Open source protocol RGB has announced the launch of a test version that will allow smart contracts to be included in the Bitcoin blockchain, so that users can send and receive their cryptocurrencies without the need for metadata.
The RGB trial version for the smart contracts en Bitcoin is now live. In a post on Twitter Olga Ukolova, a Bitcoin enthusiast and contributor to the project, revealed a video posted via the YouTube platform by the LNP/BP Standards Association, announcing the launch of the test version of the protocol.
The Association's video demonstrates how the test version works, which will allow the exchange of Bitcoin tokens through smart contracts.
Dr. Ukolova also noted that this trial version is compatible with the network. Lighting Network, and that users will be able to issue, transfer and receive tokens through it.
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What is RGB?
RGB is a protocol open source blockchain that operates as a layer on top of the Lighting Network, and is aimed at empowering the development of standards and improvements within the Bitcoin blockchain to implement smart contracts.
The protocol allows the Bitcoin community to create digital assets based on Bitcoin in a similar way to what happens on the network. EthereumWith RGB users can issue, transfer and receive digital assets and make updates on LNP/BP based on the validation and consensus mechanism of OpenSeals.
This protocol is also designed on the idea of colored coins, a series of assets that run on the Bitcoin blockchain. RGB is also based on the validation architecture developed by renowned Bitcoin pioneer, Peter Todd which is based on the concept of client-side validation (client-side validation).
The concept of client-side validation RGB is a verification feature that allows users to review and correct their own data before it is sent to a server. With the implementation of these concepts, RGB is developed as a scalable and private system that does not use blockchain data nor does it require miners or incentive or reward mechanisms to validate transactions. Instead, it is the users themselves who are responsible for validating each of the operations.
Still, RGB works on both Bitcoin and the Lightning Network as a protocol that allows leveraging the existing potential of both networks to improve the scalability and privacy features of each.
Protocol Features
The document of FAQ The report by Dr. Ukolova highlights that RGB transaction validation is performed by clients and users and not by the protocol itself. Furthermore, because this protocol does not require the use of data on the blockchain, users will be able to issue and receive transactions directly without the need for miners to validate the operations. Sending or receiving these transfers is done through a smart contract agreed between the parties.
Likewise, Bitcoin developer Giacomo Zucco stated in an interview that the RGB protocol is designed to offer a simple standard that allows scalability and privacy in transactions in a respectful but efficient way, fully exploiting the potential and strengths of the Bitcoin network.
In his statement, Zucco notes that the standard will enable the typical features that Bitcoin customers and users seek and need, such as transparency, independence and many other network potentials, but that RGB will also offer a viable alternative solution to the scalability, privacy and interoperability problems that Bitcoin currently presents.
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