{"id":498625,"date":"2022-08-13T12:13:29","date_gmt":"2022-08-13T12:13:29","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=498625"},"modified":"2024-06-11T08:02:16","modified_gmt":"2024-06-11T08:02:16","slug":"lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market\/","title":{"rendered":"Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market"},"content":{"rendered":"

Have you heard about Taro? It\u2019s an improvement proposal for the Lightning Network that Lightning Labs introduced in April. \u201cTaro makes Bitcoin and Lightning multi-asset networks,\u201d the company claims in the <\/span>latest edition of their newsletter<\/span><\/a>. They also explain in simple words what the protocol does, how it does it, and the implications of its implementation.<\/span><\/p>\n

\u201cIn a world of omnipresent communications connectivity, nobody says \u201ccross-border messaging\u201d anymore. Taro promises to do the same thing to \u201ccross-border payments\u201d by decentralizing the entire global FX market into a protocol that can run on a Raspberry Pi by anyone, anywhere.\u201d<\/span><\/p><\/blockquote>\n

Is the Lightning Labs exaggerating? Or is Taro the protocol that will bring the next billion people to the Lightning Network? \u201cThe opportunity provided by Taro bringing assets like stablecoins to the Lightning Network is clearly enormous,\u201d the company claims. Can Lightning Labs back that case and argue it convincingly? Let\u2019s find out.<\/span><\/p>\n

What Taro Does And How It Does It\u00a0\u00a0<\/span><\/h2>\n

The first thing Lightning Labs makes clear is the psychology behind the improvement proposal. It almost seems like bitcoin\u2019s Lightning Network will be serving Taro and not the other way around.<\/span><\/p>\n

\u201cInstead of starting from scratch and bootstrapping a new ecosystem of nodes and liquidity, Taro will leverage the existing network effects of both the infrastructure that\u2019s been built out over the last several years plus the 4000+ BTC allocated to the network today as a global routing currency.\u201d<\/span><\/p><\/blockquote>\n

How does it work, though? The \u201cedge nodes\u201d are the key. By \u201cintegrating with Taro,\u201d normal Lightning nodes can now \u201cprocess an instantaneous conversion from L-USD into BTC or vice versa, for a small fee.\u201d That means that \u201cevery Taro transaction on the Lightning Network will be converted into BTC by the first hop, routed across the network as BTC, and then converted back into a Taro asset by the last hop before the destination\u201d<\/span><\/p>\n

What is a \u201cTaro asset\u201d? Whatever you want, your BTC can be \u201cconverted into different assets such as USD to EUR or USD to BTC.\u201d Or, as Bitrefil\u2019s <\/span>Sergej Kotliar puts it<\/span><\/a>, \u201cPay in currency of sender’s choice, receive in currency of recipient’s choice. This means that every wallet can now have native Strike-type “USD balance” functionality for example. With no need to trust the wallet, the only trust lies in the issuer of the token.\u201d<\/span><\/p>\n

The trust model is the main difference from <\/span>Galoy\u2019s Stablesats<\/span><\/a>, another novel concept that looks for a similar result.<\/span><\/p>\n

