Bitcoin (BTC) users can now efficiently mint new assets on the blockchain through an updated edition of the Taproot Assets Protocol, recently released by Lightning Labs. According to the infrastructure firm, the current methods of inscribing assets on the Bitcoin blockchain are particularly inefficient, with cumbersome protocols writing asset metadata directly into block space. The new protocol is designed to operate maximally off-chain to avoid network congestion. Protocols users will soon be able to integrate BRC-20 assets into the Lightning Network, with wallets, exchanges, and merchants being ported over, instead of needing to bootstrap a new ecosystem from scratch.
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 Taproot Assets Protocol is the rebranded version of the original Taro protocol. Lightning Labs changed the name of the software due to a frivolous trademark infringement suit by blockchain development firm Tari Labs last year.
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