Bitcoin Infrastructure Firm Lightning Labs has announced the release of its rebranded version of the scaling protocol Taproots Assets v0.2 [formerly Taro].
According to Lighting Labs, the BRC-20 token standard has caused network congestion for Bitcoin recently, and the majority of its blockchain protocols send asset metadata straight into block space in an inefficient way.
In the blog, the tech startup stated that the Taproot Assets Protocol is built to handle arbitrary asset issuance and transference across the Bitcoin blockchain for large numbers of users and operate as much off-chain as possible.
This is precisely to prevent the kind of blockchain congestion that has been observed recently. Users will soon be able to integrate their assets into the Lightning Network for instant, high-volume, low-fee transactions.
Lightning Labs claimed that with the introduction of Taproot Assets v0.2, an infinite number of assets can be created and/or moved in a single on-chain transaction. Asset miners and transactors can benefit from the permissionless features of the Bitcoin blockchain and scale their operations.
It allows users to carry out all protocol operations—mint, send, and receive—involving numerous Taproot assets in a single on-chain transaction.
“With this release, we are furthering the ultimate goal of Taproot Assets: enabling Lightning to be a multi-asset network, and specifically enabling stablecoin support for users in emerging markets,” it added.
The rebranded launch comes after Blockchain software development firm Tari Labs sued Bitcoin infrastructure firm Lightning Labs in December for trademark infringement over the use of the name “Taro”.
Bitcoin Infrastructure Firm Dropped “Taro” Over “Trademark Infringement” Lawsuit
Tari, in its complaint, argued that it and Lightning “compete in the same digital blockchain ecosystem, provide similar, and in some instances, identical, goods and services, market to similar developers and users, and appear on the same blockchain platforms.”
In related news, StarkWare’s Zero-knowledge proofs [ZK-proofs/ZKPs], an Ethereum scaling solution, was introduced on the Bitcoin network, enabling users to verify blocks more quickly.
ZeroSync, is the newly formed non-profit entity tasked to build tools to validate the state of the Bitcoin network without having to download the blockchain or trust a third party for verification.
The group taps StarkWare which pioneered the Zero-Knowledge Scalable Transparent Argument of Knowledge [zk-STARK]to transform the process of verifying the Bitcoin blockchain.