Lightning Labs release new update to allow assets to be sent over Bitcoin’s network
lightning lab release Initial code for the Taro protocol that allows developers to create, send, and receive assets on the Bitcoin blockchain.
The developer described the development as the first step towards “bitcoinizing the dollar”. New code releases allow the community to test the code and provide valuable feedback that is used for further improvements before release.
According to Lightning Labs, Taro will allow users to “hold a balance denominated in USD and a balance denominated in BTC (or any other asset) in the same wallet and easily send value over the Lightning Network, just like they do today.” make it possible.
Once complete, the Taro protocol will allow users to issue and create assets such as stablecoins in Bitcoin and transfer them over the Lightning Network.
Meanwhile, the developer did not reveal when the final product will be launched.
Lightning Labs first announced it was building the Taro protocol in April and was able to raise $70 million for the project. Focused on Bitcoin, the company built a Layer 2 solution for Bitcoin – Lightning Network – that improves the scalability of blockchain networks.
community promotion
The Bitcoin community was thrilled with the new development as many praised the progress of Lightning Labs.
This is huge.
— Dan Held (@danheld) September 28, 2022
You can create assets that can be transmitted over the highly efficient Lightning Network. Concrete example: You can receive and spend USD lightning fast with negligible fees, while taking advantage of the security and decentralized nature of Bitcoin’s network.
— Bitcoin Lightning Network+ (@BTC_LN) September 29, 2022
Bitcoin Isaiah pointed out that sending stablecoins via BTC is “immediate and almost free via Lightning.”
It’s instant and almost free via Lightning. And the same is true vice versa. What is the added value of sending stablecoins on Ethereum and Bitcoin?
—₿ Isaiah⚡️ (@BitcoinIsaiah) September 28, 2022
