According to Levin, “This leap forward will accelerate the path to bringing bitcoin to billions.”
Lightning Labs has released a test version of the Taro daemon. The new software will allow Bitcoin developers to create, send, and receive assets on the blockchain.
This release from the Lightning Network infrastructure company marks the first step toward bitcoinizing the dollar according to the company’s two-step process.
Lightning Labs announced in a tweet,
“Today, we're excited to announce the initial code for Taro, a new protocol to issue and transfer assets on bitcoin and Lightning. With this release, we're one step closer to bitcoinizing the dollar and the global financial system!”
Taro daemon will allow developers to issue tokens on testnet, an alternative Bitcoin blockchain created specifically for public testing. Developers will test applications using testnet coins rather than actual BTC.
The process will also not expose the actual Bitcoin blockchain (mainnet) to any risks. Projects will only go live on the mainnet after extensive testing and bug fixes.
In a blog post, lightning Labs’ Product Growth Lead, Michael Levin, stated that users want to use stablecoins on the Lightning Network in the same way they use bitcoin.
Taro would enable the creation of applications worldwide to give users access to bitcoin and Lightning-native stablecoins. Users will enjoy instant settlement, low transaction fees, and no financial intermediaries.
Levin further wrote about the possibility of a community with USD-denominated balances and BTC-denominated balances easily sending value across the Lightning Network.
According to Levin,
“With 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.”
He added,
“This leap forward will accelerate the path to bringing bitcoin to billions.”
The company also stated that it is working on adding "universe functionality" to Taro daemon.
This will allow users and asset issuers to provide proofs of asset provenance and supply issuance, as well as interact with asset data more easily. Universes and other developments will be added to the daemon in the coming months.
