{"id":504209,"date":"2022-09-29T05:59:27","date_gmt":"2022-09-29T05:59:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=504209"},"modified":"2024-06-11T14:26:49","modified_gmt":"2024-06-11T14:26:49","slug":"lightning-speed-taro-is-here-lightning-labs-releases-the-codes-alpha-version","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/lightning-speed-taro-is-here-lightning-labs-releases-the-codes-alpha-version\/","title":{"rendered":"Lightning Speed: Taro Is Here! Lightning Labs Releases The Code\u2019s Alpha Version"},"content":{"rendered":"
The controversial Taro protocol is ready for testing. The initial version of the code is\u00a0<\/span>available on GitHub<\/span><\/a>, and it enables \u201cdevelopers to mint, send, and receive assets on the bitcoin blockchain.\u201d Notice that the company isn\u2019t talking about the Lightning Network yet. In a <\/span>blog post announcing the Taro<\/span><\/a> launch, Lightning Labs promised, \u201conce the on-chain functionality is complete, we’ll work towards integrating the Taro protocol into lnd, bringing Taro assets to the Lightning Network.\u201d<\/span><\/p>\n This is the first step of many and it\u2019s mainly aimed at developers. According to Lightning Labs, \u201cthis initial release is only designed for testnet usage as a way for developers to start using the code.\u201d That means, no real value is flowing through Taro at the moment. But\u2026 what is Taro anyway? The blog post defines it as a \u201cTaproot-powered protocol for issuing assets that can be transferred over bitcoin and in the future, the Lightning Network for instant, high volume, low fee transactions.\u201d<\/span><\/p>\n This is a multifaceted protocol that allows many things, but the feature everyone is excited about is the fusion of stablecoins with the Lightning Network. It\u2019s controversial because you have to trust the issuer of stablecoins, which means they come with counterparty risk. Bitcoin doesn\u2019t have that problem. In any case, in the subsection titled \u201cThe First Step Towards Bitcoinizing the Dollar,\u201d Lightning Labs tries to convince us that stablecoins over Lightning are a good idea:<\/span><\/p>\n \u201cWith Taro and the incredible developer community, we can build a world where users have USD-denominated balances and BTC-denominated balances (or other assets) in the same wallet, trivially sending value across the Lightning Network just as they do today. This leap forward will accelerate the path to bringing bitcoin to billions.\u201d<\/span><\/p><\/blockquote>\n If that sounds too much like <\/span>Galoy\u2019s stablesats<\/span><\/a>, it\u2019s because both implementations are trying to solve the same problem. They use vastly different methods, though. And place the counterparty risk in different places.<\/span><\/p>\n <\/p>\n Don\u2019t worry, these brand-new protocols are hard to master, or even understand. Luckily for us, Lightning Labs gave us a technical-but-easy-to-follow explanation as a refresher:<\/span><\/p>\n \u201cTaro assets are embedded within existing bitcoin outputs, or UTXOs. Think of these assets as “UTXOs within a UTXO.” A developer mints a new Taro asset by making an on-chain transaction that commits to special metadata in a Tapoot output. When minting a new asset, the Taro daemon will generate the relevant witness data, assign the asset to a private key held by the minter, and broadcast the newly created bitcoin UTXO to the bitcoin network. This new outpoint becomes the genesis point of the newly minted asset, acting as its unique identifier.\u201d\u00a0<\/span><\/p><\/blockquote>\n When Lightning Speed <\/span>first tackled the Taro subject<\/span><\/a>, we explained what a Taro asset can be:<\/span><\/p>\n \u201cWhat 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\u2019s choice, receive in currency of recipient\u2019s choice. This means that every wallet can now have native Strike-type \u201cUSD balance\u201d functionality for example. With no need to trust the wallet, the only trust lies in the issuer of the token.\u201d<\/span><\/p><\/blockquote>\n As previously stated, this Alpha release is mainly for developers. If you\u2019re one or know of one, here are the protocol\u2019s coordinates:\u00a0<\/span><\/p>\n \u201cTo get started exploring Taro, <\/span>download the daemon<\/span><\/a>, <\/span>check out the API documentation<\/span><\/a>, and <\/span>read the getting started guide<\/span><\/a>. And for a more extensive explanation on how Taro works, take a deep dive into the <\/span>Taro BIPs<\/span><\/a> and <\/span>our documentation<\/span><\/a>.\u201d<\/span><\/p><\/blockquote>\n Have a blast, developers. And please report back to us with your findings.<\/span><\/p>\n The controversial Taro protocol is ready for testing. The initial version of the code is\u00a0available on GitHub, and it enables \u201cdevelopers to mint, send, and receive assets on the bitcoin blockchain.\u201d Notice that the company isn\u2019t talking about the Lightning Network yet. In a blog post announcing the Taro launch, Lightning Labs promised, \u201conce the on-chain functionality is complete, we’ll work towards integrating the Taro protocol into lnd, bringing Taro assets to the Lightning Network.