BTC Ecology New Hot Spot RGB Protocol Inventory of projects worth paying attention to in the RGB ecosystem

来源:Encryption加密眼界

The RGB protocol is a client state verification and smart contract system that runs on layers 2 and 3 (off-chain) of the Bitcoin ecosystem based on client verification proposed by Peter Todd in 2016.

The base layer of the RGB protocol is the Bitcoin blockchain, which contains Satoshi Nakamoto PoW consensus and a ledger of transactions. While it doesn’t require any data to be stored on-chain, it still follows the existing infrastructure, utilizing Bitcoin transactions as a repository for these commitments. This is achieved by building the Bitcoin protocol layer, laying the foundation for client-side validation.

RGB Development History

Let’s take a brief look at the development of RGB:

2016: Giacomo Zucco was inspired by Peter Todd’s idea and initially conceptualized the RGB protocol.

2017: BHB Network launched the original version of the RGB protocol, supported by the Poseidon Group.

2019: Maxim Orlovsky and Giacomo Zucco founded the LNP/BP Standards Association to advance RGB into practical applications. Dr. Maxim Orlovsky began redesigning the RGB protocol.

2021: The Association showcased RGB’s Turing-Complete Virtual Machine (AluVM), which began running on the Lightning Network.

2022: A new language, Contractum, was introduced for writing RGB smart contracts for Bitcoin and the Lightning Network and its new website.

April 2023: RGB v0.10 was released, bringing full smart contract support to Bitcoin and the Lightning Network, marking an important stage of development for the RGB protocol.

In fact, RGB was born very early, but there has been no hype of ecological projects, because there are fewer ecological projects, and the development of the BTC ecosystem is too slow. However, this year is different from the past, and every protocol in the BTC ecosystem has been dug up by everyone for hype and attention, please see our previous article for details.

So with the help of this east wind, the big ship of RGB can ride the wind and waves and set sail.

The main reason is that there are already a lot of projects on this protocol that are about to be launched, and compared to other protocols, the action is faster, and the fastest projects may be available for trading at the end of the month. And how strong the concept of smart contracts is, everyone should know that Ethereum has created two rounds of bull market brilliance with smart contracts.

So let’s take a look at RGB’s noteworthy ecological projects:

LNP/BP Association

The LNP/BP Association is a non-profit organization that oversees the development of all layers of Bitcoin, and its products cover three main verticals: client-side verification enhancements for Bitcoin components of the Bitcoin Protocol (BP), generalization of the Lightning Network (LNP) protocol to support advanced functionality, and smart contracts (RGB and other technologies that enable higher programmability through client-side verification).

Sponsors and contributors of the association:

Bitfinex & Tether are very supportive of the RGB protocol and are currently the largest ecosystem players. In October of this year, the CEO of Tether publicly stated that the RGB protocol represents the “best opportunity” to issue stablecoins on Bitcoin.

At the moment they are accepting donations without any return, which can be seen;

Objectives of the LNP/BP Association for the future:

1. Improve and better RGB developer documentation and educational materials

2. Complete the integration of the RGB smart contract with the Lightning Network

3. Contractum: RGB programming language. The main types of templates for RGB smart contracts: fungible tokens, NFTs, decentralized identities.

4. Further development of the Lightning Network extension (Bifrost), including support for channel factories, channel composability, and the use of Schnorr signatures/taproots

5. Build BiFi protocols on top of LN and RGB, including DEXs, liquidity pools, and AMMs.

DIBA和Bitmask

The two projects of DIBA and Bitmask belong to the same company, and we put them together, and they are also the fastest RGB ecological projects at present, and they are also the projects that we are more optimistic about, after all, they have seized the opportunity and are likely to develop into leading projects in the future.

Let’s start with DIBA, which is a Bitcoin NFT marketplace that allows users to trade any asset issued by a Bitcoin smart contract on a Layer 2 network, such as the Lightning Network. DIBA has also partnered with crypto miner Hut 8 Mining (HUT) to release a Bitcoin-only wallet. Here we think that this wallet is Bitmask.

Hut 8 Mining has a big background, one of the largest digital asset miners in North America, and in June this year, Bitcoin miner Hut 8 merged with US Bitcoin Corp to form a new company, New Hut, and went public.

The picture below shows the financing table of Hut 8 Minin

With that out of the way, we move on to DIBA, the DIBA journey that started in 2021 and didn’t really come to the fore until this year. DIBA works on a “Truly Fit for Bitcoin” (RGB) smart contract, which is built on a layer 2 network.

Gideon Nweze, co-founder of DIBA, said in a statement that the RGB protocol allows for cheaper and more private transactions, making it easier to issue Bitcoin tokens.

DIBA investors such as the famous venture capitalist Tim Draper is a well-known venture capital godfather in Silicon Valley, and founded DFJ Venture Capital, Draper Associates, Draper University and other well-known investment institutions.

BitMask Wallet: A browser extension for decentralized applications on Bitcoin. Access Bitcoin Finance, NFT (UDA) using the RGB protocol, website:

Bitmask钱包创建教程:#/blog/BitmaskonChrome

BlastPePe-RGB 和Single-Use-Seal

PepeRGB is the first RGB token issuance project, the current over-the-counter whitelist is about 300U, I think what needs to be criticized is that the name is not original enough, and the project vision is to create a social metaverse, users can use the Lightning Network to exchange real goods and services, will not involve land sales, but focus on social interaction and building businesses.

At present, it seems that the implementation is still far away, and it still needs to wait.

Total supply: 21,000,000

Fair Launch: 19,000,000 (90.5%)

Leaflet: 1000

Team Retention: 2,000,000 (9.5%)

Works with BitMask wallet.

Single-Use_Seals is an RGB native project, the first 10k PFP NFT. The heat is also relatively high.

Bitlight Labs(Cosminmart)

Bitlight Labs develops an infrastructure based on the RGB protocol and deploys multiple applications on the Lightning Network. Among them are Bitswap and Bitlight wallets. The ecosystem has been built to provide users with more ways to transact and interact, enabling faster and largest transactions.

Peculiarity:

1. A smart contract system capable of managing rich states

2. Example of client-side validation using Peter Todd: The data is held by a “state owner” (e.g., an asset owner) and not by public perception.

3. The operation above the Bitcoin transaction can come from the lightning channel of the Bitcoin blockchain.

4. Scripts can be written using Blockstream’s Turing-proven Simplicity scripting language.

Infinite

Infinitas is a Bitcoin application ecosystem that combines the RGB protocol and the Lightning Network to achieve higher privacy, superior throughput, and superior low-latency transaction processing.

It is said that Infinitas will have its native economy incentive scheme, and will use mining to produce in the market in the early stage to promote the long-term development of the ecosystem.

Pandora Prime Inc

Products: MyCitadel (wallet), RGB Explorer (browser), and Pandora Network, but the disadvantages are not intended for the general public.