What is RGB? about presentations HOT 3 CLOSED

More detailed description:

• Smart-contract system that is able to manage rich state
• Uses client-side validation paradigm by Peter Todd: 
the data are held by a “state owner” (like asset owner) and not by public consensus
• Operates on top of Bitcoin transaction graph, either from
  Bitcoin blockchain, or Lightning channel (or any other kind of state channel)
• Can be scripted with Turing-complete formally-verified 
Simplicity scripting language by Blockstream (once its released)

from presentations.

Basically, RBG is a digital rights management system. Issuance, burning, secondary issuance, reissuance etc - are different forms of rights managed by RGB, alongside asset ownership rights. How these rights are structured and managed is defined by particular RGB schema. Rights are controlled by Bitcoin script in Bitcoin transaction output; i.e. whoever can spend the output, has/owns the right, which was assigned to that output. Assignments are done with the current right owner; i.e. in case of genesis, be the issuer.

Additionally to rights (defined by RGB but controlled by Bitcoin script), RGB can add state data. Which state can be added to which right is again, defined by the schema. The state can also evolve/change with each right transfer=state transition; rules how it can evolve (like the sum of inputs must be equal for the sum of outputs for token ownership right) are defined by Simplicity script at the level of RGB.

from presentations.

Added to the FAQ

from presentations.