2 years ago
Lightning Labs person unveiled a caller solution to the clunky process for minting caller assets connected the Bitcoin network.
Bitcoin (BTC) users person been fixed a perchance much businesslike mode to mint caller assets connected the blockchain aft an updated variation of the recently-rebranded Taproot Assets Protocol was released by Lightning Labs.
In a May 16 blog post, Lightning Network infrastructure steadfast Lighting Labs criticized the existent methods by which assets are inscribed connected the Bitcoin blockchain calling them “particularly efficient” and pointed to cumbersome protocols that constitute plus metadata “directly into artifact space.”
Today we're excited to denote the newest mentation of Taproot Assets , a scalable protocol to contented assets connected #bitcoin and Lightning.
With this release, developers person the halfway acceptable of features to bitcoinize the dollar successful a chain-efficient manner! ⛓️https://t.co/7WmeDjNnM2
The Taproot Assets Protocol is designed to run “maximally off-chain” successful bid to debar the web congestion that has go an unfortunate diagnostic of the Bitcoin web since the inception of the BRC-20 token modular by anonymous developer “Domo” connected March 8.
Lightning Labs said Protocol users tin soon integrate BRC-20 assets into the Lightning Network, with wallets, exchanges and merchants ported implicit alternatively of needing to “bootstrap a caller ecosystem” from scratch.
Domo has antecedently said the Taproot Assets Protocol is simply a acold “better solution” for minting caller assets connected Bitcoin erstwhile compared to the pre-existing methods similar JavaScript Object Notation (JSON), arsenic it allows for users to easy transportation to the Lightning web for “fast and inexpensive transactions.”
The overwhelming bulk of BRC-20 tokens created frankincense acold utilize Ordinal inscriptions of JSON information to deploy token contracts, mint tokens and transportation them.
This method has drawn wide criticism from developers who assertion the process costs 4 times arsenic overmuch successful transaction fees compared to if they conscionable utilized binary.
The Taproot Assets Protocol is the rebranded mentation of the archetypal “Taro” protocol. Lightning Labs was forced to alteration the sanction of the bundle pursuing what it called a “frivolous” trademark infringement suit filed against them by blockchain improvement steadfast Tari Labs connected Dec. 8 past year.
Related: Ordinals and BRC-20 volition vanish successful a substance of months, says JAN3 CEO
The full worth of BRC-20 tokens concisely surpassed the $1 billion people connected May 9 but has since shrunk backmost down to $500 million, a driblet of astir 50%.
The full fig of BRC-20 tokens ranked by marketplace cap. Source: BRC20.io.Magazine: $3.4B of Bitcoin successful a popcorn tin — The Silk Road hacker’s story
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