The new version of Taproot Assets, from Lightning Labs, integrates features and functionalities to optimize the issuance of tokens on the Bitcoin blockchain.
Lightning Labs, the company that develops the Lightning Network scalability solution, has just launched a new version of Taproot Assets, its protocol for issuing, sending, receiving and discovering assets on the most capitalized blockchain in the crypto industry.
Taproot Assets V0.2 was released on Tuesday, April 16, to provide developers with a new set of features and functionality to facilitate and optimize the issuance of permissionless tokens in Bitcoin, turning it into a multi-asset network.
The new version of the protocol is available on testnet and will soon reach the main network, its developers reported.
Taproot Assets V0.2 Enables New Capabilities for Bitcoin
The Lightning Network has become the leading Bitcoin scaling solution, allowing users to make instant BTC transactions with very low commission fees. Now, with the Taproot Assets protocol, Lightning is focusing much more on Optimize Bitcoin Capabilities, offering the possibility of managing the issuance of a wide range of assets and high transaction volumes with the same level of efficiency and low cost.
The recent release of Taproot Assets V0.2 comes at a crucial time for the blockchain, which in recent months has seen significant growth in developer and user interest in the chain for the issuance of new tokens.
Current protocols for issuing assets on the Bitcoin blockchain write metadata directly to the block space in an inefficient manner, Lightning Labs noted, which has created heavy network congestion and significantly increased commission rates. However, the company offers a solution to this problem with Taproot Assets, which was designed especially for operate maximally off-chain, in order to avoid its congestion.
“Users will soon be able to integrate their assets into the Lightning Network for instant, high-volume, low-cost transactions.”
Through Taproot Assets V0.2, the company offers support for so-called “partially signed Bitcoin transactions (PSBT)”, the community standard that defines how developers can allow their users to easily create, sign and verify transactions of Bitcoin. Lightning Labs extends this support to Taproot Assets' purely off-chain transactions, called “virtual partially signed Bitcoin transactions (vPSBT),” which enable the efficient sending and receiving of assets off-chain.
In addition to this, in the new version of the Taproot Assets protocol, Lightning Labs also allows multi-asset transactions, focused on saving block space. "In this version, an unlimited number of assets can be minted and/or moved in a single on-chain transaction," the company stated.
From Taro to Taproot Assets
Lightning Labs launched an early testnet version of its protocol for issuing tokens in Bitcoin and the Lightning Network in September last year.
Initially, this protocol was called taro, as this media had reported. However, after a lawsuit filed by Tari Labs against Lightning Labs for trademark infringement in December, the company decided to rename its protocol, giving it the name Taproot Assets Protocol.
Towards the bitcoinization of the dollar
With the release of the new version of Taproot Assets, Lightning Labs moves towards the bitcoinization of the dollar. The blockchain company's goal is to increase the scalability and performance of the Bitcoin network, to mitigate the problems of congestion and jamming of on-chain transactions, leaving room for the creation of innovative applications for users that encourage mass adoption. of the network and cryptocurrency.
On the other hand, Lightning Labs is also promoting the potential of the Lightning Network as a multi-asset blockchain ecosystem, especially for the issuance of stablecoins, which facilitate operations for users in emerging markets.
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