jakiro
Author: encrypted dog source: medium
In the past few days, BTC warmed up the enthusiasm of investors, and in the development of the developers, their Bulid had not stopped for a moment, especially those project parties in a sullen head.
For example, NERVOS Network (CKB), after he launched the first -floor Bitcoin asset issuance agreement RGB ++ in the first half of the year, he has now launched CKB RGB ++ Layer.Essence
Why do you say that?Let’s take a look at what is going on. This article is mainly divided into the following aspects:
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Why is the first -level market optimistic about BTC Layer2
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Why Jubao UTXO
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CKB RGB ++’s disruptability and achievement
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CKB RGB ++ Layer Overview
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RGB ++ LAYER upgrade BTCFI usage case
1. Why is the first -level market optimistic about BTC Layer2
After the fourth quarter of the 21st, the first -level market generally believes that BTC Layer2 will produce several unicorns in the next 3 years, just like Ethereum Layer2, bringing a few years of boom to the market.
Why do you think so?
First, BTC needs to use scenarios
At present, the market value of Bitcoin has reached $ 1.3 trillion, which has always been used as a “value reserve”, but this does not mean that BTC has no use scenario.Before the 3rd quarter of 23 years, from the rare ways of WBTC as a Bitcoin into the DEFI field (at that time, the market value was $ 11 billion and less than 1%of the Bitcoin market value), the Bitcoin network actually had a large amount of asset liquidity that failed to obtain it.Release, Bitcoin’s native ecology has huge potential momentum.
Second, the market potential of BTC Layer2 is large enough, and it may reach the potential market value of $ 130 billion
Regarding the 2nd floor, there are many data in the industry. The most successful one is ETH. A rough example:
The market value of Ethereum is 400 billion US dollars, and Layer2s on Ethereum account for about 10%of the market value, so the valuation is about $ 40 billion.
The market value of Bitcoin is US $ 1.3 trillion, which means that the market value of the second floor of Bitcoin may reach $ 130 billion.
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Third, the development of Layer2 consensus on BTC has formed
After the Ordinals protocol came out, the concept of Ming ⽂ Inscripting was completely brought in a few months, allowing people to see that it is possible to develop ecology on BTC, and it also exceeds all smart contract platforms, and all smart contract platforms have been from later all smart contract platforms.It can be seen that where the community is and where the community is.
Second, why Baobao UTXO
(1) Mainstream blockchain mode
In the current blockchain world, there are two main record preservation methods:
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UNSPENT Transaction Output and Account mode.Bitcoin uses the UTXO model.This model is closer to cash transactions. For example, you have a change of money, you receive the money of others in your pocket jar. This money is a new coin in the change of money.The transaction outputs the “Unspent Transaction Output).Each coin in it can be regarded as a UTXO. When you are going to buy a 6 yuan for 10 yuan, your change system will generate two new UTXO, pay 6 yuan to the merchant, and save yourself for yourselfFind 4 pieces of money.(Understanding UTXO model is the key to understanding RGB and subsequent content)
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Account mode, the account model used by Ethereum.This is well understood, just like a bank account, how much balance is there, how much to transfer (consumption) out, the system only needs to track the balance of the user account. This is currently the model used by most public chains.
At present, the account model has more advantages in programming and flexibility. In simple business and cross -chain, UTXO has its very unique and pioneering advantages.
(2) The current classification of BTC Layer2
According to incomplete statistics, more than 200 BTC Layer2 will be developed or prepared by June 2024. At present, the category of the Bitcoin L2 scheme has roughly status channels (such as lightning networks), side chains (such as liquid, Merlin), and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, and Merlin, Merlin).Rollup (such as rollkit), client verification (such as RGB, RGB ++, TARO), etc.
These projects can currently be summarized into two major camps:
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EVM camp, this camp mainly refers to ETH’s technology stack+bridge to solve the expansion problem of BTC, which can be quickly built in the short term.Most BTC Layer2 uses this solution.