\"BTCUSD<\/p>\n

BTC price chart for 08\/13\/2022 on Bitstamp | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
What Does Taro Mean For The Lightning Network?<\/span><\/h2>\n
In a recent interview published <\/span>by NewsBTC, AXX’s head of research<\/span><\/a> and strategy Ben Caselin explained the protocol further<\/span><\/p>\n
\u201cIn Taro, smart contracts and asset transfers are not executed by the blockchain, and they are also not enforced by the blockchain. Instead, transfers are executed by the sender of an asset (who has to make a corresponding bitcoin transaction), and enforced by the recipient, same as the Lightning Network.\u201d<\/span><\/p><\/blockquote>\n
And in the previous <\/span>Lightning Speed, we theorized<\/span><\/a> about how big could this development be for the Lightning Network.<\/span><\/p>\n
\u201cAccording to The Bitcoin Layer, \u201ca global capital market operating on top of bitcoin-denominated financial rails is inching closer with each new onramp.\u201d And the Taro protocol and all of the assets it would bring to The Lightning Network is the mother of all onramps.\u201d<\/span><\/p><\/blockquote>\n
Back to Lightning Lab\u2019s newsletter, the company toyed with even bigger expectations. For example:<\/span><\/p>\n
\u201cA community bank could issue a local stablecoin on Taro and it would only need a handful of nodes or liquidity providers to make a market between the local currency and the BTC core of the Lightning Network to be connected to a global community of buyers and sellers. No permissioning required!\u201d<\/span><\/p><\/blockquote>\n
They\u2019ll Never See It Coming<\/span><\/h2>\n
According to Lightning Labs, bitcoin \u201crenders cross-border payments obsolete.\u201d Stablecoins are a huge business and so are cross-border payments. In the intersection between them, Taro stands tall. \u201cVisa\u2019s 65% operating margin is one of the highest of all the companies in the S&P 500 index, and this margin is Lightning and Taro\u2019s opportunity. They\u2019ll never see it coming.\u201d<\/span><\/p>\n
The company expects that the benefit for everyone working on the Lightining Network will be tremendous. \u201cWe expect that bringing Taro to market and making Lightning a multi-asset network will dramatically expand the Total Addressable Market for those building Lightning applications.\u201d And you know what more users mean, more of those sweet-sweet fees.<\/span>}<\/p>\n
Featured Image by Joseph Mucira<\/a> from Pixabay<\/a> | Charts by TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
Have you heard about Taro? It\u2019s an improvement proposal for the Lightning Network that Lightning Labs introduced in April. \u201cTaro makes Bitcoin and Lightning multi-asset networks,\u201d the company claims in the latest edition of their newsletter. They also explain in simple words what the protocol does, how it does it, and the implications of its implementation. \u201cIn a world of omnipresent communications connectivity, nobody says \u201ccross-border messaging\u201d anymore. Taro promises to do the same thing to \u201ccross-border payments\u201d by decentralizing the entire global FX market into a protocol that can run on a Raspberry Pi by anyone, anywhere.\u201d Is the Lightning Labs exaggerating? Or is Taro the protocol that will bring the next billion people to the Lightning Network? \u201cThe opportunity provided by Taro bringing assets like stablecoins to the Lightning Network is clearly enormous,\u201d the company claims. Can Lightning Labs back that case and argue it convincingly? Let\u2019s find out. What Taro Does And How It Does It\u00a0\u00a0 The first thing Lightning Labs makes clear is the psychology behind the improvement proposal. It almost seems like bitcoin\u2019s Lightning Network will be serving Taro and not the other way around. \u201cInstead of starting from scratch and bootstrapping a new ecosystem of nodes and liquidity, Taro will leverage the existing network effects of both the infrastructure that\u2019s been built out over the last several years plus the 4000+ BTC allocated to the network today as a global routing currency.\u201d How does it work, though? The \u201cedge nodes\u201d are the key. By \u201cintegrating with Taro,\u201d normal Lightning nodes can now \u201cprocess an instantaneous conversion from L-USD into BTC or vice versa, for a small fee.\u201d That means that \u201cevery Taro transaction on the Lightning Network will be converted into BTC by the first hop, routed across the network as BTC, and then converted back into a Taro asset by the last hop before the destination\u201d What is a \u201cTaro asset\u201d? Whatever you want, your BTC can be \u201cconverted into different assets such as USD to EUR or USD to BTC.\u201d Or, as Bitrefil\u2019s Sergej Kotliar puts it, \u201cPay in currency of sender’s choice, receive in currency of recipient’s choice. This means that every wallet can now have native Strike-type “USD balance” functionality for example. With no need to trust the wallet, the only trust lies in the issuer of the token.\u201d The trust model is the main difference from Galoy\u2019s Stablesats, another novel concept that looks for a similar result. BTC price chart for 08\/13\/2022 on Bitstamp | Source: BTC\/USD on TradingView.com What Does Taro Mean For The Lightning Network? In a recent interview published by NewsBTC, AXX’s head of research and strategy Ben Caselin explained the protocol further \u201cIn Taro, smart contracts and asset transfers are not executed by the blockchain, and they are also not enforced by the blockchain. Instead, transfers are executed by the sender of an asset (who has to make a corresponding bitcoin transaction), and enforced by the recipient, same as the Lightning Network.