Bitcoin Ecological Innovation: The Development of RGB Protocol and Exploration of Cosminmart Project

The Bitcoin ecosystem has always been the focus of technological innovation, with each technological advancement injecting new vitality into it. Among them, the RGB protocol, as a remarkable technological innovation, has been committed to building a universal smart contract system on the basis of Bitcoin and the Lightning Network since its proposal in 2017. Recently, the release of the RGB V0.10 version client has attracted widespread attention.

Valestin, co-founder of Cosminmart, recently shared insights on the project's progress, ecological development, as well as his views on BTC's ecological development, technological achievements, and future technological roadmap. Here are the main points from the interview.

Cosminmart Project Introduction

Valestin introduces that Cosminmart is an ecosystem based on the RGB protocol, deployed on the Lightning Network, primarily focusing on the issuance and trading of RGB20 tokens. The project includes a well-established RGB infrastructure, Bifrost launch, Cosm Wallet development, and the first Bitcoin AMM Dex implemented based on smart contracts - Bitswap.

The COSM Wallet is built on the Bitcoin Lightning Network, supporting RGB protocol assets and will form an RGB token trading loop with Bitswap. It also supports the creation, purchase, and sale of RGB21 NFTs. In the future, the COSM Wallet will support the management of other Bitcoin Lightning Network assets and near-zero fee real-time transfers.

Bitswap, as the first AMM Dex implemented on Bitcoin based on smart contracts, will create a liquidity pool between RGB tokens and Bitcoin, injecting stronger liquidity into the Bitcoin ecosystem and facilitating the issuance and trading of project tokens.

Confidence in the RGB protocol

Although the RGB ecosystem is still in its early stages, Valestin stated that the decision to fully commit is based on the recognition of the potential of the RGB protocol. He believes that RGB is almost a perfect Bitcoin scaling solution and entrepreneurial track.

The advantages of the RGB protocol include:

1. Transactions based on the Lightning Network, featuring high TPS and low fees.
2. Relying on the security of Bitcoin, there is no need to modify the mainnet, supporting a more powerful smart contract system.

In addition, the support of well-known companies like Tether for RGB has also boosted Valestin's confidence. He believes that the RGB protocol provides the possibility for large-scale applications on Bitcoin.

Challenges and Responses Faced by the Project

The RGB ecosystem currently faces issues such as a small community size, low enthusiasm, and incomplete infrastructure. Valestin believes that these challenges actually provide opportunities for early participants. He points out that the biggest problem with RGB is the shortage of developers, which is also the reason why the Cosminmart team is actively involved in improving the infrastructure.

Cooperation with RGB Official

Valestin emphasized that the RGB Association (LNP/BP Association) is a non-profit organization that does not accept venture capital, only donations. This philosophy aims to ensure the purity of the technology and avoid being controlled by commercial companies. Cosminmart has reached a consensus with the RGB Association to support the development of RGB technology.

Competitive Landscape and Ecological Development

In the RGB ecosystem, the competitive landscape is open and friendly. Cosminmart focuses on developing a robust standard protocol for RGB asset communication and storage, and plans to improve the underlying RGB protocol and infrastructure. Valestin also mentioned a friendly cooperative relationship with other projects such as DIBA.

Future Outlook of Cosminmart

Cosminmart will focus on the trading infrastructure for RGB20 tokens, promoting the listing of RGB tokens on exchanges. In the future, it will also venture into the DeFi space of RGB, such as establishing lending protocol standards and promoting the development of lightning network applications Lapp. Valestin hopes that Cosminmart can contribute to the large-scale application of Bitcoin and promote the development of the blockchain industry.

The RGB protocol meets users' demands for privacy, scalability, and programmability through advanced technology, while not causing a Bitcoin blockchain fork. With the popularity of the Ordinals protocol and the development of the Lightning Network, Bitcoin second-layer solutions like RGB are gaining renewed attention. These technological innovations are expected to further promote the development of the Bitcoin ecosystem, expanding its functions and application areas.