The Smart Contract and Asset Issuance System RGB protocol said it was launched in Bitcoin Mainnet, which activates tokenized assets such as Stablecoins, Non-Fungible Tokens (NFT) and custom tokens within the Bitcoin ecosystem.
On Thursday, the protocol announced Tools of tokenization that allow users to create, send and manage digital assets in Bitcoin and Lightning Network can be used.
The protocol says allowing new tokenization functions to the top of the network, while maintaining the principles of decentralization, privacy and self-custody.
RGB uses client validation, which means that asset data is processed and verified by the user. This maintains the asset ownership activity while anchoring proofs in Bitcoin transactions, allowing privacy care and minimizing blockchain bloat.
RGB protocol to bring USDT to Bitcoin
Boosty Labs and CEO founder Viktor Ihnatiuk told Cointelegraph that Tether’s USDT will be RGB’s first real-world case for confidential, scalable Stablecoin transfer to Bitcoin.
When asked what it meant for USDT users, Ihnatiuk said they would enjoy the quick and inexpensive shift directly to Bitcoin due to the compatibility with the lightning network. “No need to use other chains with its own trade-off trade,” Ihnatiuk told Cointelegraph.
Ihnatiuk also said that existing RGB projects would like to include Tether (USDT) in bitcoin at the moment it is available.
He added that lightning-based swaps will also allow for decentralized trading functionality.
“The RGB allows you to develop any Defi logic at the top, which uses VM possibilities, which can be compatible with EVM,” Ihnatiuk told cointelegraph. “So any cases of use we know in Ethereum, Solana, Defi can now be built native to Bitcoin.”
Ihnatiuk also told Cointelegraph that RGB’s advantage over other chains lies in being direct to Bitcoin, allowing it to use bitcoin security.
He said the client’s authentication model also carried privacy by having transaction data that was invisible to onchain.
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The RGB Protocol Association to support the ecosystem with grants
During the launch, well -known crypto organizations have developed the RGB Protocol Association to organize and promote RGB’s development and adoption through education and funding.
“Founding members include the Bitfinex, Plan B Network, Thunderstack, Boosty Labs, Bitmask’s Diba, Fulgur Ventures, LNFI, Kaleidoswap and Tribe RGB,” Ihnatiuk told the cointelegraph.
He said the association would provide grants, sponsorship and education initiatives to support the RGB ecosystem and promote change for Bitcoin.
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