Taproot Assets launches on Bitcoin, introducing tokenized asset capabilities to the network

Lighting Labs has announced the mainnet alpha of the Taproot Assets daemon, providing the web with the capableness to clasp tokenized assets.

This merchandise offers a broad developer acquisition for issuing, managing, and exploring stablecoins and different assets connected the Bitcoin (BTC) blockchain, according to a post by the manager of concern improvement astatine Lightning Labs, Ryan Gentry.

The motorboat of Taproot Assets connected the Bitcoin mainnet is expected to facilitate the issuance of a wide scope of planetary currencies arsenic Taproot Assets. These transactions volition beryllium settled instantly implicit the Lightning Network, routing Taproot Assets transactions done the existing Bitcoin liquidity.

The protocol’s plan enables routing nodes to guardant transactions without recognizing them arsenic Taproot Assets, thereby extending Bitcoin’s planetary web effects portion strengthening the blockchain’s robust information foundation. Developers are exploring placing different imaginable real-world assets on-chain, similar gold, US Treasuries, and firm bonds.

The v0.3 protocol of the Taproot Assets presents a implicit acceptable of tools for developers who are keen to commencement issuing, managing, and exploring mainnet assets on-chain. It introduces respective caller functionalities and improvements successful scalability, security, and developer experience.

Multi-asset platform

The stated extremity of Taproot Assets is to alteration the Lightning Network into a multi-asset platform. Critical steps towards this extremity person already been completed, including moving unannounced Taproot channels successful accumulation with lnd v0.17 and the work of the draught specification for Taproot Asset Protocol channels arsenic a Bitcoin Lightning Improvement Proposal (bLIP).

Lightning Labs teased Taproot Assets successful May of 2023, calling it “a caller Taproot-powered protocol for issuing assets connected the bitcoin blockchain that tin beryllium transferred implicit the Lightning Network for instant, precocious volume, debased interest transactions.”

The protocol’s committedness to alteration users to nonstop and person their chosen currency implicit the Lightning Network, utilizing Bitcoin liquidity arsenic a planetary routing currency and Medium of Exchange, has the imaginable to redefine—or astatine slightest importantly disrupt—the process of planetary monetary transactions.

The station Taproot Assets launches connected Bitcoin, introducing tokenized plus capabilities to the network appeared archetypal connected CryptoSlate.