He was crazy: he actually tried the RGB track

RGB Asia is a communication platform dedicated to promoting and popularizing RGB technology, bringing together technology enthusiasts and professionals from Asia. The community will regularly hold offline events, including subsequent track project incubators, to support the incubation and growth of innovative projects.

There is no reference for the narrative in the currency circle, what should I do next?

Hello everyone, I am Huajiao, and I am very happy to communicate with you through text again. The last time I wrote a public account was in 2020, and the memory is still fresh.
Because of an article teaching everyone how to get airdrops, my public account was ruthlessly suspended permanently, and later I also moved to Twitter and Youtube. At that time, the macro environment/currency narrative/emotional aspects were very different. What is commendable is that I still persisted like a few people who have faith in the industry.  

Although I entered the cryptocurrency circle in 2016, I really felt that the industry began to change in 2020. I had just returned from overseas at that time. Because of the epidemic, I was at home most of the time. I had heard of Eth Lend (later renamed Compound) before, but I was always confused about DeFi.
Until I saw multiple DeFi test videos on Youtube, I found it very interesting, so I dived in directly, and I didn’t expect to open Pandora’s box.

I tried Meme coin (airdrop) in 2020 and worked as a "CTO". At that time, the token had a market value of several million. Later, I went to VC to invest, write research reports and look at projects. Later, I started a business 4 times. From being ignorant to being proficient in financing rhetoric, from a new leek to an old leek, all the way, my original intention remains unchanged, and I still hope that Web3 can change something.

At the end of 2022, when the first wave of bearishness began, the market could no longer believe in DeFI/GameFi, etc. Of course, at this time, the market still bought in ZK/optimistic fraud proof and other rollup narratives. Because the research report wrote a lot of underlying infra, I began to question whether the emergence of ZK/Opitmusim could bring any new changes to the future, and it seemed that there was nothing.  
The story later was that OP launched first, and I got a wave of airdrop value, but the Decentralzied sequencer promised by OP did not come true (I didn't pay attention to it later) Then came the issuance of Arb, and the mood in the market was high

Sometimes people need passion. Passion can make you go faster, but faith can make you go further.

It is obvious that everyone has no faith in the second layer of ETH. ETH only cares about the head and not the butt, and can't please both ends. I began to transform and look at some fresh narratives.

BTC ecology, there is still hope

In 2023, I officially transformed to focus on the BTC ecology. In January, I saw an interview with Casey on Vancouver Bitcoin Media's YouTube channel. At that time, they talked about Ordinals. I was one of the earliest OGs of Ordinals. At that time, I didn't study BTC much, and I supplemented my knowledge day and night.
Ordinals tracking Satoshi Nakamoto did want to do it before, but it required the cooperation of the off-chain Indexer. Satoshi Nakamoto thought it was an unreasonable thing, but Casey did it. I didn't feel anything special, but it was very retro.

Casey used SegWit to relax the size limit on the content written to the Bitcoin network, and stored the inscription content in the witness data, so that it can store up to 4MB of metadata. So some small pictures were "uploaded" to the BTC chain, and this was the beginning of the madness (the picture below shows me being invited as a guest of the first Ordinals Summit in Singapore in July 2023, and I was given an all-access ticket?). In February 2023, I felt that the BTC layer 1 could not maintain high-value transaction fees, and the fomo of the first layer could not be sustained, so I decisively started a business to create a BTC second-layer project called Goldstandard. Old fans all know that I won’t go into too much technical details. It is much better than Merlin’s EVM, and it has also created a lot of data on the first layer, contributing tens of thousands of TXN to the first layer, and users have spent tens of thousands of US dollars in transaction fees.

At that time, ChainX had not changed its name to BEVM, and Jeff had not started RCSV (later became Bitmap tech -> Merlin Chain). Babylon's main task was to make BTC cross-chain to the Cosmos ecosystem. In terms of foresight, I was relatively forward-looking and had a keen sense of smell, but there was always a missing link in the right time, right place, and right people. Fast forward to September, the project has done a lot of development, and I was exhausted from publicity/financing/attending meetings, etc. The time was always wrong, and I didn't enjoy the wave of BTC second-layer dividends in October. Due to funding reasons, we fell before dawn.  

