The beta of the RGB platform is finally live.
This was announced on Twitter by Olga Ukolova, who shared a video published on June 25th on the LNP/BP Standards Association YouTube channel showing the Demo of the RGB Beta.
🤓 What can you do now?
– issue assets
– transfer assets
– accept assets
👀 All of that:
– on top of #Bitcoin
– private and confidential
More news to come!https://t.co/LukfAFuBdW
— Olga ‘Queen of Geeks’ Ukolova (@dr_ukolova) June 29, 2020
The video demonstrates how it is possible to issue digital assets on RGB and how to receive and send them.
RGB is a protocol that allows the issuance of digital assets on the Bitcoin blockchain, since, unlike Ethereum, this is not a native feature.
It was born as the revival of the old idea of Colored Coin, focusing on the integration with Lightning Network and the Client-Side-Validation architecture designed by Peter Todd.
RGB’s goal is to offer use cases with a reasonable standard, as scalable and privacy-friendly as possible, harnessing the already existing strengths of the Bitcoin protocol, such as transparency, issuer independence and openness.
In fact, according to many RGB developers, Ethereum and ERC20 are not good standards and could end up being displaced in the long run.
RGB is in fact a bitcoin-based alternative to the tokens issued on Ethereum.
It was precisely the development of Lightning Network that made the RGB platform possible, making it natively scalable, private and confidential.
In other words, harnessing the power of LN’s native features and the security of Bitcoin’s blockchain, RGB has been developed as an alternative to Ethereum and other blockchains that allow the creation of digital assets.
For instance, already last year Tether announced that it was willing to bring USDT on RGB as well, considering that now, after the discontinuation of issuance on Omni, most of the USDT tokens are on the Ethereum blockchain, and no longer on the Bitcoin blockchain.
Although the RGB Beta has been launched, it will be necessary to wait a while before it is recognized as sufficiently safe to be used to issue widely used tokens, such as USDT.