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UTXO camp, a derivative of the UTXO model, such as proposal CKB of RGB ++.
The EVM camp is more through cross -chain bridge to cross the assets on the BTC and the EVM chain to L2. Although the performance can be improved greater, it cannot achieve the security of the BTC main network.More funds are needed to activate. Once all users who have lost the air investment are lost, the project will declare death.
The UTXO camp is a relatively native technical genre. UTXO is the most distinctive data model of Bitcoin. Therefore, the Bitcoin Layer2 ecology is expected to present an ecological model that is different from Ethereum.Based on the UTXO framework application, its security is naturally shared with the main chain. This model also brings a lot of expectations to the market. It is possible to build an ecological model that is different from the Ethereum L2, which is also the market expectation.
The NERVOS team persisted in extending and upgrading on the BTC UTXO model, and adopted a more native way to modify the UTXO model that supports Bitcoin.Inspired by the RGB protocol, the RGB ++ of the first -floor asset issuance agreement of Bitcoin was created, and it provided the Turing’s complete contract capabilities for Bitcoin without cross -chain bridge.
Look at it for a long time,CKB’s chain -primary characteristics and underlying architecture innovation and capacity, which can make it go further in the non -standard melee of this BTC Layer2.
Third, the disruptability and achievement of CKB RGB ++
NERVOS Network expands on the core technology of Bitcoin. Through the scalable layer of blockchain, it provides support for Bitcoin Layer 2 (L2) – CKB
In order to improve the programming limit of BitcoinNERVOS Network uses a customized model (Cell model) for status storage and customized virtual machines (CKB-VM) to perform transactions.
CKB is a consensus mechanism based on the workload proof (POM), a virtual machine based on the RISC-V instruction system, the status model of Cells, the state-oriented economic model, and the point-to-point network.
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What is RGB ++?
CKB’s co -founder CIPHER, in response to the current challenges encountered by the RGB protocol, creatively proposed the RGB ++ protocol this solution -to solve client verification problems encountered in the actual operation process with Turing’s complete UTXO blockchain.
Since the launch of the RGB ++ agreement in April 2024, the number of projects issued on Bitcoin based on the agreement has increased on the Bitcoin.As a result, the NERVOS CKB chain trading activities have also increased rapidly.The number of new addresses in April was close to 400,000, and the month -on -month increased by 181%.
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The positioning of RGB ++ is the first -layer asset issuance agreement of Bitcoin, which means that you can use the RGB ++ protocol to issue encrypted assets on the safest and strongest Bitcoin blockchain.After issuing assets, you transfer the assets to others. The receiver does not need to run the client to verify it yourself. This is because the asset issued by the RGB ++ protocol will generate the corresponding shadow assets on the CKB blockchain.
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After understanding these fundamentals above, we can understand that CKB RGB ++ Layer, which is preparing to go online recently.
Fourth, CKB RGB ++ Layer Overview
Recently, I have seen on the media platform that CKB RGB ++ will be upgraded to RGB ++ LAYER, extending the bridge -free cross -chain function and smart contract function to all UTXO chains.
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What is the role of upgrading to RGB ++ Layer?
(1) CKB RGB ++ Layer is UTXO smart contract layer
After upgrading, CKB RGB ++ Layer further abstracted and expanded on the basis of ensuring Bitcoin native security and providing programming, focusing on the same binding of homogeneous binding with the UTXO model, and preparing to become an independent and universal UTXO smart contractlayer.
Is it like reading Tianshu? In fact, you can understand it so:
CKB RGB ++ Layer is a UTXO smart contract layer. Data processing and L2 transactions like Ethereum’s smart contracts will be summarized here. After reaching such a standard, any UTXO chain will use CKB RGB ++ Layer as the smart contract layer in the future.Layer2 is more prosperous.
