{"id":23815,"date":"2023-10-19T01:10:26","date_gmt":"2023-10-19T01:10:26","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/lightning-labs-releases-taproot-assets-alpha-bringing-stablecoins-to-bitcoin\/"},"modified":"2023-10-19T01:10:28","modified_gmt":"2023-10-19T01:10:28","slug":"lightning-labs-releases-taproot-assets-alpha-bringing-stablecoins-to-bitcoin","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/lightning-labs-releases-taproot-assets-alpha-bringing-stablecoins-to-bitcoin\/","title":{"rendered":"Lightning Labs releases Taproot Assets alpha, bringing stablecoins to Bitcoin"},"content":{"rendered":"

<\/p>\n

\n

Bitcoin layer-2 infrastructure firm Lightning Labs has released the mainnet alpha of Taproot Assets, a protocol aimed at enabling stablecoins and real-world assets to be issued on the Bitcoin and Lightning Network.<\/p>\n

The current version, Taproot Assets v0.3, will provide a\u00a0\u201cfeature-complete developer experience\u201d to issue, manage and explore stablecoins and other assets on the Bitcoin blockchain, according to\u00a0Ryan Gentry, head of business development at Lightning Labs.<\/p>\n

\u201cWe believe this new era for Bitcoin will see a myriad of global currencies issued as Taproot Assets, and the world’s foreign exchange transactions settled instantly over the Lightning Network.\u201d<\/p><\/blockquote>\n

\u201cWith this release, developers can issue financial assets on-chain in a scalable manner,\u201d Lightning Labs stated on Oct. 18 in a separate post. \u201cToday marks a new era of multi-asset bitcoin.\u201d<\/p>\n

\n

Announcing the first mainnet release of Taproot Assets , a protocol for assets on #bitcoin<\/a> and Lightning.<\/p>\n

With this release, developers can issue financial assets on-chain in a scalable manner. <\/p>\n

Today marks a new era of multi-asset bitcoin. https:\/\/t.co\/2cNvZSvv8v<\/p>\n

\u2014 Lightning Labs\u26a1\ufe0f (@lightning) October 18, 2023<\/a><\/p><\/blockquote>\n

This version of Taproot Assets will work by routing through existing Bitcoin liquidity on the Lightning Network.<\/p>\n

Gentry says the integration will extend Bitcoin\u2019s network effects and move it one step closer toward \u201cbitcoinizing the dollar.\u201d He added:<\/p>\n

\u201cThis is how we make bitcoin the global routing network for the internet of money. This is how we bitcoinize the dollar and the world’s financial assets.\u201d<\/p><\/blockquote>\n

Gentry described developer demand for stablecoin applications on Bitcoin as \u201coverwhelming\u201d \u2014 particularly given that some stablecoin issuers hold more United States Treasuries than the likes of Germany, South Korea.<\/p>\n

\n

The future we deserve#bitcoin<\/a> https:\/\/t.co\/XW433TVEIL<\/p>\n

\u2014 Paolo Ardoino (@paoloardoino) October 18, 2023<\/a><\/p><\/blockquote>\n

\u201c[It] signifies the importance of these assets globally, and gives a sense of scale for the global user demand,\u201d Gentry added.<\/p>\n

Related: <\/em><\/strong>BitVM wasn\u2019t created to make Bitcoin a pseudo-Ethereum, says developer <\/em><\/strong><\/p>\n

Nearly 2,000 Taproot Assets were minted on testnets over the last several months in the lead up to the mainnet alpha launch, according to Gentry. <\/p>\n

Alpha launches typically mean the development isn\u2019t in its final state. Lightning Labs said the alpha tag indicates that they expect the community to test it for potential bugs.<\/p>\n

Bitcoin Drivechains (through Bitcoin Improvement Proposal-300), Botanix Labs\u2019 Spiderchain and the BitVM are among the other developments in the Bitcoin ecosystem looking to expand Bitcoin\u2019s capabilities.<\/p>\n

Magazine: <\/em><\/strong>Recursive inscriptions \u2014 Bitcoin \u2018supercomputer\u2019 and BTC DeFi coming soon<\/em><\/strong><\/p>\n<\/div>\n