Background of the project
Bitlight Labs is a company focused on developing the RGB protocol and Lightning Network infrastructure. One of its core products is the Bitlight Wallet, the first Bitcoin wallet to support RGB-20 assets. Features of the wallet include non-custodial nature, compatibility with RGB and Lightning Network, and ensuring that users have full control over their assets (BEAMSTART) (Bitget).
Bitlight Labs aims to enhance Bitcoin’s functionality and scalability through the RGB protocol, while maintaining Bitcoin’s security and privacy. The RGB protocol originated from Peter Todd’s exploration of single-use sealing and client-side verification, and was further developed by Giacomo Zucco and Maxim Orlovsky to form a complete smart contract system (Cryptonews)
Financing
Bitlight Labs recently completed a seed round of funding led by Gate Ventures, the venture capital arm of the Gate.io cryptocurrency exchange. The funding round shows investors’ confidence in Bitlight Labs and its potential for expansion (Cryptonews).
Through Bitlight Wallet and other products, Bitlight Labs is committed to promoting the development of the RGB-LN ecosystem and providing users with secure, fast and decentralized trading and asset management solutions.
Project prospects
Bitlight Labs has great potential for the following reasons:
Technological innovation:
RGB Protocol: The core of the RGB protocol is to provide more smart contract functions for Bitcoin. This technology can support more complex smart contracts while maintaining the security and privacy protection of Bitcoin, greatly expanding the application scenarios of Bitcoin.
Lightning Network: As a Bitcoin expansion solution, Lightning Network allows high-frequency and low-cost transactions, solving Bitcoin’s scalability problem. Bitlight Wallet’s non-custodial nature and RGB-20 asset support further improves users’ asset security and ease of use.
Community Support and Industry Recognition:
Financing support: Bitlight Labs received support from Gate Ventures in its recent seed round, which shows that investors have confidence in Bitlight Labs' technology and business model. This support not only provides funding, but also enhances the project's reputation and industry recognition (Cryptonews).
Industry Participation: Bitlight Labs serves as a board member of INP/BP, the RGB protocol standard setting association, demonstrating its position and influence in the industry. This participation enables Bitlight Labs to continue to influence and promote the development of industry standards.
Market demand:
Widespread application of Bitcoin: As a global cryptocurrency, Bitcoin has a huge user base and market demand. With the further popularization of Bitcoin and the promotion of Lightning Network, users' demand for secure, fast and decentralized transaction solutions continues to increase.
Decentralized Finance (DeFi): With the rise and development of DeFi, more and more users and developers want to realize decentralized financial services on the BitNet network. Bitlight Labs' technical solutions just meet this demand, especially through non-custodial wallets and smart contract functions.
Airdrop Strategy
There are two preparations to do first:
Download the Bitlight wallet plugin: 👇👇👇
https://chromewebstore.google.com/detail/bitlight-wallet/fdojfgffiecmmppcjnahfgiignlnehap
Open the official website of Bitlight wallet: https://bitlightlabs.com/airdrop/NightfallCoders
After we download the plug-in, open the plug-in first and register the wallet 👇👇👇 (keep the mnemonic phrase yourself)
After registration, open the official website of Bitlight wallet: https://bitlightlabs.com/airdrop/NightfallCoders
The first step is to connect your wallet and verify X (Twitter) because there will be a task later that requires you to verify whether you follow their official Twitter account.
The next two tasks are not difficult.
Just follow their official X account: @Bitlight_wallet (Since you have verified the X account before, you will be redirected directly by pressing "Start" here. If it does not jump directly, you can open X, search and follow it, and then return to this page and press refresh!)
Follow their Telegram community (Paper Plane). This is also relatively easy. After downloading it on your computer, scan the QR code to log in to your account and click Add Community.
After completing the first two, we will see the third one, completing the first transaction of the Bitcoin test network. This is relatively difficult and requires two wallets, but I have solved it for you. Click "Start" and then look down 👇👇👇
Next we need to claim tBTC from the btc testnet. You can claim it from the following faucet links👇👇👇
https://bitcoinfaucet.uo1.net/send.php
https://cryptopump.info/send.php
https://faucet.bitvmcn.xyz/
https://t.co/xRfYILLeJp
Enter your own test network wallet address and click the test network faucet switch (there may be a delay of 1 to 3 minutes)
The last step is to transfer tbtc to other BTC test network addresses. Because it is troublesome to open another wallet,
You can consider sending it to my BTC testnet address. If you are short of tBTC, you can also ask me for it by leaving a message in the comment area! 👇👇👇
tb1p77pjrg3ncwsxdh4js0rwe83unt53cdk5rt0rjgp98e8c80xspm2s6zk2xx
After sending, go back to the official website to verify and complete it (there will be a slight delay, it will be fine in a while), then look at the last task!
