Over 18,000 distinct assets have been minted since Taproot Assets' mainnet release, paving the way for assets like stablecoins on Bitcoin.
Lightning Labs CEO and co-founder Elizabeth Stark told The Block Taproot Assets can help usher in the “Bitcoin Renaissance,” making Lightning a multi-asset network and potentially “cementing Bitcoin's place as the internet of money.”
“The protocol only requires an issuer to make a single bitcoin transaction to mint an effectively unbounded amount of Taproot Assets, and all of the metadata describing those assets is stored off-chain, with only a cryptographic commitment to the assets stored on-chain,” Gentry told The Block.
The Ethereum and Tron networks currently dominate stablecoin demand, fueled by low-cost, fast transactions. However, Taproot Assets offers two major advantages as a stablecoin protocol: “it will integrate with the Lightning Network, which provides the instant settlement and low fee experience that stablecoin users continually demand, and it settles onto the Bitcoin blockchain, which is by far the most secure and reliable,” Gentry told The Block.
Taproot Assets v0.3 allows users to send and receive assets even if both parties aren't online simultaneously, and the new “Multiverse” mode enables “Universe” servers — repositories that store all the necessary information for a Taproot Asset — to support and track multiple assets, ensuring data reliability even if one server is offline.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lightning Labs Rolls Out 'Taproot Assets,' to Make Bitcoin 'Multi-Asset' NetworkJamie Crawley is a CoinDesk news reporter based in London.
Read more »
Lightning Labs releases Taproot Assets alpha, bringing stablecoins to BitcoinMulti-asset Bitcoin: Stablecoins and other real-world assets could find their way to Bitcoin following the mainnet alpha launch of Taproot Assets on Bitcoin by Lightning Labs.
Read more »
Spot Bitcoin ETFs and Ordinals Don’t Matter: Jimmy Song Talks Bitcoin (BTC Amsterdam Interview)Crypto Blog
Read more »
All About Beyonce’s ‘Creamy’ Post-‘Renaissance’ Hair ColorNow that Beyonce’s ‘Renaissance World Tour’ has come to an end, the singer is giving her blonde tresses a break with a warmer hue
Read more »
Beyoncé Renaissance Tour boosted Houston hotels, hospitality sectorBeyoncé's two-night Renaissance World Tour visit to Houston provided a significant boost to local travel and hospitality with revenues increasing more than 40 percent compared to 2022.
Read more »
Meet Estevie, the Gen-Z Hitmaker Leading a Cumbia Renaissance'I call them chiquititos,' the Mexican American pop star Estevie, who dropped her debut album last month, says of her growing legion of fans.
Read more »