Over 18,000 distinct assets have been minted since Taproot Assets' mainnet release, paving the way for assets like stablecoins on Bitcoin.
Lightning Labs CEO and co-founder Elizabeth Stark told The Block Taproot Assets can help usher in the “Bitcoin Renaissance,” making Lightning a multi-asset network and potentially “cementing Bitcoin's place as the internet of money.”
“The protocol only requires an issuer to make a single bitcoin transaction to mint an effectively unbounded amount of Taproot Assets, and all of the metadata describing those assets is stored off-chain, with only a cryptographic commitment to the assets stored on-chain,” Gentry told The Block.
The Ethereum and Tron networks currently dominate stablecoin demand, fueled by low-cost, fast transactions. However, Taproot Assets offers two major advantages as a stablecoin protocol: “it will integrate with the Lightning Network, which provides the instant settlement and low fee experience that stablecoin users continually demand, and it settles onto the Bitcoin blockchain, which is by far the most secure and reliable,” Gentry told The Block.
Taproot Assets v0.3 allows users to send and receive assets even if both parties aren't online simultaneously, and the new “Multiverse” mode enables “Universe” servers — repositories that store all the necessary information for a Taproot Asset — to support and track multiple assets, ensuring data reliability even if one server is offline.
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