bitcoin, The Taproot Asset Representation Overlay, or Taro for short, will be powered by the new Taproot-using protocol. The protocol that will be powered by the Lightning network will be open source.
“Other Assets Like Stablecoins Will Be Added To The Bitcoin Network”
Elizabeth Stark, co-founder and CEO of Lightning Labs, introduced Taro on Tuesday, announcing that this new project will add new assets such as stablecoins to the Bitcoin Blockchain.
Alongside the promotion of Taro, Lightning Labs announced that it has raised $70 million in a Series B funding round, led by Valor Equity Partners and global asset manager Baillie Gifford.
Stark, along with Taro, in his statement. of BTC He said that its functionality will increase and this is possible thanks to the Taproot update activated last year. With Taproot, there were three new upgrades called Schnorr signatures, Tapscript and Merkelized Abstract Syntax Trees (MAST). Thanks to Taproot, the efficiency, privacy and flexibility of the network increased, but these were added to Bitcoin only to be reflected to users if the developers used these tools.
Stark claims that thanks to Taro, the Taproot update can be used to its fullest extent.
Ryan Gentry, Lightning Labs Business Development Director, said the following about Taro:
“Powered by Taproot, Taro will place spending conditions on MASTs without the need to disclose all the details on the Blockchain. With the use of MASTs, Taro will bring new assets that can be valued like BTC to the Bitcoin Blockchain.”
*Not investment advice.