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21 September 2020

RGB Continues Work to Bring Better Smart Contracts to Bitcoin - CoinDesk

RGB Continues Work to Bring Better Smart Contracts to Bitcoin - CoinDesk

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The “third layer” network, as one of its architects, Giacomo Zucco, calls it, has entered beta and could help outfit Bitcoin with the tokenizing capabilities that have made Ethereum the go-to blockchain for issuing tokenized assets like securities, collectibles, crypto dollars and more.

When you send funds to a peer on Lightning, the “state” of the payment channel with this peer is updated on both your Lightning node and your peer’s Lightning node.

This delayed verification allows the Lightning Network to process near-instantaneous payments, but this comes at a cost: You must keep your node running at all times or the peer on the other end of your payment channel may try to cheat you by broadcasting a false channel state to the blockchain (a technical service known as Watchtowers are working to mitigate this attack vector).

It means that when I send you something, I don’t publish the transfer on the network; I send it to you, peer-to-peer, and I will just use the public network to prevent double-spending.

To issue assets on RGB, the issuer creates a “schema” for the asset that defines parameters like fungibility, circulating supply and inflation rate, among others.

Since all transactions are handled off-chain, Zucco said RGB carries with it the promise to be possibly more private than even the Lightning Network.

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