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Lightning Labs unveils alpha version of Taproot Assets, introducing stablecoins to the Bitcoin network.
Lightning Labs, a company focused on Bitcoin layer-2 infrastructure, has unveiled the mainnet alpha version of Taproot Assets, a protocol designed to facilitate the issuance of stablecoins and real-world assets on the Bitcoin and Lightning Network.
The latest iteration, Taproot Assets v0.3, aims to deliver a “feature-complete developer experience” for the issuance, management, and exploration of stablecoins and various assets on the Bitcoin blockchain, as stated by Ryan Gentry, the head of business development at Lightning Labs.
“We anticipate that this new phase for Bitcoin will witness a multitude of global currencies being issued as Taproot Assets, with foreign exchange transactions being settled instantaneously over the Lightning Network.”
“With this launch, developers are enabled to issue financial assets on-chain in a scalable way,” Lightning Labs mentioned on Oct. 18 in a separate announcement. “This day signifies a new chapter of multi-asset bitcoin.”
Announcing the inaugural mainnet release of Taproot Assets, a protocol for assets on #bitcoin and Lightning.
With this launch, developers can issue financial assets on-chain in a scalable way.
This day signifies a new chapter of multi-asset bitcoin. https://t.co/2cNvZSvv8v— Lightning Labs⚡️ (@lightning) October 18, 2023
This iteration of Taproot Assets will function by utilizing existing Bitcoin liquidity on the Lightning Network.
Gentry noted that this integration will enhance Bitcoin’s network effects and bring it closer to “bitcoinizing the dollar.” He further remarked:
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“This is how we establish bitcoin as the global routing network for the internet of money. This is how we bitcoinize the dollar and the world’s financial assets.”
Gentry characterized the demand from developers for stablecoin applications on Bitcoin as “overwhelming,” especially considering that some stablecoin issuers possess more U.S. Treasuries than countries like Germany and South Korea.
The future we deserve#bitcoin https://t.co/XW433TVEIL
— Paolo Ardoino (@paoloardoino) October 18, 2023
“[It] highlights the global significance of these assets and provides a perspective on the scale of global user demand,” Gentry added.
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According to Gentry, nearly 2,000 Taproot Assets were minted on testnets in the months leading up to the mainnet alpha launch.
Alpha launches generally indicate that the development is not yet in its final form. Lightning Labs indicated that the alpha designation suggests they expect the community to test it for possible bugs.
Bitcoin Drivechains (via Bitcoin Improvement Proposal-300), Botanix Labs’ Spiderchain, and BitVM are among other initiatives within the Bitcoin ecosystem aiming to broaden Bitcoin’s functionalities.
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