New RGB Lightning Asset Protocol Established for Bitcoin by Giacomo Zucco

New Lightning Asset Protocol Established for Bitcoin by Giacomo Zucco

Giacomo Zucco is the founder of the BHB Network, though he prefers to go by Bitcoin maximalist, according to his own confessions. He has recently created a protocol that will help launch tokenized assets for investors and contributors on the Bitcoin blockchain.

In a promotion by the BHB network, Zucco provides the chance to use RGB, which is described as “a completely free, open-source, non-profit and community-oriented effort… aimed at the development of standards and best practices to issue, transmit and store ‘Bitcoin-based non-bitcoin assets.”

A note for the project recently became available on their Github, which involved the formal announcement of RGB. The note was published on July 4^th. Much of the point of the issuance in the first place is to integrate the new Lightning Network protocol. This launch is simultaneous with Blockstream’s launch of Issued Assets. Issued Assets will let user develop their own digital tokenized assets, but through the sidechain instead of the main blockchain.

Zucco was questioned about whether the new launch would mean that users are able to entirely create their own digital assets and smart contracts. However, he insisted that this is presently only an option for on-chain issuance. “Issuance for now is on-chain. Transfers can easily be (& ‘should’ be if possible, for several reasons, including proof-passing & privacy) via Lightning Network,” he said.

The only unfortunate aspect of these launches is the lack of information provided to users. However, it appears that the introduction of these protocols shows the necessity of the industry to have altcoin tokens with different features. Blockstream CEO Adam Back noted in a Twitter comment, “If someone finds an efficiency or security protocol innovation I think it would be integrated into bitcoin.” He added, “Almost anything can be integrated, worst case by importing bitcoins utxo into a v2 protocol and new network. This is why I don’t think feature coins have a long-term value.”

The expansion of the Lightning Protocol will determine how successful it is with competing technologies and platforms. However, in its current state, Bitcoinist reports that “only small transactions see successful completion.”

Issuance for now is on-chain. Transfers can easily be (& "should" be if possible, for several reasons, including proof-passing & privacy) via Lightning Network.

— Giacomo Zucco [do I identify as 10 boomers] (@giacomozucco) July 4, 2018