What is the RGB Protocol on Bitcoin?

The RGB network is a Bitcoin-based protocol that leverages the Lightning Network (LN). RGB addresses scalability by enabling the execution of private smart contracts between two parties (e.g., LN channels). It was developed to improve upon colored coins and tokenize digital assets on the Bitcoin blockchain.

It's one of the latest developments to come to the Bitcoin ecosystem as of late and has played its own part in helping show that the Bitcoin blockchain is, in fact, scalable, and that additional use cases can be built on top of Bitcoin.