Lightning Labs lead by Elizabeth Stark has announced a first test release of the new Taro protocol.
The history of stablecoins can be traced back to Bitcoin. Tether (the first stablecoin) first operated on the Omini network which exists on Bitcoin. Tether has since added support for other blockchains in the ecosystem and is now available on eleven networks.
Stablecoins use on Bitcoin slowly fazed out as it gained traction on other networks, due to the low cost of transactions on the other chains.
The team at Lighting Labs aims to bring about a renaissance of stablecoins on Bitcoin via the Lighting Network.
Back in April, Lighting Labs released the white paper for the Taro. A protocol powered by Taproot, that allows for the issuance of multi-assets on the bitcoin blockchain, and can be transferred over the Lighting Network, instantly, for fees close to zero.
Taro leverages the stability and security of the bitcoin network, alongside the scalability, speed, and low fees of Lighting.
While other assets can be featured on the Bitcoin network, the bulk of the attention seem to be focused on stablecoins at the moment. It’s bringing the best of two worlds 1) issuing assets like stablecoins on the most decentralized and secure blockchain, bitcoin, and 2) allowing users to transact on the fastest global payment network with the lowest fees, Lighting.
A new piece of software dubbed Taro daemon (a test version) was now released by Lightning Labs. It allows developers to create tools that would make the sending and receiving of assets on the bitcoin network possible.