THELOGICALINDIAN - The Taro agreement aims to Bitcoinize the dollar by bringing stablecoins to the network
Lightning Labs CEO Elizabeth Stark has appear the barrage of Taro, a new Lightning Network agreement advised to abutment stablecoins. Lighting Labs has additionally bankrupt a $70 actor Series B accession let by Valor Equity Partners and Baillie Gifford.
Lightning Labs to “Bitcoinize the Dollar”
Stablecoins are advancing to Bitcoin Layer 2.
Lightning Labs’ CEO Elizabeth Stark has apparent its eyes for a new artefact alleged Taro, or Taproot Asset Representation Overlay), which will attack to augment the cardinal of assets accessible to transact on the Lightning Network to accommodate stablecoins. Stark appear the agreement in a Tuesday Medium post, answer that Taro aims to “Bitcoinize the dollar.”
Taro is congenital on Lightning Network, a Layer 2 agreement that enables accelerated affairs on the Bitcoin blockchain by aperture acquittal channels amid addresses. Once a approach is opened, users are able to advisedly transact with one addition until the approach is closed, at which point the affairs are ultimately acclimatized on the Bitcoin blockchain.
Lightning Labs has appear the technical blueprint for Taro as a Bitcoin Improvement Proposal (BIP) in adjustment to antecedent association ascribe as the agreement is developed.
Stark explained that Taro is alone accessible due to aftermost year’s Taproot upgrade, which alien a cardinal of cogent improvements to the Bitcoin protocol. Taken together, the changes alien in Taproot accept accustomed developers to body added complex, acute contract-driven applications on top of the Bitcoin blockchain.
Taro’s actualization was accompanied by an advertisement that Lightning Labs had aloft $70 actor in a Series B allotment annular led by Valor Equity and Beillie Gifford. Other arresting investors accommodate Kingsway, Goldcrest Capital, Brevan Howard, and Moore Strategic Ventures.
Stark has said that the funds will be acclimated to advance Lightning Network and abound the company.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC and several added cryptocurrencies.
