Taproot Assets Upgrade to Alleviate Bitcoin Congestion Revealed
Bitcoin Lightning Network (LN) developer Lightning Labs has announced Taproot Assets v0.2. The upgrade provides a more efficient method of minting assets on the blockchain following the BRC-20 network mayhem last week. On May 17, Lightning Labs announced the latest release of the Taproot Assets Protocol, formerly known as Taro. Taproot Assets v0.2 “provides the core set of features for developers looking to issue, send, receive, and discover assets on the Bitcoin blockchain,” it stated. Furthermore, the protocol was designed to operate maximally off-chain. This was specifically implemented to avoid the blockchain congestion that occurred last week. Taproot Assets to Solve Scaling Problems The developers acknowledged that in its current form, the BTC network is not scalable: “While the excitement around building on Bitcoin is encouraging, the fee markets response has indicated that these protocols are not designed for scale.” The latest release enables the minting or moving of an unbounded number of assets in a single on-chain transaction. Users will also soon be able to integrate their assets into the Lightning Network for faster and cheaper transactions. The upgrade leverages existing network effects and negates the need to “bootstrap a new ecosystem from scratch,” it noted. The announcement concluded that as adoption grows, it should alleviate the blockchain