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163 sats \ 11 replies \ @Scoresby 10 Jul \ parent \ on: RGB consensus layer released to production rgb
Wow, this is pretty exciting! I'll be quite interested to see what kind of consumer applications take it up.
My money is on more shitcoins, but I hope to be mistaken
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Not just shitcoins. Also:
- better liquidity on lightning
- much better privacy (broken tx graph)
- souvereign legal system
- sovereign bearer audit logs (timestamps++)
- better bitcoin programmability (much better)
With Prime (client-side validation layer 1):
- 1 sec settlement time
- no blockchain
- tens of millions tx per second with no inbound liquidity problems like in lightning
- constant size data with zk-STARKs client-side peer-to-peer proofs
And yes, there is bitcoin trustless bridging to RGB and Prime - with Radiant and/or BitVM (whatever happens first).
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cool, thanks! I've been trying to follow this some time ago. will look more closely now.
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The problem solved by Alice sending BTC to Dan via USDT on the route is utilization of additional liquidity which will be present in LN only with RGB.
PPM fee still will be lower than onchain tx fee if liquidity is just not there and Alice can't pay Dan
Free option problem is always there in any atomic swap protocols; the way to mitigate it is just to set a proper CTV timeout and experience more failures.
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There is no free option in atomic swaps on sideswap.io
on LN, even 1 block CTV is enough to be exploited
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Right now the only liquidity present in Lightning network is BTC liquidity.
Yet stable coins (like USDT) has much more liquidity (most of BTC is on long-term holding and thus non-liquid, and would never touch LN). Once they come into lightning channels payments can be routed through channels with no BTC liquidity (but with USDT etc), converting on-the-fly; so BTC payment may pass through such channels in a transparent way.
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This on-the-fly converting idea is nonsense. Who would want to cross two bid/ask spreads to receive x% less? And who would dare to be an exit node and be picked off by free option? I will be the first to game them. Maybe native USDT channels will work, but that will require a whole alternative LN, with rebalancing pain etc. USDT on Liquid does the job great right now, with cheap confidential payments and atomic swaps to/from BTC.
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Sorry it is not a nonsense but is an an already working system.
Yes, you if have RGB channels you need RGB-enabled LN nodes on both sides - there is RLN (RGB lightning node) and soon another one will be released (LNP Node). But outside channels are usual, so if Alice pays Dan in BTC through Bob and Carol, and Bob and Carol have direct RGB USDT channel, both Alice and Dan do not need a special LN node - any will work (but Bob and Carol need one). The forward-backward conversion fee will be seen as a fee for the routing from the point of view of Alice.