Lightning Labs has taken a significant step towards its goal of “bitcoinizing dollars” with the announcement on Wednesday of the first code for the Taro protocol. This code will enable users to issue and transfer bitcoin assets.
Lightning Labs has announced its initial code for the Taro protocol. This will enable users to issue and transfer bitcoin assets via Lightning and the blockchain.
Lightning Labs tweeted Wednesday, “With this release we’re one step closer bitcoinizing the dollar and the global financial system!”
Lightning Labs claims that Taro will enable developers to “mint send and receive bitcoin assets” via Lightning Labs.
Lightning Labs Product Growth Lead Michael Levin stated in a blog post that he had spoken to many Lightning developers around the globe and heard that people want to use stablecoins the same way as they are using bitcoin on Lightning Network. This means instant settled, low-fee transactions between peers without financial intermediaries.
In April, Taro, a Taproot powered protocol was launched by the company. Taproot is an update of Bitcoin’s code, which was implemented last year.
Lightning Labs was established in 2016 by Square CEO Jack Dorsey, and Robinhood CEO Vlad Tenev. They have raised funds in various rounds.