BTC Ecology #RGB The protocol is about to explode, taking stock of the projects worth paying attention to in the RGB Ecosystem
The #rgb protocol is based on client-side verification proposed by Peter Todd in 2016, a client-side state verification and smart contract system that runs on the second and third layers (off-chain) of the Bitcoin ecosystem.
The base layer of the RGB protocol is the Bitcoin blockchain, which contains the Satoshi PoW consensus and transaction ledger. While it does not require any data to be stored on-chain, it still follows existing infrastructure, utilizing Bitcoin transactions as the repository for these commitments. This is accomplished by building upon the Bitcoin protocol layer, laying the foundation for client-side verification.
RGB development history
Let’s take a brief look at the development history of RGB:
2016: Giacomo Zucco originally conceptualized the RGB protocol, inspired by the ideas of Peter Todd.
2017: BHB Network launches the original version of the RGB protocol and is supported by Poseidon Group.
2019: Maxim Orlovsky and Giacomo Zucco form the LNP/BP Standards Association to advance RGB toward practical applications. Dr. Maxim Orlovsky began redesigning the RGB protocol.
2021: The association demonstrates RGB’s Turing Complete Virtual Machine (AluVM), and RGB starts running on the Lightning Network.
2022: Introducing Contractum, a new language for writing RGB smart contracts for Bitcoin and Lightning Network, and its new website.
April 2023: RGB v0.10 is released, bringing full smart contract support to Bitcoin and the Lightning Network, marking an important development stage for the RGB protocol
In fact, RGB was born very early, but there has been no ecological project hype. The reason is that there are few ecological projects and the BTC ecological development is too slow. But this year is different from the past. Every protocol in the BTC ecosystem has been dug out for speculation and attention. For details, please see our previous article.
Why do we focus on the RGB track first? The main reason is that there are currently many projects on this agreement that are about to be launched. Compared with other agreements, the action is faster. The fastest projects may be online for trading by the end of the month.
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