I would summarize and reflect on every failure. There was no problem with the route, but the practical methods in the middle needed to be adjusted. It coincided with the conflict between Chinese and Western narratives. On the one hand, Chinese VCs could not get the quota for good overseas projects and were eager to be on the cap table, and on the other hand, they were promoting the BTC ecosystem. At the same time, Western capital was promoting the packaged Depin narrative. The predecessor of this was called IOT (Intenet of money), which was an old set of things that had been played by Oney Cloud in 2017. However, the mobile phone package launched by Helium mobile (in cooperation with A&T) at that time did surprise many people, but the leeks on both sides did not buy it.

Old wine in new bottles, for me, an old leek, I did not see any narrative that could go viral on a large scale.

RGB and Lightning Network - King Bomb Combination

Back to the BTC ecosystem, I calmed down and studied some things I think are "new", such as RGB and Lightning Network/DLC. When I first came into contact with RGB, basically no one in the Chinese circle was discussing it. Except for the RGB articles and translations contributed by BTC Study's Ah Jian teacher/Jeffery, there are very few Chinese materials.
LNP/BP has a total of dozens of videos in the past few years, each of which is in original English, often about 1-2 hours, I basically watched them all and took a lot of notes.

Back to the technical path, RGB is not a public chain. Its cleverness makes me feel that it is an independent system from any known system. It is very seamless. If you use a formula to explain what RGB is, then it should be like this.

RGB = off-chain contract + off-chain assets + UTXO on-chain ownership verification + client off-chain verification.

You can say that RGB is the most native smart contract system on BTC (no need for cross-chain/no need for soft upgrades/developed for more than 6 years/only uses BTC and never has protocol tokens), or you can say that it is a UTXO management system.

I can give an example to explain how RGB works:
In the RGB transfer process between user A and user B, user A first prepares the RGB assets to be transferred (off-chain) and generates a transfer request (off-chain), then creates a Bitcoin transaction (on-chain) and embeds RGB data in it (on-chain). User A broadcasts the transaction to the Bitcoin network (on-chain), and the miners package and confirm it (on-chain). After confirmation, the RGB protocol node verifies the asset status according to the Bitcoin transaction (off-chain) and updates the ownership to user B (off-chain). Finally, user B received and confirmed the new RGB asset (off-chain).

The biggest advantage of RGB is its privacy. It can be said that except for the trader and the traded party, no one knows and cannot find it.  It is equivalent to realizing alternative asset issuance on BTC - asset privacy. Don't forget that when BTC was created, 70% of the usage scenarios occurred on Silkroad (the Silk Road of the dark web). Can we also understand it as the actual landing usage scenarios in the future? The real demand actually includes xx money/payment?  
So it is not just meme assets that can be issued on BTC. What if it is a stablecoin? How big is this market?  

I have my own unique insights on BTCFI (BTC finance). I think the future of BTC finance is not to help BTC, make BTC greater and more circulated. Find the Pareto optimality in an inefficient market with an imbalance between supply and demand.
On the contrary, BTCFI should borrow the security of BTC and rely on it to do finance. Spending BTC is a very anti-human thing. You can see that Microstrategy has been buying and buying, and you have to grab chips when issuing bonds. After buying US ETFs, they are placed in Coinbase cold wallets. BTC will be the national reserve in the future. It can be based on the BTC reserve to issue the country's "credit" currency. The transition from gold dollar to petrodollar, the next step is BTC dollar

It is necessary to make a native and fast-reversing payment system-Lightning Network on BTC, so as early as 2010, many cryptographers have contributed to Lightning Network in many ways. This is why I say RGB + Lightning Network is the king bomb.

Remember a key step in the RGB example just now-chaining blocks? ?   
"User A broadcasts the transaction to the Bitcoin network (on-chain), and the miners package and confirm it (on-chain). After confirmation, the RGB protocol node verifies the asset status (off-chain) based on the Bitcoin transaction, and updates the ownership to user B (off-chain)."

Since on-chain is inevitable, wouldn't it be smoother to go through the Lightning Network (40 million TPS, faster than Alipay)?  
Asset issuance is only the simplest part of RGB. The advantage of off-chain contracts is that we can customize anything and any needs, such as using off-chain contracts to implement large AI models on BTC, off-chain contracts and the Internet of Things, and off-chain contracts + VR space exploration, etc.