2023-05-17 12:01:05
Bitcoin users now have a more efficient way to create new assets on the blockchain. Thanks to Lightning Labs published an updated version of the Taproot Assets protocol. Back on May 16, Lightning Labs, the company behind the Lightning network, published a blog post criticizing the methods with which the “engravers” are currently taking place on the Bitcoin chain. They specifically called the process inefficient. Highlighting protocols that write directly to the block storage.
Lightning can save the speed of Bitcoin transactions
The Taproot Assets protocol is designed to operate entirely independently of the main chain. In this way, overloading of the network should be avoided. Because ever since the BRC-20 token standard was released in early March, Bitcoin users have had to deal with constant overload. Lightning Labs announced that users will soon be able to integrate their BRC-20 devices with the Lightning network, with wallets and everything. Domo, the developer who created the BRC-20 token standard, has previously written regarding the Taproot Assets protocol as the best possible solution for creating new assets.
Most of the BRC-20 tokens created so far use JSON to create and move token contracts, tokens. This method has already been criticized by quite a few developers, especially since with this method the processing costs require four times as many transaction fees as they would require in the binary case. The Taproot Assets Protocol is a rebranded version of the Taro protocol. This name change was necessary because Lightning was sued by the blockchain development company Tari Labs last December, that this name is being used without authorization. The improvements are therefore much needed, considering that the total value of BRC-20 tokens crossed the $1 billion mark on May 9th. Let’s say we have experienced a significant decline since then, but the interest is still there regardless.
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