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RGB protocol leads Bitcoin ecosystem innovation Cosminmart lays out future development
Bitcoin Ecosystem Innovation: RGB Protocol and Its Applications
The Bitcoin ecosystem has always been the focus of technological innovation. Each technological breakthrough injects new vitality into this ecosystem. Among them, the RGB protocol, as a remarkable innovation, has been dedicated to building a universal smart contract system on Bitcoin and the Lightning Network since its proposal in 2017. Recently, the RGB team released the V0.10 version client, which has attracted wide attention.
Recently, Valestin, co-founder of Cosminmart, was interviewed and shared the latest progress of the project, ecological development, as well as his views on the development of the BTC ecosystem, technological achievements, and the future technology roadmap. The following are the main points of the interview.
Cosminmart Project Introduction
Valestin introduced that Cosminmart is an ecosystem based on the RGB protocol, deployed on the Lightning Network. It mainly focuses on the issuance and trading of RGB20 (fungible token issuance protocol) Tokens, including improving the RGB infrastructure, launching Bifrost, developing the COSM Wallet, and the first Bitcoin AMM Dex based on smart contract implementation—Bitswap.
The COSM wallet is built on the Bitcoin Lightning Network, supports RGB protocol assets, and will form a trading loop for RGB tokens with Bitswap. It also supports the creation, purchase, and sale of RGB21 (Non-Fungible Token Issuance Protocol) NFTs. In the future, COSM Wallet will support the management of other types of Bitcoin Lightning Network assets and near-zero fee real-time transfers.
Bitswap will become the first true AMM Dex implemented based on smart contracts on Bitcoin, similar to Uniswap V1 in the Ethereum ecosystem. It can create liquidity pools between RGB tokens and Bitcoin, injecting stronger liquidity into the Bitcoin ecosystem, facilitating the issuance and trading of various project tokens.
Why Choose RGB Protocol
Valestin stated that the decision to fully commit to the RGB protocol is based on a comprehensive assessment of various scaling solutions in the Bitcoin ecosystem. The popularity of Ordinals proves the market's recognition of Bitcoin assets, while also demonstrating the market's demand for new narratives.
The RGB protocol is seen by Valestin as an almost perfect Bitcoin scaling solution:
Transactions based on the Lightning Network can theoretically achieve up to 40 million transactions per second (TPS) with near-zero transaction fees.
Relying on Bitcoin, the most secure blockchain payment system, it operates in an off-chain, client-side manner without the need to modify or fork the mainnet, while supporting a more powerful smart contract system.
In addition, the support of well-known companies like Tether for the RGB protocol has also strengthened Valestin's confidence. He believes that the RGB protocol demonstrates the potential for large-scale applications on Bitcoin.
Current Status and Challenges of RGB Ecosystem Development
Although the RGB protocol demonstrates technical advantages, its ecosystem is still in the early stages and faces some challenges:
Valestin believes that these challenges also provide opportunities for early participants. The Cosminmart team is actively improving the infrastructure and implementing applications to promote the development of the RGB ecosystem.
Cooperation with RGB Official
Valestin revealed that they had smooth communication with the RGB Association (LNP/BP Association), and both parties reached a consensus on cooperation. As a non-profit organization, the RGB Association does not accept venture capital but only donations to ensure the purity of the technology. The Cosminmart team will support the RGB Association in jointly promoting technological development.
Competitive Advantages and Future Outlook of Cosminmart
In the RGB ecosystem, the advantages of Cosminmart include:
In the future, Cosminmart will focus on the trading infrastructure of the RGB20 Token, promoting major exchanges to list RGB tokens. The COSM token is expected to become the first RGB20 token that can be systematically traded.
Valestin stated that Cosminmart's development roadmap is very long-term, covering multiple aspects of the RGB ecosystem and the Lightning Network. In addition to perfecting Token trading, it will also invest in the DeFi field of RGB, such as establishing lending protocol standards. At the same time, it will vigorously promote the development of Lightning Network applications (Lapp).
The innovation of the RGB protocol lies in its use of advanced technologies such as one-time seal bars, client validation, and Bitcoin-based cryptographic commitments, built on the foundations of Bitcoin and the Lightning Network, meeting users' demands for privacy, scalability, and programmability. With the popularity of the Ordinals protocol and the development of the Lightning Network, Bitcoin second-layer solutions like RGB are receiving renewed attention, promising to further advance the Bitcoin ecosystem and expand its functionalities and application areas.