Lightning Labs releases initial Taro protocol code

Quick Take

  • Lightning Labs is a step closer to its goal of “bitcoinizing the dollar” as the company announced the initial code for its Taro protocol on Wednesday.
  • The code will allow users to issue and transfer assets on the bitcoin blockchain.

Lightning Labs announced the initial code for its new Taro protocol, which will allow users to issue and transfer assets on the bitcoin blockchain and Lightning.

“With this release, we're one step closer to bitcoinizing the dollar, and the global financial system!” Lightning Labs wrote in a Wednesday tweet.

Taro will allow developers to “mint, send, and receive assets on the bitcoin blockchain,” according to Lightning Labs. 

“In talking to bitcoin and Lightning developers across the world, we've heard that users want to use stablecoins in the same way they're using bitcoin on the Lightning Network: instantly settled, low-fee, peer-to-peer transactions without financial intermediaries,” Lightning Labs Product Growth Lead Michael Levin wrote in a blog post.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

The company first launched Taro, a Taproot-powered protocol, in April. Taproot is an update to Bitcoin’s code that was implemented last year.

Lightning Labs was founded in 2016 and has raised money from Square CEO Jack Dorsey and Robinhood CEO Vlad Tenev in various funding rounds. 


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Stephanie is a senior reporter covering policy and regulation. She is focused on legislation, regulatory agencies, lobbying and money in politics. Stephanie is based in Washington, D.C.