Lightning Labs launches rebranded ‘Taro’ amid Bitcoin’s BRC-20 bottleneck

Bitcoin (BTC) users have been provided a potentially more efficient method to mint brand-new possessions on the blockchain after an updated edition of the recently-rebranded Taproot Assets Protocol was released by Lightning Labs.In a May 16 blog post, Lightning Network facilities company Lighting Labs criticized the existing approaches by which assets are engraved on the Bitcoin blockchain, calling them “especially ineffective” and pointed to troublesome procedures that compose asset metadata “straight into block space.” Today were delighted to announce the newest variation of Taproot Assets, a scalable procedure 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 developed to run “maximally off-chain” in order to prevent the network congestion that has ended up being a regrettable characteristic of the Bitcoin network given that the inception of the BRC-20 token standard by anonymous designer “Domo” on March 8. Lightning Labs said Protocol users could quickly integrate BRC-20 properties into the Lightning Network, with exchanges, wallets and merchants ported, over instead of needing to “bootstrap a brand-new ecosystem” from scratch.Domo has previously said the Taproot Assets Protocol is a far “better solution” for minting new possessions on Bitcoin when compared to the pre-existing methods like JavaScript Object Notation (JSON), as it permits users to easily transfer to the Lightning network for “low-cost and quick transactions.” The frustrating bulk of BRC-20 tokens created so far utilize Ordinal engravings of JSON data to deploy token contracts, mint tokens and transfer them.This approach has actually drawn prevalent criticism from developers, who declare the procedure costs four times as much in transaction fees compared to simply using binary.The Taproot Assets Protocol is the rebranded variation of the original “Taro” protocol. Lightning Labs was forced to alter the name of the software application following what it called a “pointless” hallmark infringement fit filed against them by blockchain development firm Tari Labs on Dec. 8 last year. Related: Ordinals and BRC-20 will disappear in a matter of months, says JAN3 CEOThe total worth of BRC-20 tokens briefly exceeded the $1 billion mark on May 9 however has since shrunk down to $500 million, a drop of almost 50%. The total variety of BRC-20 tokens ranked by market cap. Source: BRC-20Magazine: $3.4 B of Bitcoin in a popcorn tin– The Silk Road hackers story