RGB Wallet

The RGB network wallet or wallets that support the network have far more features than your standard bitcoin or lightning wallet as it deals with additional protocols, such as smart contracts, and fungible, and non-fungible assets. 

Smart Contracts In RGB

In RGB, there is a smart schema which is a core set of rules for smart contract starts, and your wallet should recognise all of the commands. Developers of apps can include RGB support and prompt wallets to interact with it, sign contracts, move funds, mint assets and much more.

RGB and Bifrost can be used to produce other forms of smart contracts, including decentralised exchanges (DEXes), liquidity pools, algorithmic stablecoins, and more.

Fungible Assets

The RGB network allows for fungible assets that follow a standard LNP/BP RGB-20 specification. When an RGB-20 asset is defined, the asset data, known as “genesis data” is distributed through the Lightning Network, which contains what is required to use the asset. The most basic assets do not allow secondary issuance, token burning, renomination or replacement.

Your RGB wallet will be able to recognise these assets and apply the restrictions from that genesis data.

RGB-20 Procedures

There are specific protocols on RGB known as a subschema of RGB-20 that only allow you to add additional rules to an RGB-20 token, such as allowing the burning of assets. Your wallet can broadcast this subschema to the network to apply these additional rules as part of the smart contract you interact with and the asset you’re using. 

Non-Fungible Tokens

The non-fungible tokens (NFTs) in RGB follow the LNP/BP RGB-21 specification, RGB based NFTs work with the main schema and a subschema mentioned earlier. These schemata have an engraving procedure, which allows us to attach custom data by the token owner; these NFTs can range from anything from gift cards and tickets to accounts on certain websites and more.