Lightning Labs launches updated protocol to help solve Bitcoin’s BRC-20 issues

The Taproot Assets Protocol is designed to operate “maximally off-chain” in order to prevent the network congestion that has actually become a regrettable attribute of the Bitcoin network considering that the beginning of the BRC-20 token standard by anonymous developer “Domo” on March 8. Lightning Labs stated Protocol users might soon incorporate BRC-20 assets into the Lightning Network, with merchants, exchanges and wallets ported, over rather of needing to “bootstrap a brand-new ecosystem” from scratch.Domo has previously stated the Taproot Assets Protocol is a far “better option” for minting brand-new assets on Bitcoin when compared to the pre-existing techniques like JavaScript Object Notation (JSON), as it enables for users to easily move to the Lightning network for “quick and low-cost deals.” The frustrating majority of BRC-20 tokens developed hence far utilize Ordinal inscriptions of JSON data to deploy token contracts, mint tokens and transfer them.This method has drawn extensive criticism from designers, who claim the process costs 4 times as much in transaction fees compared to simply using binary.The Taproot Assets Protocol is the rebranded variation of the original “Taro” procedure.

Bitcoin (BTC) users have actually been given a potentially more efficient way to mint new possessions on the blockchain after an upgraded edition of the recently-rebranded Taproot Assets Protocol was released by Lightning Labs.In a May 16 article, Lightning Network infrastructure firm Lighting Labs criticized the existing approaches by which assets are inscribed on the Bitcoin blockchain, calling them “especially ineffective” and pointed to cumbersome protocols that compose possession metadata “directly into block area.” Today were thrilled to announce the latest variation of Taproot Assets, a scalable procedure to issue assets on #bitcoin and Lightning.With this release, designers have the core set of functions to bitcoinize the dollar in a chain-efficient way! ⛓ https://t.co/7WmeDjNnM2— Lightning Labs ⚡ (@lightning) May 16, 2023