bitcoin (BTC) users have been given an arguably more efficient way to mint new assets on the blockchain after Lightning Labs released an updated edition of the newly renamed Taproot Asset Protocol.
In a blog from May 16 mailLightning Network infrastructure company Lighting Labs criticized the current methods by which assets are enrolled in the Bitcoin blockchain as "particularly efficient" and pointed to cumbersome protocols that write asset metadata "directly into the block space".
Today we are pleased to announce the latest version of Taproot Assets, a scalable protocol for issuing assets in #bitcoin and Lightning.
With this release, developers have the basic set of features to bitcoin the dollar in an efficient on-chain way! โ๏ธhttps://t.co/7WmeDjNnM2
โLightning Labsโก๏ธ (@lightning) May 16, 2023
The Taproot Asset Protocol is designed to operate "maximally off-chain" to avoid network congestion that has become an unfortunate feature of the Bitcoin network since the start of the BRC-20 standard token by anonymous developer "Domo" on March 8.
Lightning Labs said Protocol users will soon be able to integrate BRC-20 Assets on the Lightning Network, with wallets, exchanges, and merchants transferred instead of having to "start a new ecosystem" from scratch.
Dome has previously said The Taproot Asset Protocol is a "much better solution" for generating new Bitcoin assets compared to legacy methods like JavaScript Object Notation (JSON), as it allows users to easily transfer to the Lightning network in a manner " fast and cheap." proceedings."
The vast majority of BRC-20 tokens created to date use ordinal entries of JSON data to implement token contracts, mint tokens, and transfer tokens.
This method has drew widespread criticism from developers who claim that the process costs four times more in transaction fees compared to if they just used binary.
The Taproot Asset Protocol is the renamed version of the original "Taro" protocol. Lightning Labs was forced to rename the software after what it called a "flip" trademark infringement lawsuit filed against them by blockchain development firm Tari Labs on December 8 of last year.
Related: Ordinals and BRC-20 will be gone in a matter of months, says JAN3 CEO
The total value of BRC-20 tokens briefly exceeded one billion dollars marks May 9, but has since dropped to $500 million, a drop of nearly 50%.
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