If you want a simple explanation of #RGB to share with your friends, I've put one together. Feedback appreciated.
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RGB is a generalized smart contract system built on #Bitcoin and #Lightning.
It's scalable and private because it keeps contracts off the blockchain, and the parts of a contract that can change are anchored to a little piece of a bitcoin called an Unspent Transaction Output (UTXO).
When this piece of a coin is spent, it can never be spent in the same way again, so we know, that part of the contract has changed. This is similar to a tamper-evident single use seal, like a bag with a zipper that can only be zipped once.
Even better, only the person who owns the bag with a single use seal can zip it. And like a bag, it can contain multiple items.
Multiple tokens can be anchored to a single UTXO, and when they're spent, the ones you're not spending are sent back to yourself, to another UTXO you own.
Because contract data is kept off-chain, decentralized storage protocols like Storm and Carbonado are used to keep and communicate contracts reliably.
This is then used by wallets to do things like mint, transfer, accept, and verify on token contracts. There's not really a need for an RGB node, even in web browsers, since the code needed to validate contracts can be built to run in browsers.
This is what is meant when we say client-side validation (CSV); only the wallet needs to know about the contracts, and only peers that interact with each other need to know the contract data.
This allows for privacy and scale in a number of ways:
- Contracts are not put on-chain
- Contracts are not executed on nodes
- Multiple contracts can anchor to a single UTXO
- The UTXOs are very small and look like ordinary Taproot payments
If you request a payment from someone, nobody can see what other tokens you have, even if they have the contract. This is because a really big number is added to the UTXO to make a blinded payment.
Nobody can know which UTXOs have tokens by scanning the chain on an explorer, and there's no way to send someone tokens if they don't request and accept them.
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I hope this is a good start towards understanding RGB! A great way to understand it even better is to actually try it out on any of these wallets:
MyCitadel - Ultimate digital sovereignity for bitcoiners
MyCitadel - Ultimate digital sovereignity for bitcoiners
MyCitadel is a suite of software, hardware and Internet services focused on digital individual sovereignty and privacy. Primarily, is a wallet for ...
(not to be confused with iris.to, or IRS wallet)
BitMask Wallet
The Browser Extension for Decentralized Applications on Bitcoin. Access Bitcoin Finance, NFTs (UDAs) and more using RGB protocol, with full financi...
I'm not sure if I'd say I believe in God, but I want to believe there's something else than everything else.
000000000000000000035604ed9d33277ba701d3e9e3b4b04f98e5d611b72f09, 793551
The first thing to know about crypto is if you call it "crypto", don't do it.
00000000000000000001e16b142ac0558052167394ab4356a922668277db012c, 793550
Catching up on the keynote... omg, what, they're really calling it the M2 Ultra? What's next, MacOS Montauk?
I've been using an undersink RO system by Express Water for years now, it has 11 stages, including UV and remineralization. Works really well. But I didn't switch to fluoride-free toothpaste until just recently. After only about a month or two after making the switch, I started getting dreams again, consistently, every night. And I don't get stoned often, but I do sometimes partake with friends, and more recently that's been hitting a lot harder.
I really wonder if there's merit to the claims around decalcification of one's pineal gland. I actually never looked into it, I don't even know if more dreams is considered a result of cutting out fluoride, it's just... A part of me didn't like that the government insists on putting it into the water supply, and so I just wanted to cut it out. But if that's true, if that's what they're doing, holy shit. They're literally stealing our dreams... And they do that in so many ways.
I'm loving the new theme in the Gossip client!
@Mike Dilger ☑️
Bitcoin magi are the maxi magicians.
We build what sincoiners want in a way bitcoiners want.
The Hunter is in
I'm probably a more die-hard Bitcoin maxi than people seem to think. I firmly believe Bitcoin will eventually have to replace all other money and forms of value settlement. If someone wants to buy anything, including silly or harmful things I don't like, in that world, the only good money will be Bitcoin. And with layers, we don't necessarily need to change the chain to do it. People are skeptical, and I can understand that, but that doesn't change my desire to want to make that the reality, nor do I regret all the sacrifices I've made towards it.
After a decade working in tech writing software professionally, I now take jobs where I'd have to work twice as hard for half the pay just so I can work in the industry and spend every productive hour I have towards thinking about Bitcoin and how to make it better. I've delayed purchases because coin was cheap and I'd rather have the coin. I've put myself through development hell building Carbonado because I wouldn't settle for compromises such as using Arweave.
This is the level of conviction the system of fiat and the shitcoiners are up against. And I know they have no chance, because I'm not the only one making sacrifices on this level to make this happen. I can't tell other people's stories, but mine is hardly the exception.
