Bitcoin users now have a more efficient way to mint new assets on the blockchain, thanks to an updated edition of the Taproot Assets Protocol released by Lightning Labs. The protocol is designed to operate “maximally off-chain” to avoid network congestion that has become an unfortunate characteristic of the Bitcoin network since the inception of the BRC-20 token standard by anonymous developer “Domo” on March 8. Lightning Labs said that Protocol users will soon be able to integrate BRC-20 assets into the Lightning Network, with wallets, exchanges, and merchants ported over instead of needing to “bootstrap a new ecosystem” from scratch. The Taproot Assets Protocol is a rebranded version of the original “Taro” protocol. The overwhelming majority of BRC-20 tokens created thus far use Ordinal inscriptions of JSON data to deploy token contracts, mint tokens and transfer them. The Taproot Assets Protocol is a far “better solution” for minting new assets on Bitcoin when compared to the pre-existing methods like JavaScript Object Notation (JSON), as it allows for easy transfer to the Lightning network.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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