Monday, September 26

Micropayments in Bitcoin can now be scheduled in Rust

Key facts:
  • A Lightning node programmed in the Rust language connected to this network.

  • LNP / BP Partnership Leads Bitcoin’s Lightning-Based RGB Project

For a long time, critics of Bitcoin (BTC) have argued that this protocol does not scale, that it runs the risk of becoming a dinosaur (not living, but fossilized), losing its place and prestige compared to other cryptocurrencies that offer other functionalities.

For their part, Bitcoin enthusiasts and developers have emphasized that blockchains do not scale, and that the state of affairs on the mainnet should remain more or less the same or uniform over time. The robustness and resilience of Bitcoin “is not a flaw, it is an advantage,” they argue.

With these reasons, the scalability of Bitcoin has been concentrated in the Lightning network, a second layer solution (without blockchain). It consists of a network of nodes and payment channels that has been very useful for sending very small amounts of satoshis (bitcoin fractions) at very low cost, which is often called “micropayments”; but also large quantities due to the exponential increase in capacity.

The RGB project is going further, insistently looking for ways to scale Lightning beyond its current capabilities. With this protocol it will be possible to issue fungible and non-fungible tokens (NFT), deploy smart contracts and much more.

From one language to another, the same language: Lightning and Bitcoin

Yesterday, December 22, 2021, the LNP / BP association reached a notable milestone in the development of its projects: successfully connect a node and open a Lightning channel using a different programming language than the one used in one of the more popular implementations of this second layer solution.

The Dr. Maxim Orlovsky, main developer of the project, shared the news on Twitter:

This is the Lightning channel opening transaction between the protocol
RGB and the c-lightning implementation

The RGB node, programmed in the language Rust, was connected to another node of c-lightning, an implementation of Lightning programmed in the C language, and developed by the company Blockstream.

This constitutes a relevant advance in terms of compatibility of different programming languages ​​in Lightning and Bitcoin, allowing projects to choose how to work flexibly without losing attributes that cannot be sacrificed, primarily the security of the protocol and its users.

From the foundation’s Telegram announcement channel LNP/BP, which leads the RGB project, explained the importance of an LNP node programmed in Rust being able to connect to a c-lightning node, programmed in C:

The main difference of the LNP node from other implementations will be the support it will give to the ‘next generation’ Lightning network, called Bifrost, which supports Taproot, RGB assets, multi-user channels, discrete registration contracts (DLC), and so on.

However, full interoperability with Lightning is still of the utmost importance and the same LNP node could be used as any other Lightning node very soon, even before Bifrost was fully developed.

LNP / BP Foundation

Recently CriptoNoticias interviewed the developer Francisco Calderon, who works for RGB, and considers that this protocol will bring transactions confidential, secure and with minimal commissions to Bitcoin, thanks to the ability to create complex smart contracts without using a parallel chain; validating your operations with the main Bitcoin chain.