An RGB network-enabled wallet is an app or program that allows you to send and receive bitcoin or RGB-minted assets on this third-layer protocol. The wallet will keep track of your BTC balance on the main chain, lightning network and RGB, and the assets you hold claims to using that private key.
The wallet controls access to a user’s money, manages keys and addresses, tracks balance, and creates and signs transactions.
The RGB network enables users to leverage networks built under it, as well as recognising RGB native scripts and schema needed to interact with compatible smart contracts.
An RGB wallet can hold and transfer bitcoin, tokens, stablecoins and NFTs, which can be run in conjunction with your own RGB node or leverage a third-party node to broadcast your transactions.
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.
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.
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.
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.
Bitcoin RGB wallet options
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