The last task is to complete the first RGB20 send transaction on the Bitcoin test network
The RGB transfer process looks complicated, so don’t try to understand its meaning. If you are interested, you can read my explanation at the end. Here, just follow the pictures!
1. Create your own RGB20 token
⚠️⚠️⚠️Note that one thing needs to be added here. In the fourth picture, you need to remember the token name, quantity, and precision you wrote, as they will be used later!
2. Complete RGB20 asset transfer
⚠️⚠️⚠️Here you need to let other people's wallets import the assets you created first. That is, I created the "ORANGER" token, and I need you to add my token in it first. 👇👇👇You can create two wallets to convert between each other
(So if you think it’s troublesome to create two wallets, you can leave your RGB token address in the comment section and I will create it for you!)
When you have completed the above steps, you can start the next step
3. Create an invoice to receive the transfer, and then copy the invoice address
⚠️⚠️⚠️Be sure to copy the receipt at the end, otherwise it will be in vain!!!
4. Fill in the nvoice bill address to complete the transfer
Go back to the official website, click Verify and complete, that's it (the transfer may take about 5 minutes, if the official website is not synchronized, just wait for a while!)
All the tasks here are completed. Of course, the tasks seem a bit cumbersome, but in the cryptocurrency circle, if the method of getting airdrops is too simple, the prospects are not very good. Here I will explain the RGB transfer process.
Popular Science (If you are interested, you can read it)
The reason why the transfer process of the RGB protocol seems complicated is mainly because of its decentralized and secure design, which involves multiple technical mechanisms. The core idea of the RGB protocol is to achieve decentralized asset management and transfer through "single-use seals" and "client-side validation". This design makes the transfer and management of assets independent of a centralized third party, thereby improving security and privacy protection.
1. Single use seal:
Single-use seal is a technology used to ensure the uniqueness and non-reusability of assets. It allows users to generate and manage assets without relying on third parties. The basis of this mechanism is cryptographic seal, which allows the transfer of assets only when the conditions are met.
2. Client verification:
Client-side verification means that all verification work is done on the client side, rather than through a central server. This approach ensures data integrity and privacy because the user's assets and transaction information are managed by the user themselves.
3. Expanding the UTXO model:
The RGB protocol extends Bitcoin's UTXO (unspent transaction output) model, enabling smart contracts and asset management capabilities to be implemented on the Bitcoin network. This extension allows users to create and manage their own assets while leveraging the security of the Bitcoin network.
An example of the transfer process:
Assume Alice wants to transfer a token to Bob through the RGB protocol. The transfer process may include the following four steps:
Asset Creation:
Alice first creates a token using the RGB protocol. This step includes defining the properties of the token and generating a single-use seal. This process is completed on Alice's client, and the client generates a data packet (commitment) to record the detailed information of the token.
Asset transfer:
Alice decides to transfer the token to Bob. Alice generates a proof of transfer, which contains a single-use seal and the new owner information (Bob's address). This step is also completed on the client side and does not involve any third party.
Verification and storage:
After Bob receives the transfer proof, he verifies it on his client. This step ensures the validity and security of the transfer. Bob's client checks the status of the single-use seal to confirm that it has not been used, and then updates the local storage to record the new asset information.
Broadcasting and Recording:
Finally, Bob can choose to broadcast the relevant information of the transfer to the Bitcoin network or other blockchain networks (if necessary) to ensure the transparency and irreversibility of the transaction. This step is not necessary, but it helps to record and verify the authenticity of the transaction.
This may sound a bit complicated. To put it simply, Xiaoming created an "RGBToken" through the RGB protocol and wanted to give it to Xiaomei:
1. Create a token: Xiao Ming: “I created 1 RGBToken, sealed in a single-use seal.”
2. Generate a transfer certificate: Xiao Ming: "I generated a transfer certificate and transferred RGBToken to Xiao Mei."
3. Verification and Receipt: Xiaomei: “I received the transfer certificate, the verification was successful, and I now hold 1 RGBToken.”
This is roughly the process. The RGB protocol ensures the decentralization and security of token transfers. Although the process seems complicated, these steps can be automated through client software.
In today's blockchain world, only projects with a certain threshold can go further! Let's get started! Get rich from now on!