CKB RGB ++ Layer has four important conditions:
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UTXO
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Smart contract
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POW
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Account abstraction
On RGB ++ Layer, various RGB ++ assets, such as Coin (FT), DOB (NFT), are uniformly drawn and have the complete programming of Turing.At the same time, users only need to use the original BTC wallet to seamlessly use various DEFI applications on RGB ++ layer.
(2) RGB ++ Layer will gradually become the layer of general assets
In addition to the smart contract layer, RGB ++ Layer will also be used as the issuance layer of general assets. Asset issuance is achieved based on smart contracts, so that any assets on any UTXO chain can seamlessly enter the RGB ++ ecology.
Based on the abstract of the native UTXO + account, you can directly break the asset islands and allow the various assets on the BTC, CKB, BSV, BCH and other chains to obtain interoperability and achieve decentralized aggregation.
At the same time, RGB ++ Layer has the parallel advantages of UTXO and the global state of account abstraction, so that various DEFI protocols can obtain the native and efficient implementation of the BTC ecosystem.
(3) RGB ++ Layer will provide an independent blockchain browser
The updated RGB ++ Layer will provide an independent blockchain browser to check all RGB ++ Layer assets and transactions.
This function seems to be inconspicuous, but we can understand that a powerful public chain will have its own supporting system. Among them, the search system and the DEFI system are the core of the start of the public chain.
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Existing centralized indexes have various hidden dangers.The current RGB ++ Layer uses CKB as an indexer, which is safer than centralized indexes and can call smart contracts to enhance the combined ability.RGB ++ has become a standard standard. It clarifies how to write attachment, combination, and use on each UTXO chain. RGB ++ LAYER provides unified management of status and provides interoperability.In the future, any chain can be used as its indexer on the basis of meeting the four conditions of RGB ++ Layer.
From the perspective of such a underlying technology, that is to say, the RGB ++ Layer goal is to create a common, cross -chain interoperability UTXO DEFI infrastructure, and become UTXO “Financial Port”.
It may not take a few months that UTXO chains will take off. Through RGB ++, LTC, DOGE, including BTC, coins, interoperability, and many gameplay.
5. RGB ++ layer upgrade BTCFI use case
The first asset SEAL based on the RGB ++ protocol has been traded on UTXOSWAP for a while. Pizza is benchmarking. At present, there are not many people who know the market.impossible.
What is IBO mode
In this RGB ++ Layer upgrade, the Seal community develops and operates the IBO (Initial Bitcoin Offering) tool platform, which will become the first IBO tool for the Bitcoin ecosystem and will become Launchpad, the entire RGB ++ asset.Building POOL directly through smart contracts in UTXOSWAP, and a series of other series of asset issuance, and DEFI gameplay are based on smart contracts. This was not available in the BTC ecology before.
Users who have played Launchpad know that Launchpad is basically an empowerment platform coin, and the lock seal excavator token runs like this.
The IBO model is a new attempt. He does not have low circulation, high valuation, community do not take over, nor does he like Fair Launch, the project team lacks motivation, or has no team after the release.
IBO tried to use high circulation, low valuation, and community -led. At the beginning, it was empower to the community holder tokens to the tokens of the community.
It will be launched during the Bitcoin 2024 conference (7.25–7.27).
Summarize
BTC Layer2 is a trillion market. At present, 200 projects have issued coins or operations. Many of them are doing EVM. Although the development threshold is low and the start is fast, it is easy to occur.After sale, the project tends to die.
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Therefore, many visionary project parties are trying on UTXO, and UTXO is the strongest and the longest in running. The most users are NERVOS Network (CKB).After upgrading to RGB ++ Layer this time, it will create a common, cross -chain interoperable UTXO DEFI infrastructure, and become UTXO “Financial Port”.
It may not take a few months that UTXO chains will take off. Through RGB ++, LTC, DOGE, including BTC, coins, interoperability, and many gameplay.
