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 Tokenization tools were now available, allowing Bitcoin users and Lightning Network users to send digital assets and create them.
According to the protocol, it allows new tokenization features on top of its network while maintaining decentralization principles, privacy, and self-custody.
RGB utilizes client-side validating, which is to say that data about assets are processed and validated by the users. The asset activities are kept off-chain, while the proofs of Bitcoin transactions remain. This allows privacy to be preserved and minimizes blockchain bloat.
The RGB protocol will bring USDT into Bitcoin
Viktor Ihnatiuk is the founder and CEO at Boosty Labs. He told Cointelegraph, that Tether’s USDT would be RGB’s real-life use case of scalable, confidential stablecoins on Bitcoin.
Ihnatiuk, when asked about the benefits for USDT users of this Lightning Network compatibility, said that they would enjoy cheap and fast transfers on 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.USDTOnce Bitcoin becomes available, you can purchase it.
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 the model that uses client-side validation brings in privacy as well, 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 adoption of RGB by educating and providing funding.
“Founding members include Bitfinex, Plan B Network, ThunderStack, Boosty Labs, Bitmask by Diba, Fulgur Ventures, LNFI, Kaleidoswap and Tribe RGB,” Ihnatiuk told Cointelegraph.
The association, he said, will support and encourage innovation in Bitcoin through grants and sponsorships.
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Source: cointelegraph.com
