Lightning Labs, which is behind the Lightning Network, has announced the alpha release for the Taro daemon. This will allow Bitcoin developers to send, receive, and mint assets on the blockchain.
The firm first revealed Taro in April as a Taproot-powered protocol to issue large volumes of assets that could be transferred instantly over Bitcoin with low-fee transactions. This release is a key step towards “Bitcoinizing” the dollar by allowing stablecoins to be issued on Bitcoin and allowing users to transact on Lightning.
New Lightning Capabilities
Lightning Labs announced that Taro will have additional enhanced features, including universe functionality. This functionality will allow users and asset issuers the ability to provide proofs of asset provenance and supply issuance. A new functionality will allow for easy interaction with Taro asset information.
The firm will work towards integrating Taro protocols into LN once the on-chain functionality is complete. This will allow Taro assets to be migrated to the second-layer payment protocol.
According to the company,
We are releasing the initial daemon version to get feedback from the community, and to make this protocol open-source. We encourage developers to look at Taro in their products. This is because the daemon’s alpha release will only be available to testnets. It will not be released to the mainnet.
Taro intends to allow applications like Bitnob, Paxful and Ibex Mercado to access Lightning-native stablecoins. For users who want to send LN value, developers can create USD-denominated or BTC-denominated accounts (or other assets) within the same wallets.
Lightning Network Trajectory
After the volatile price action of Bitcoin, the Total Value Locked in the Lightning Network (TVL), fell to $100 million. According to DeFiLlama data, the figures have been on an upward trend since the start of the year and reached a peak of $172 million in April 2022, according to DeFiLlama.
The market crash that followed hampered TVL momentum led to a decline of $70 million in just two months. TVL was still at $95.13million as of September 29th, despite a mild recovery.
Lightning Labs aims to Bitcoinize Dollar with Taro’s Alpha Release appeared originally on CryptoPotato.
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