Bitcoin will win because millions risked it all and put their blood, sweat, and tears towards the most ambitious grassroots effort mankind has ever undertaken: Making it so Bitcoin can replace all the money. That won't guarantee it will, but if nobody cares and nobody puts in the work, there'll be no chance that it will.
We bitcoin because we believe in a brighter future, one filled with global egalitarianism and abundant energy, for generations to come. We, the bitcoiners, are all Satoshi.
I'm probably a more die-hard Bitcoin maxi than people seem to think. I firmly believe Bitcoin will eventually have to replace all other money and forms of value settlement. If someone wants to buy anything, including silly or harmful things I don't like, in that world, the only good money will be Bitcoin. And with layers, we don't necessarily need to change the chain to do it. People are skeptical, and I can understand that, but that doesn't change my desire to want to make that the reality, nor do I regret all the sacrifices I've made towards it.
After a decade working in tech writing software professionally, I now take jobs where I'd have to work twice as hard for half the pay just so I can work in the industry and spend every productive hour I have towards thinking about Bitcoin and how to make it better. I've delayed purchases because coin was cheap and I'd rather have the coin. I've put myself through development hell building Carbonado because I wouldn't settle for compromises such as using Arweave.
This is the level of conviction the system of fiat and the shitcoiners are up against. And I know they have no chance, because I'm not the only one making sacrifices on this level to make this happen. I can't tell other people's stories, but mine is hardly the exception.
Bitcoin will win because millions risked it all and put their blood, sweat, and tears towards the most ambitious grassroots effort mankind has ever undertaken: Making it so Bitcoin can replace all the money. That won't guarantee it will, but if nobody cares and nobody puts in the work, there'll be no chance that it will.
We bitcoin because we believe in a brighter future, one filled with global egalitarianism and abundant energy, for generations to come. We, the bitcoiners, are all Satoshi.
I'm probably a more die-hard Bitcoin maxi than people seem to think. I firmly believe Bitcoin will eventually have to replace all other money and forms of value settlement. If someone wants to buy anything, including silly or harmful things I don't like, in that world, the only good money will be Bitcoin. And with layers, we don't necessarily need to change the chain to do it. People are skeptical, and I can understand that, but that doesn't change my desire to want to make that the reality, nor do I regret all the sacrifices I've made towards it.
After a decade working in tech writing software professionally, I now take jobs where I'd have to work twice as hard for half the pay just so I can work in the industry and spend every productive hour I have towards thinking about Bitcoin and how to make it better. I've delayed purchases because coin was cheap and I'd rather have the coin. I've put myself through development hell building Carbonado because I wouldn't settle for compromises such as using Arweave.
This is the level of conviction the system of fiat and the shitcoiners are up against. And I know they have no chance, because I'm not the only one making sacrifices on this level to make this happen. I can't tell other people's stories, but mine is hardly the exception.
Bitcoin will win because millions risked it all and put their blood, sweat, and tears towards the most ambitious grassroots effort mankind has ever undertaken: Making it so Bitcoin can replace all the money. That won't guarantee it will, but if nobody cares and nobody puts in the work, there'll be no chance that it will.
We bitcoin because we believe in a brighter future, one filled with global egalitarianism and abundant energy, for generations to come. We, the bitcoiners, are all Satoshi.
Mining rewards include both the block subsidy and transaction fees. The subsidy is what leads to inflation, but since it predictably halves every four years and that property of bitcoin has never changed, it is disinflationary. Transaction fees, however, are a consequence of bitcoin as a utility as a medium of exchange, unit of account, and store of value. However, Bitcoin the blockchain, is also useful for performing trustless trade, and timestamping records, and that's always been the case, even before SegWit. The hope is, Bitcoin's utility alone will outpace the necessity for inflation to keep it secure. Just something to keep in mind. But we should never compromise on block size, for if block space is easy to make. blockchains begin to break. And nothing has less utility than a blockchain experiencing network failure. And this is why those who once built on BSV are now buildling on Bitcoin. BRC-20 is the denouement of the Block Size wars. The small blockers won. And fees aren't even all that high; back in 2017, people were paying $100 in tx fees. We've come a long way since then.
789290: 00000000000000000005ce83d7130d8b713a93896bb89d81a4db78a2202c6332
!!!
RFK on Nostr! The man is so incredibly based.
I didn't think I'd be tempted to vote for a democrat again, or vote in general, but I'm a single issue voter. If you support Bitcoin, I will vote for you and just you and probably nothing else on the ballot. I don't care about party. If you're smart enough to get Bitcoin and still want to get into politics (why tho 😹), screw it, ya got my support. Global economic bitcoinization will get so much easier with political support instead of just in spite of politics.
View quoted note →One thing few realize about software bugs is, the vast majority of bugs are actually just a thing someone hadn't thought to tell the machine to handle.