A New Chapter in the Bitcoin Ecosystem: RGB Protocol and Cosminmart Project

The Bitcoin ecosystem has always been the focal point of technological innovation, with each advancement injecting new vitality into it. In recent years, a notable technological innovation is the RGB protocol. Since its proposal in 2017, the RGB team has been dedicated to building a universal smart contract system based on Bitcoin and the Lightning Network. The recently released RGB V0.10 version client has attracted widespread attention.

Recently, Cosminmart co-founder Valestin shared insights on the project progress, ecological development, and views on BTC ecological development, technological achievements, and future technological roadmap. The following are the main points from the interview.

Cosminmart Project Introduction

Valestin introduced: "Cosminmart is an ecosystem based on the RGB protocol, deployed on the Lightning Network, focusing on the issuance and trading of RGB20 Tokens. Our project includes perfecting the RGB infrastructure, launching Bifrost, developing the Cosm Wallet, and the first Bitcoin AMM Dex based on smart contracts—Bitswap."

The COSM wallet is built on the Bitcoin Lightning Network, supporting RGB protocol assets, and will in the future manage other Lightning Network assets with near-zero fee real-time transfers. Bitswap will create a liquidity pool between RGB tokens and Bitcoin, injecting stronger liquidity into the Bitcoin ecosystem.

Reasons for Choosing RGB

Valestin stated that they have conducted a comprehensive evaluation of various scaling solutions for the Bitcoin ecosystem. He believes that RGB is an almost perfect scaling solution and entrepreneurial track for Bitcoin.

The advantages of RGB 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.
3. Supports a more powerful smart contract system with theoretically unlimited scalability.

In addition, the support of well-known institutions such as Tether and Bitfinex has also strengthened Valestin's confidence in RGB.

Challenges Facing the RGB Ecosystem

Although RGB technically shows advantages, it also faces some challenges. Valestin admitted: "RGB has been in development for many years, yet the community is still small, the enthusiasm is low, the infrastructure is inadequate, and it has not received widespread attention from the mainstream market and venture capital firms."

He believes that the biggest problem is the shortage of developers. "The core personnel and deeply involved teams of RGB have extremely top-notch development capabilities, but due to limited manpower, many aspects have only been made to work, and the engineering implementation still needs improvement."

Cooperation with RGB Association

Valestin revealed that their communication with the RGB Association (LNP/BP Association) is progressing smoothly. He explained: "The RGB Association is a Swiss non-profit organization. They have completed the underlying development of the RGB protocol but do not accept venture capital, only donations. This is related to their philosophy of maintaining technical purity."

Advantages and Future Plans of Cosminmart

In terms of competitive landscape, Valestin emphasized their team's technical advantages and innovative protocol. "We have developed a robust RGB asset communication storage standard protocol, the details of which will be disclosed and open-sourced by the end of the year. We will also improve the underlying infrastructure of the RGB protocol and launch an AMM Dex that is truly based on smart contracts implemented on Bitcoin."

Looking to the future, Valestin stated: "Cosminmart will focus on the trading infrastructure of RGB20 Token, promoting the listing of RGB tokens on major exchanges. We will also provide support in terms of technology, resources, and funding to other early-stage entrepreneurial teams."

He added: "Our roadmap is long-term, and in the future we will invest in the RGB Defi field, such as the standardization of lending protocols, while also promoting the development of Lightning Network applications (Lapp). We hope to contribute to the large-scale application of Bitcoin and promote the development of the entire industry."

The uniqueness of the RGB protocol lies in its use of a series of advanced technologies built on Bitcoin and the Lightning Network, meeting user demands for privacy, scalability, and programmability, all without triggering a fork in the Bitcoin blockchain. With the popularity of the Ordinals protocol and the development of the Lightning Network, Bitcoin layer two solutions like RGB are receiving renewed attention. These innovations are expected to further drive the development of the Bitcoin ecosystem, expanding its functionalities and application areas.