The Taro protocol goals to “Bitcoinize the greenback” by bringing stablecoins to the network.
Key Takeaways
- Lightning Labs has unveiled Taro, a unusual protocol aiming to permit lift stablecoin efficiency to Bitcoin Layer 2.
- Lightning Labs CEO Elizabeth Stark has announced a $70 million Series B elevate moreover to a unusual product.
- Participants within the funding round incorporated Valor Fairness and Baillie Gifford.
Lightning Labs CEO Elizabeth Stark has announced the delivery of Taro, a unusual Lightning Network protocol designed to enhance stablecoins. Lighting fixtures Labs has additionally closed a $70 million Series B elevate let by Valor Fairness Companions and Baillie Gifford.
Lightning Labs to “Bitcoinize the Greenback”
Stablecoins are coming to Bitcoin Layer 2.
Lightning Labs’ CEO Elizabeth Stark has unveiled its imaginative and prescient for a unusual product called Taro, or Taproot Asset Representation Overlay), that will additionally merely try to expand the series of sources accessible to transact on the Lightning Network to embody stablecoins. Stark announced the protocol in a Tuesday Medium submit, explaining that Taro goals to “Bitcoinize the greenback.”
Taro is constructed on Lightning Network, a Layer 2 protocol that enables high-stride transactions on the Bitcoin blockchain by opening price channels between addresses. As soon as a channel is opened, customers are in a enlighten to freely transact with every other till the channel is closed, at which point the transactions are finally settled on the Bitcoin blockchain.
Lightning Labs has launched the technical specs for Taro as a Bitcoin Progress Proposal (BIP) in uncover to supply team enter because the protocol is developed.
Stark explained that Taro is most exciting that you simply would possibly perhaps perhaps maybe judge of due to final yr’s Taproot increase, which launched a series of worthy improvements to the Bitcoin protocol. Taken together, the adjustments launched in Taproot earn allowed builders to assemble extra advanced, smartly-kept contract-driven functions on prime of the Bitcoin blockchain.
Taro’s unveiling became as soon as accompanied by an announcement that Lightning Labs had raised $70 million in a Series B funding round led by Valor Fairness and Beillie Gifford. Varied outstanding investors embody Kingsway, Goldcrest Capital, Brevan Howard, and Moore Strategic Ventures.
Stark has said that the funds will seemingly be venerable to create Lightning Network and develop the corporate.
Disclosure: At the time of writing, the creator of this share owned BTC and several other cryptocurrencies.
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