Taro, a new Taproot-powered system for generating assets on the bitcoin blockchain that can be transferred via the Lightning labs Network for immediate, large volume, low fee transactions, was revealed earlier this week by Ryan Gentry, Business Development Lead at Lightning Labs.
Lightning Labs Explains ‘How Their Taro Protocol Will Be ‘Bitcoinize The Dollar’
Lightning Labs, founded in 2016 by Elizabeth Stark (CEO) and Olaoluwa Osuntokun (CTO), is a blockchain firm that is attempting to bring Bitcoin to the public by assisting in the expansion of the Lightning Network.
It is constructing “the next generation Lightning-based financial infrastructure.” It presently sells the following four items:
- Pool, which also “connects consumers in need of bitcoin liquidity with those with funds to deploy on the Lightning Network.”
- Loop is “designed to assist consumers, companies, and routing node owners in keeping their channels open forever by leveraging non-custodial Bitcoin contracts to keep liquidity flowing.”
- Their “own version of a Lightning Network Node Bitcoinize delivers improved stability, interoperability, and security for global-scale financial applications,” according to Lightning Network Daemon.
- Neutrino is a “light client standard that allows non-custodial Lightning wallets to validate transactions securely, trustlessly, and in full sync with the Bitcoin network.”
Gentry, who has been with Lightning Labs since July 2020, believes the Taro announcement “marks a huge transition to a multi-asset Lightning Network with the possibility for the world’s currencies to route through bitcoin liquidity on the network.”
Taro, he continued, “taps into the security and reliability of the bitcoin network as well as the speed, scalability, and low costs of Lightning.”
On the same day, Lightning Labs CEO Elizabeth Stark revealed “$70M in Series B fundraising from investors including Valor, Baillie Gifford, Goldcrest, Kingsway, Stillmark, Brevan Howard, NYDIG, M13, Craft, and more” in a blog post.
Stark noted in her blog post about the inspiration Bitcoinize for the Taro project (which is presently being developed):
“One amongst our core ideas at Lightning Labs is that we should solve real problems for real people, and we’ve spoken with a number of community members in emerging markets who have told us how much
Stablecoins based on bitcoin and Lightning will contribute to their economies.” Taro makes it possible to send assets like these across the bitcoin network because of Lightning’s rapid, high volume, and low fee qualities.
“This technology has the potential and will generate a slew of opportunities in emerging economies.” Customers do not require a bank account to utilize the internet’s natural monetary network; all they need is a mobile phone.
And we can assist them in bypassing the present financial system in favor of something considerably more expansive – open, global, and interoperable.”