S12 E7: Dr. Maxim Orlovsky on RGB Layer 3

Maxim Orlovsky is the main developer of RGB: a layer 3 protocol that’s built on top of Bitcoin’s Lightning Network. Contrary to Maxim’s joke, RGB doesn’t really stand for Really Good for Bitcoin. But it’s still a smart reference to Colored Coins, an early experiment which aimed to tokenize other assets (real estate, commodities, stocks, company shares) on the Bitcoin blockchain.

Essentially, RGB is a project that takes the best and most useful parts from Colored Coins, Counterparty, Omni, and other protocols which make use of OP_RETURN transactions to prove ownership on the Bitcoin blockchain. But instead of making the entire network validate the ownership transfer, RGB makes use of client side validation: this means that only the parties directly involved in the transaction will store and verify the event.

In a nutshell, RGB makes token issuance and transfer scalable. By taking away the inefficiencies of the blockchain and putting the speed and scalability advantages of the Lightning Network to good use, this Bitcoin layer 3 is the true Ethereum killer.

Interestingly, Maxim Orlovsky was first interested in putting AI experiments on the blockchain and even wanted to do an ICO to finance his project. But after discovering the Lightning network, he never looked back: with RGB, we can have lots of cool use cases such as decentralized cloud storage, stock market trading, decentralized exchanges, NFTs, and collateralized stablecoins. And while these already exist on some altcoin, RGB makes them faster, more reliable, and actually capable of scaling without compromising on decentralization.

Listen to Dr. Maxim Orlovsky on Apple Podcasts, Spotify, and YouTube!

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But big tech, while being convenient, is not really our friend. I self-host my podcast episodes and you can use this native player to enjoy the content. Not only that you can pick the speed, but you can also download the audio file to your computer for offline listening. Should be pretty convenient if you don’t have an internet connection in your car or want to dust off your old iPod Nano.

Time stamps:

00:52 – Introducing Dr. Maxim Orlovsky

01:37 – What is RGB?

02:54 – The origins of RGB

05:55 – Peter Todd’s client-side validation

09:55 – Does Lightning network use client side validation?

15:35 – Once again, what is RGB?

20:08 – Make scams scalable

23:49 – Making RGB do more than Ethereum

25:40 – RGB vs Taro (CMYK)

27:35 – Why isn’t RGB getting traction?

28:40 – Maxim wants Bitcoin to be more than money

33:08 – RGB documentation and user friendliness 

34:00 – Follow RGB

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