Introduction of RGB Contract

RGB contracts are structured to specify mainly three aspects: (i) the associated rights of the contract, such as the ability to transfer an asset, (ii) the validity rules associated with transferring these rights, and (iii) the contract's metadata, like the name of the asset.

Unlike other smart contract systems, in RGB, the rules for transferring rights are established in the original contract and cannot be altered by subsequent owners. This is in contrast to Bitcoin where custom scripts allow any user to lock bitcoins. This design in RGB helps to reduce complexity and the costs associated with validation. Additionally, the contract issuer sets a genesis state, identifying the first owner(s) of each right provided in the contract.

To facilitate the issuance of contracts, issuers can use RGB schemas, which act as templates of contracts that can be used to target specific use cases. Some example of RGB schemas are:

To simplify the creation of contracts, issuers have the option to utilize RGB schemas. These schemas function as contract templates, and can be used to target particular use cases. Examples of such RGB schemas include:

  • RGB20 fungible assets issuance.

  • RGB21 non fungible assets issuance.

  • RGB22 decentralized digital identities.

  • RGB23 verifiable-unique history log for auditable data.

  • RGB24 decentralized global domain name system.

  • RGB25 collectible assets issuance.

Individuals are free to design their own schemas for various applications without needing approval from RGB developers. Nonetheless, it is anticipated that few primary schemas will suffice to address the majority of use cases.

XRBG Wallet will support all the user cases of RGB20, RGB21, RGB22 and RGB24 schemas at the early stage.

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