Brothers, the long-awaited RGB is finally going online. As the ultimate form of the BTC ecosystem, the RGB project, which has the highest attention at this stage, will officially mint new tokens at 1:00 AM on August 7. There are still 11 hours until the post time. Without further ado, get ready quickly, thousand-fold gains are beckoning you!
What is RGB
RGB is a scalable and confidential Bitcoin and Lightning Network smart contract system developed by the LNP/BP Standard Association. It adopts the concepts of private and shared ownership, is a Turing-complete, trustless form of distributed computation, and does not require the introduction of tokens in a non-blockchain decentralized protocol.
The design purpose of RGB is to run scalable, robust, and private smart contracts on the UTXO blockchain (such as Bitcoin) to realize all possibilities. Through RGB, developers can execute functions such as token issuance, NFT minting, DeFi, DAO, and more complex multi-category smart contracts.
The RGB protocol is based on the concepts of client-side validation proposed by Peter Todd in 2016 and single-use seals, running client state validation and smart contract systems on the second and third layers of the Bitcoin ecosystem (off-chain).
Preparation work, specific content
1. Prepare the wallet
Open the official website with Google or Microsoft browser: https://bitlightlabs.com/wallet
Download and create a wallet in the extension (remember the mnemonic phrase), ensure the version number is 1.1.1
2. Switch the wallet to the mainnet
After downloading the wallet, it defaults to the test network, you need to manually switch to the main network
3. Recharge BTC, prepare UTXO
Withdraw BTC from the exchange to the wallet (must select BTC mainnet, with high fees), after successful recharge, create UTXO (the RGB protocol utilizes the UTXO model of Bitcoin mainnet to implement smart contracts and token issuance functions off-chain)
The BTC amount should be determined based on the number of new mints you want, but it is not recommended to participate below 100U. After starting the new mint in the early morning, the GAS fee on the BTC mainnet should rise significantly. A GAS fee that is too low may result in unsuccessful new mints.
Creating UTXO can be done with default settings, requires 0.0003 BTC (not consumed, can be redeemed at any time)
4. Prepare BTC network monitoring tool mempool
During the early morning minting phase, observe the gas changes through mempool at any time to get the latest minting data.
The preparation work is almost done here. Keep creating UTXOs in each wallet and have enough BTC as GAS fees during the new minting.
Market cap expectations, thousand-fold gains
The total amount of RGB is 21 million. Based on past minting experiences, one can mint 1000, but it may also be 100, and we can only know when minting happens.
Bitlight Labs, as the regular army of the RGB sector, is currently the absolute leader on the market, with a relatively low estimated market cap of 21 million based on the initial market cap, 1 RGB = 1U, if one can mint 1000, based on the current GAS level is around 1U (GAS will increase when minting new), 1 piece = 1000U, thousand-fold gains are not a dream!!!
Of course, if you can accept 100 of one type, as long as the GAS does not rise to 100U each, it can be considered. The estimated market cap of GRB at 21 million is relatively low, and we also need to see the subsequent ecological development.
That's all for today's content, be prepared to welcome thousand-fold gains