Bitcoin Pro allows issuing smart Bitcoin contracts without handling private keys. It is one of the first implementations to use the RGB standard on Bitcoin.
The beta version of Bitcoin Pro is already available, and it shows itself as a tool to create and manage Bitcoin transactions in one place as well as issuing smart contracts in this protocol and the Lightning Network.
The Pandora Core Company announced the recent launch of this application, adhering to the objectives of the LNP / BP Standards Association, which seeks to establish operational parameters when executing the Lightning Network and Bitcoin protocols on clients other than Bitcoin Core.
Among the functionalities of the program, a tool to convert public keys between various cryptographic formats is available; it improves in greater ease the reading and interoperability between applications and clients.
Also, it adds descriptive information to the outputs of a transaction (UTXO), which in theory facilitates the management and identification of these outputs, optimizing logistics times when handling a high volume of outgoing Bitcoin transactions.
The creation of fungible assets in Bitcoin will also be allowed under the RGB-20 standard, which the LNP / BP association promotes and protects. This standard, as they mention on its principal page, allows issuing smart contracts even on Lightning Network channels, also facilitating the creation of fungible and non-fungible (collectible) tokens.
Another functionality that will see its launch soon is the implementation of the RGB-21 standard, which will allow the launch of collectible and non-fungible assets, analogous to Ethereum’s ERC-721 standard.
The RGB standard facilitates the creation and deployment of smart contracts on Bitcoin and the Lightning Network. One of its most notable attributes is that it has validation on the client-side; referring to the fact that it is not necessary to have the miners of the network to approve transactions.
The client-side validation mechanism works when the involved parties in the middle of a transaction commit to blocking several bitcoins by mutual consent.
Among other functions that will be available very soon, a block explorer and a Bitcoin transaction monitor will work under a system of description labels of the same.
Although Bitcoin pro promises to be a powerful tool for users to manage their Bitcoin accounts, the warning is that it is an early version, and the users should use it at their own risk.
“The system does not use any type of private key. It neither stores nor manipulates them. This is important because when we are talking about professional account management, there are clear distinctions between preparing a transaction and signing it. This was understood long ago in the Bitcoin world, so the PSBT standard was created, allowing us to separate these concepts: the creation and the signing and distribution of the transaction. “
Bitcoin Pro is open source, and RUST is its programming language. The program works with the GTK graphical working interface, being executable on Linux, macOS, and Windows 10.
Although Bitcoin Pro promises to be a powerful tool for users to manage their Bitcoin accounts, they warn that it is a fairly early version and the users should use it at their own risk.
By: Jenson Nuñez.
