Lightning Labs has released a new version of the Taproot Assets v0.2 (formerly Taro) protocol for issuing assets on the Bitcoin blockchain and the Lightning Network (LN).
Today we’re excited to announce the newest version of Taproot Assets 🥕, a scalable protocol to issue assets on #bitcoin and Lightning.
With this release, developers have the core set of features to bitcoinize the dollar in a chain-efficient manner! 💸⛓️https://t.co/7WmeDjNnM2
— Lightning Labs⚡️🍠 (@lightning) May 16, 2023
The solution is available on the LN testnet along with a basic set of features for application developers. Mainnet support coming “coming soon”.
The team released a preliminary version of the protocol in 2022. Its creation became possible due to the activation of the Taproot update in the blockchain of the first cryptocurrency.
“The protocol is designed to operate as autonomously as possible, in particular to avoid the blockchain congestion that we have seen lately. In this release, an unlimited number of assets can be created and / or moved in a single transaction, ”the developers of Lightning Labs emphasized.
With the new release of Taproot Assets, the team is moving towards its goal of making LN a multi-asset network, including stablecoin support for emerging markets, they said.
Once the payment channel components are completed, users will be able to use the existing LN infrastructure and nearly 5,500 BTC network capacity to route currencies globally without having to create a separate liquidity ecosystem, the developers added.
Recall that the OmniBOLT project team is working on integrating BRC-20 tokens into LN “for faster and more efficient transactions.”
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