Bitcoin developers have come up with RGB, a protocol that could enable the lightning network to support altcoin transfers over the network. This includes stablecoins and other altcoins that the lightning network didn’t support before now.
Lightning network was primarily a layer two network for quick and low-cost Bitcoin transactions. It became necessary when Bitcoin transactions grew extremely slow and cost a fortune. With Lightning netwokr, you can send Bitcoin to another user without using the blockchain.
This bypasses the heavy traffic on the blockchain, thus reducing delay as well as cost of transactions.
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Altcoins to Enjoy Bitcoin’s Trustlessness
You may be wondering why altcoins need to use lightning network. Well, because most altcoins are mostly highly centralized with few individuals in control of the network. This confers speed on the transactions, but exposes the project to security risks.
Bitcoin is notorious for slow transactions because of the opposite. It is trustless, so every transaction is thoroughly scrutinized, and atlcoins can finally enjoy such security by using the lightning network.
Stablecons will be the first to benefit from this new feature to facilitate secure transactions for the millions of users worldwide, especially in developing countries. Tether USDT is currently the most used cryptocurrency, having the largest trading volume of any crypto asset.
Decentralized Exchanges on Lightning
Beyond supporting altcoins on lightning network, there’s also the possibility of support for decentralized exchanges with RGB. This could be a game changer that will greatly reduce the risks currently associated with decentralized exchanges, thus bringing sanity to the crypto space.
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