Lightning Labs Launches Rebranded ‘Taro’ Amid Bitcoin’s BRC-20 Hitch

Bitcoin (BTC) users have been given a possibly more efficient way to create new assets on the blockchain following an updated version of the recently rebranded Taproot Assets protocol by Lightning Labs.

In the blog of May 16 PostLightning Network infrastructure firm Lightning Labs criticized the current methods by which assets are inscribed on the bitcoin blockchain, calling them “particularly inefficient” and pointing to cumbersome protocols that store asset metadata “directly into block space”. I write.”

Today we are excited to announce the latest version of Taproot Assets, a scalable protocol for asset issuance #bitcoin and electricity.

With this release, the developers have the core set of features to bitcoin dollar on chain-efficiently!https://t.co/7WmeDjNnM2

– Lightning Labs ⚡️ (@lightning) May 16, 2023

The Taproot Assets protocol is designed to operate “maximum off-chain” to avoid network congestion, which has been a feature of the bitcoin network since the inception of the BRC-20 token standard by anonymous developer “Domo” on March 8. It has become an unfortunate feature. ,

Lightning Labs says protocol users will soon be able to integrate BRC-20 assets into the Lightning Network, with wallets, exchanges and merchants ported instead of needing to “bootstrap a new ecosystem” from scratch.

Domo has previously stated that the Taproot Assets Protocol is a “better solution” for creating new assets on bitcoin than pre-existing methods such as JavaScript Object Notation (JSON), as it allows users to easily transfer them to the Lightning Network. gives. “Fast and cheap transactions.”

Most BRC-20 token tokens created so far use simple records of JSON data to deploy and transfer token contracts, mint tokens, and so on.

This method has drawn widespread criticism from developers who claim that the process costs four times as much in transaction fees as if they just used binary.

The Tarot Assets Protocol is a rebranded version of the original “Tarot” protocol. Lightning Labs was forced to rename the software it created after a “frivolous” trademark infringement lawsuit by blockchain development firm Tari Labs on December 8 last year.

Connected: JAN3 CEO says Ordinals and BRC-20 will disappear in a matter of months

The total value of the BRC-20 token briefly crossed the $1 billion mark on May 9, but has since declined by nearly 50% to less than $500 million.

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