RGB appears to have the potential to bring a lot of interesting functionality to bitcoin in a native and efficient way, however there is little to no community backing. Why is this? RGB seems like it can only benefit bitcoin so I'm surprised there hasn't been any material contributions from the open source community or companies in the industry.
16 sats \ 5 replies \ @TheBTCManual 12 May 2022
I don't see the market need for bitcoin to have assets on it, why do other chains have assets, so they can justify their existence, its all used for gambling.
You can mint assets on liquid, softchains and space chains offer it too, omnibolt allows for tether to be run on lightning just like Omni did with the basechain, the funcationality is there, just no one seems to feel the need to use it.
Bitcoin's main focus is scaling, user experience, self custody and expanding decentralsation. I don't see the point on focusing resources to compete with gambling for a fraction of the crypto economy, there are far bigger TAMs to go ager
Sure you could have things like vouchers that can be burned and redeemed but bitcoin commerce is still in its formative stage.
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0 sats \ 0 replies \ @falsefaucet 12 May 2022
TLDR:
Not necessary to be on base layer.
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0 sats \ 3 replies \ @davidc OP 12 May 2022 freebie
How do you think things like stocks and bonds are going to trade in the future? If bitcoin becomes the money of the future as it’s destined to then it will be half of every economic transaction. Wouldn’t it be best for UX, self custody, and decentralization if trading stocks and bonds, which have a massive TAM, settled on a L2/L3 directly tied to bitcoin’s blockchain with no controlling entity or federation?
7 sats \ 0 replies \ @timechain 12 May 2022
Here's my guess.
Ethereum salesmen said that Bitcoin is old tech and cant do things Ethereum can.
Bitcoiners, said the stuff Ethereum does (like tokens and NFTs) are stupid.
Now Bitcoiners don't like innovations that are considered "shitcoiny."
It's not the best of reasons, but it's my best guess of what happened. Of course I know that BTC already had Omni and Counterparty. But this was before alot of people's introduction to the space. Also remember the earlier adopters were more often technical than those who arrived in the 2017 bull market, or later. The less technical people were, the more likely they could end up being bizarely opposed to certain (well in-demand) use cases due to Twitter narrative battling. Highly respected Bitcoin devs were involved in the birth of RGB, early research by Peter Todd, and envisioned by Giacomo Zucco in 2016 (a little before the ICO craze really took off.) I'm not sure how much either are still working on it. DIBA, a digital bitcoin art platform presented at Bitcoin 2021, though is still in Beta (and on testnet)
For what it's worth, I've seen it come up alot after the announcement of Taro by Lightning Labs at Bitcoin 2022. Some people have called it copypasta of RGB; (#19422) or at least they shoulda given RGB a shout out.
I'm not smart enough to know if RGB or Taro is better, but I do know Lightning Labs has some funding behind it. And Stacks has that sweet premine money. So yeah, we will see I guess.
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11 sats \ 0 replies \ @nout 12 May 2022
One of the reasons is that it's super hard to understand what it actually does and what it's supposed to do based on their documentation.
Since RGB folks claim that Taro is a clone of RGB, I'd actually suggest to people to read the Taro documentation first, because that's much better and if it's indeed a clone, then that's all you need ;)
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1 sat \ 1 reply \ @a 12 May 2022
There are more to RGB than just colored coins. It's a system to allow state transition for layer 2 and 3 and beyond.
If you search LNPBP Standards Association on YouTube they have monthly updates on research and development.
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0 sats \ 0 replies \ @davidc OP 12 May 2022 freebie
Yes, that’s a good resource as well as rgbfaq.com. However, it seems it’s only Dr. Orlovsky working on it more or less alone. It also appears he has other projects so the pace of development is quite slow in addition to it being a complicated protocol.
0 sats \ 0 replies \ @notgeld 13 May 2022
Low media appearance, it seems.
Only recently I've seen OK post about intricacies of RGB.
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0 sats \ 0 replies \ @pony 13 May 2022
Why isn't BIP47 supported?
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0 sats \ 0 replies \ @lightbit 14 May 2022 freebie
说白了。。就是RGB营销做的太差而已,他们太穷了