Lightning Labs, the Lightning Network infrastructure platform, has released its updated form of Taproot Assets Protocol to help Bitcoin users with minting of new assets on the blockchain, as stated by Cointelegraph.
According to Cointelegraph, the firm directed criticism towards current ways of engraving assets on Bitcoin blockchain. Lightning Labs stated that Protocol customers would be able to merge BRC-20 assets into Lightning Network, with exchanges, merchants and wallets ported, in place of requirement to “bootstrap a new ecosystem.”
Based on Cointelegraph’s information, Domo, an anonymous developer, has highlighted that it’s a “better solution” for new assets’ minting on Bitcoin with regard to present techniques such as JavaScript Object Notation (JSON). However, the method has reportedly been subjected to criticism from developers, on account of it costing four times worth of transaction fees compared to binary usage.
Moreover, Cointelegraph noted that Taproot Assets Protocol is the revamped edition of the “Taro” protocol. Reportedly, BRC-20 tokens’ total value went past one billion dollars on May 9, 2023, but has dropped to $500 million since then.
(With insights from Cointelegraph)