\u201d And in the previous Lightning Speed, we theorized about how big could this development be for the Lightning Network. \u201cAccording to The Bitcoin Layer, \u201ca global capital market operating on top of bitcoin-denominated financial rails is inching closer with each new onramp.\u201d And the Taro protocol and all of the assets it would bring to The Lightning Network is the mother of all onramps.\u201d Back to Lightning Lab\u2019s newsletter, the company toyed with even bigger expectations. For example: \u201cA community bank could issue a local stablecoin on Taro and it would only need a handful of nodes or liquidity providers to make a market between the local currency and the BTC core of the Lightning Network to be connected to a global community of buyers and sellers. No permissioning required!\u201d They\u2019ll Never See It Coming According to Lightning Labs, bitcoin \u201crenders cross-border payments obsolete.\u201d Stablecoins are a huge business and so are cross-border payments. In the intersection between them, Taro stands tall. \u201cVisa\u2019s 65% operating margin is one of the highest of all the companies in the S&P 500 index, and this margin is Lightning and Taro\u2019s opportunity. They\u2019ll never see it coming.\u201d The company expects that the benefit for everyone working on the Lightining Network will be tremendous. \u201cWe expect that bringing Taro to market and making Lightning a multi-asset network will dramatically expand the Total Addressable Market for those building Lightning applications.\u201d And you know what more users mean, more of those sweet-sweet fees.} Featured Image by Joseph Mucira from Pixabay | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":498627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86592,86593,86594,1144,1537,86596,84170,86597,86591,84846,86599,3891,86598,86540,86546,83797,86595],"class_list":["post-498625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-axx","tag-ben-caselin","tag-bitcoin-renders-cross-border-payments-obsolete","tag-btcusd","tag-cross-border-payments","tag-edge-nodes","tag-galoy","tag-l-usd","tag-lightning-lab","tag-lightning-speed","tag-sergej-kotliar","tag-smart-contracts","tag-stablesats","tag-taro","tag-taro-protocol","tag-the-lightning-network","tag-theyll-never-see-it-coming"],"acf":[],"yoast_head":"\nLightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market<\/title>\n<meta name=\"description\" content=\"Have you heard about Taro? 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It\u2019s an improvement proposal for the Lightning Network that Lightning Labs introduced in April. \u201cTaro makes Bitcoin and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ktsl888.com\/news\/lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-13T12:13:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T08:02:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2022\/08\/taro-gcfa409113_1920.jpg?fit=650%2C439\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"439\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eduardo Pr\u00f3spero\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@edprospero23\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eduardo Pr\u00f3spero\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.ktsl888.com\/news\/lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ktsl888.com\/news\/lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market\/\"},\"author\":{\"name\":\"Eduardo Pr\u00f3spero\",\"@id\":\"https:\/\/www.ktsl888.com\/#\/schema\/person\/22c279a7fc27f3d5508cbfd6dc07c37b\"},\"headline\":\"Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market\",\"datePublished\":\"2022-08-13T12:13:29+00:00\",\"dateModified\":\"2024-06-11T08:02:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ktsl888.com\/news\/lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market\/\"},\"wordCount\":755,\"publisher\":{\"@id\":\"https:\/\/www.ktsl888.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.ktsl888.com\/news\/lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2022\/08\/taro-gcfa409113_1920.jpg?fit=650%2C439\",\"keywords\":[\"AXX\",\"Ben Caselin\",\"bitcoin renders cross-border payments obsolete\",\"btcusd\",\"cross-border payments\",\"edge nodes\",\"Galoy\",\"L-USD\",\"Lightning Lab\",\"Lightning Speed\",\"Sergej Kotliar\",\"smart contracts\",\"Stablesats\",\"Taro\",\"Taro protocol\",\"The Lightning Network\",\"They\u2019ll never see it coming\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2022\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.ktsl888.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ktsl888.com\/news\/lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market\/\",\"url\":\"https:\/\/www.ktsl888.com\/news\/lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market\/\",\"name\":\"Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market\",\"isPartOf\":{\"@id\":\"https:\/\/www.ktsl888.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ktsl888.com\/news\/lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ktsl888.com\/news\/lightning-speed-taro-wants-to-abolish-cross-border-payments-disrupt-the-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2022\/08\/taro-gcfa409113_1920.jpg?fit=650%2C439\",\"datePublished\":\"2022-08-13T12:13:29+00:00\",\"dateModified\":\"2024-06-11T08:02:16+00:00\",\"description\":\"Have you heard about Taro? 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