The Lightning Labs team has unveiled an alpha version of the Taro protocol, which allows users to issue assets like stablecoins on the Bitcoin network and use them in applications based on the Lightning Network (LN).
The developers announced Taro in April. The launch of the protocol is possible due to the activation of the Taproot update in the blockchain of the first cryptocurrency.
The protocol allows users to create a wide range of assets, including stablecoins, and move them to LN, paying minimal fees. The alpha version of the solution is available on the testnet. Within a few months, the team will collect the opinions of developers and enthusiasts.
The open source code for Taro has been hosted in a GitHub repository.
Lightning Labs Principal Product Development Officer Michael Levin has said:
“Taro allows Bitcoin and LN to be multi-active. Users will be able to open Taro channels connected at the edge and interact with the existing Lightning network. Instead of creating a new ecosystem of nodes and liquidity, Taro will leverage the existing infrastructure.”