\u201d Related Reading: An Interview with Ben Caselin on AAX- Lightning Network Integration and TARO Protocol Implementation This is the first step of many and it\u2019s mainly aimed at developers. According to Lightning Labs, \u201cthis initial release is only designed for testnet usage as a way for developers to start using the code.\u201d That means, no real value is flowing through Taro at the moment. But\u2026 what is Taro anyway? The blog post defines it as a \u201cTaproot-powered protocol for issuing assets that can be transferred over bitcoin and in the future, the Lightning Network for instant, high volume, low fee transactions.\u201d Taro Will Enable Stablecoins To Travel Through Lightning This is a multifaceted protocol that allows many things, but the feature everyone is excited about is the fusion of stablecoins with the Lightning Network. It\u2019s controversial because you have to trust the issuer of stablecoins, which means they come with counterparty risk. Bitcoin doesn\u2019t have that problem. In any case, in the subsection titled \u201cThe First Step Towards Bitcoinizing the Dollar,\u201d Lightning Labs tries to convince us that stablecoins over Lightning are a good idea: \u201cWith Taro and the incredible developer community, we can build a world where users have USD-denominated balances and BTC-denominated balances (or other assets) in the same wallet, trivially sending value across the Lightning Network just as they do today. This leap forward will accelerate the path to bringing bitcoin to billions.\u201d If that sounds too much like Galoy\u2019s stablesats, it\u2019s because both implementations are trying to solve the same problem. They use vastly different methods, though. And place the counterparty risk in different places. BTC price chart for 09\/29\/2022 on Fx | Source: BTC\/USD on TradingView.com How Does Taro Work And What Else Does It Do? Don\u2019t worry, these brand-new protocols are hard to master, or even understand. Luckily for us, Lightning Labs gave us a technical-but-easy-to-follow explanation as a refresher: \u201cTaro assets are embedded within existing bitcoin outputs, or UTXOs. Think of these assets as “UTXOs within a UTXO.” A developer mints a new Taro asset by making an on-chain transaction that commits to special metadata in a Tapoot output. When minting a new asset, the Taro daemon will generate the relevant witness data, assign the asset to a private key held by the minter, and broadcast the newly created bitcoin UTXO to the bitcoin network. This new outpoint becomes the genesis point of the newly minted asset, acting as its unique identifier.\u201d\u00a0 When Lightning Speed first tackled the Taro subject, we explained what a Taro asset can be: \u201cWhat 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\u2019s choice, receive in currency of recipient\u2019s choice. This means that every wallet can now have native Strike-type \u201cUSD balance\u201d functionality for example. With no need to trust the wallet, the only trust lies in the issuer of the token.\u201d How To Get Started With The Novel Protocol As previously stated, this Alpha release is mainly for developers. If you\u2019re one or know of one, here are the protocol\u2019s coordinates:\u00a0 \u201cTo get started exploring Taro, download the daemon, check out the API documentation, and read the getting started guide. And for a more extensive explanation on how Taro works, take a deep dive into the Taro BIPs and our documentation.\u201d Related Reading: Lightning Speed: Taproot And The Lightning Network, A Match Made In Heaven Have a blast, developers. And please report back to us with your findings. Featured Image by Jennyrang from Pixabay | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":504210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,86457],"tags":[11481,87029,8400,87032,87026,1144,87025,84170,13328,87028,87024,84846,87031,86598,87027,87023,86546,87030,83797],"class_list":["post-504209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-stablecoin","tag-alpha-release","tag-bitcoin-l2","tag-bitcoin-scalability","tag-bitcoin-stablecoins","tag-bitcoinizing-the-dollar","tag-btcusd","tag-developers-and-the-lightning-network","tag-galoy","tag-lightning-labs","tag-lightning-labs-criticism","tag-lightning-network-for-developers","tag-lightning-speed","tag-stablecoins-over-the-lightning-network","tag-stablesats","tag-taro-criticism","tag-taro-launch","tag-taro-protocol","tag-the-fusion-of-stablecoins-with-the-lightning-network","tag-the-lightning-network"],"acf":[],"yoast_head":"\nTaro Will Enable Stablecoins To Travel Through Lightning<\/span><\/h2>\n
BTC price chart for 09\/29\/2022 on Fx | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
How Does Taro Work And What Else Does It Do?<\/span><\/h2>\n
How To Get Started With The Novel Protocol<\/span><\/h2>\n
Featured Image by Jennyrang<\/a> from Pixabay<\/a> | Charts by TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"