to him, the association would provide educational programs and grants in order to promote Bitcoin innovation and support the RGB eco-system.
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Source: cointelegraph.com
