RGB had a moment last fall - #1243524, #1077989 - but I haven't heard much about it lately. As with Tether-backed Synonym/BitKit, they seem to have endless runway.
This guide is a very thorough guide to RGB, which it describe as:
RGB Protocol on Bitcoin is an open-source protocol for issuing and transferring digital assets natively on Bitcoin and Lightning Network, without the need to use sidechains or to apply changes to Bitcoin’s base layer. All asset data stays private and off-chain, while Bitcoin is used only as a commitment layer for tamper-proof anchoring.
ContentsContents
- Why Do You Need a Separate Protocol to Issue Assets on Bitcoin?
- How Does RGB Protocol on Bitcoin Work? Client-Side Validation
- How Does RGB Prevent Double-Spending? Single-Use Seals
- What Happens Step by Step in an RGB Transfer?
- How Does RGB Protocol on Bitcoin Protect Recipient Privacy?
- How Do RGB Assets Work on the Lightning Network?
- Does RGB Protocol on Bitcoin Support Smart Contracts?
- What Can You Issue on RGB Protocol on Bitcoin?
- How Does RGB Compare to Taproot Assets, Liquid, and Ethereum?
- How Do I Start Building on RGB Protocol on Bitcoin?
I suppose you can't count 'em out, but RGB has been around long enough at this point that I would have figured it'd be seeing some usage at least. Even Liquid has a bit of transaction volume.
Wasn't there some in-house fighting between the main dev Maxim/PR person Olga and the rest? Don't know which faction is still active, but this kind of distraction usually implies the project is even more subject to delays than it already was.
I still don't understand what is the usecase for RGB, similarly with Taproot Assets...
yes. perhaps understanding "assets on bitcoin" requires a more financial brain than mine, but it seems like unless you are actually dealing with sats you will always have something similar to the oracle problem: who says the token actually represents the thing you say it does? (if it's any one entity or group, why do we need to bother with moving it around on bitcoin?)
Yeah, exactly. There's a limited number of sats one can have. There's unlimited number of assets that anyone can have - even if they do like NFTs... you can create unlimited number of NFT networks. And so the only option seems to be to connect these to existing systems - like stock market or existing fiat currencies. But then we are at square one - we have centralized government powered system that dictates the asset.
😂
I was excited for RGB and Taproot Assets so far both have failed to meet my expectations.