After a trademark lawsuit led to a rebranding, Lightning Labs has reinvigorated their project "Taro" now known as "Taproot Assets." The company has released an updated software suite that allows users to mint assets like stablecoins on the Bitcoin blockchain. This launch provides a ray of hope after a legal dispute with Tari Labs over the project's previous name.
Today we're excited to announce the newest version of Taproot Assets 🥕, a scalable protocol to issue assets on #bitcoin and Lightning.
— Lightning Labs⚡️🍠 (@lightning) May 16, 2023
With this release, developers have the core set of features to bitcoinize the dollar in a chain-efficient manner! 💸⛓️https://t.co/7WmeDjNnM2
The Taproot Assets protocol is currently undergoing testing, with full network support slated for the near future. The rebranded project includes an innovative set of core features aimed at "bitcoinizing the dollar." The recent congestion and soaring transaction fees on the Bitcoin network due to a surge in BRC-20 token minting under the disputed Ordinals protocol underscores the need for this system upgrade.
Lightning Labs is prepared to contribute to the Bitcoin community by proposing finalized protocol specifications via Bitcoin and Lightning Network improvement proposals (BIPs and bLIPs). The ultimate goal is enabling asset transfers over the Lightning Network, which facilitates more cost-effective and quicker Bitcoin transactions.
CEO and co-founder of Lightning Labs, Elizabeth Stark, expressed excitement about the extensive support and enthusiasm from developers. With the main network of Taproot Assets soon to be launched, the future of Bitcoin-based asset transfers looks promising.
