Lightning Labs Has Launched An Updated Protocol That Would Help Solve The BRC-20 Issues Of Bitcoin

Lightning Labs

The users of Bitcoin have been issued a more efficient way of minting the newer assets on the blockchain after they received a more updated version of the Taproot Assets Protocol- which was released by Lightning Labs.

In a blog post published on 16th May, the infrastructure firm of Lightning Network went on to criticize the current methods through which the assets were inscribed on the blockchain of Bitcoin, and it was considered to be particularly inefficient. The blog post further highlighted the cumbersome protocols that could write the asset metadata directly into the block space.

The Taproot Assets Protocol has been designed specifically to operate maximally off-chain so that they could avoid the network congestion that had become quite an unfortunate characteristic of the network of Bitcoin ever since the inception of the BRC-20 token standard by Domo- the anonymous developer on 8th March.

Lightning Labs’ Latest Protocol Could Assist Users Integrate

Lightning Labs also stated that the users of Protocol could easily be integrated into BRC-20 assets into the network, with merchants, exchanges, and wallets ported over, rather than needing to bring in a completely new ecosystem down from scratch.

Domo had earlier spoke about how the Taproot Assets Protocol was a far better solution for the minting of new assets on the cryptocurrency when it was compared to certain pre-existing methods, such as the JavaScript Object Notation, which allows the users to easily transfer to the network for cheap and fast transactions. The large majority of the tokens that were created so far also utilizes the Ordinal inscriptions of JSON data to deploy mint tokens, token contracts, and then transfer them. 

Lightning Labs was quite forced to change the name of this software after a frivolous trademark infringement suit was filed against them.