BHB Network presents scalable protocol for tokenization on the base of Bitcoin and Lightning
Giacomo Zucco, BHB Network CEO, presented an asset tokenization protocol RGB, a second-layer technology on the base of Bitcoin blockchain and compatible with Lightning network, at the recent Build on Bitcoin conference in Lisbon, Portugal.
“Breaking news : @giacomozucco from @BHBnetwork announces RGB, scalable tokenization protocol on top of Bitcoin/Lightning. Maximalist triggered by scamcoins/ethereum builds alternative to show how it’s done. Solid arguments, I’m convinced!” – Francis Pouliot wrote in his Twitter account.
As explained in the project specification posted at GitHub, RGB Protocol is designed for the issuance, the storage and the transfer of tokens based on Bitcoin blockchain.
“The protocol aims to provide a standard to perform the aforementioned goal in a way that overcomes the major shortcomings of previous attempts. The protocol is based on Bitcoin, and it’s aimed to provide an acceptable level of scalability, confidentiality, and standardness,” – the description reads.
Unlike Coloured Coins and other previous attempts to tie tokenized assets to Bitcoin protocol, RGB Protocol, as an addon, is distinguished by its ability to scale and compatibility with Lightning network. The combination of these features significantly reduces the Bitcoin network load, as Giacomo Zucco noted during the interview.
Zucco also expressed the hope that this will be not only the technical scaling that RGB Protocol will be capable of, but the social scaling as well, meaning its adoption by the crypto community.