Regarding Mr. Hong Shuning's sharing of Bitcoin Ecosystem RGB, the class representative is here to share notes📖
1⃣️Performance
- Current situation: Impossible triangle, staying at a few thousand TPS, even with rollup, it is impossible to reach the level of large-scale use (such as e-commerce)
- Solution: State channel allows the Lightning Network to achieve a maximum of 40 million TPS (the settlement of both is carried out in the off-chain channel, and the state when the channel is closed is then uploaded to the chain), but smart contracts cannot be used (non-Turing complete)
2⃣️Verification
- Current situation: Global verification, high cost and low efficiency
- Real world: Client verification, A and B signing a contract has nothing to do with other personnel, and no third-party intervention is required. It is more efficient than global verification, but two problems need to be solved:
1. Prevent fraud: the initiator provides a credit record to prove his past transaction history
2. Prevent double spending: RGB one-time seal (Single use seals), "put a one-time seal on UTXO"
3⃣️Smart contract
- Current situation: Bitcoin is not Turing complete, and smart contracts cannot be written
- Solution: Turing complete virtual machine adopted, AluVM
4⃣Main project️
- Protocol development: LNP/BP Association @lnp_bp
- Wallet: @mycitadel_io @BitMask_App
- Infrastructure: BiHelix @BiHelix_
- Stablecoin: Tether @Tether_to
- Exchange: BitFinex @bitfinex
5⃣️ Class representative mumbling
No native token of any chain can have such solid monetary properties and strong consensus as Bitcoin. If we can really combine the security of Bitcoin, the high performance of the Lightning Network and the Turing completeness of RGB to make smart contracts, then perhaps we can finally run out of the current Memecoin craze and create a project with long-term value🤔
