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Lightning Labs, the infrastructure firm for the Lightning Network, has undergone a rebranding of its Taro project to Taproot Assets and has also issued a software update. This decision comes in response to a trademark infringement lawsuit filed by Tari Labs, a blockchain software development company, in December last year.
Following the lawsuit, an injunction was issued, effectively suspending the project's development. Nevertheless, Lightning Labs has persevered by rebranding the project as Taproot Assets and resuming their work on the fundamental software required to implement the newly named protocol. This protocol aims to empower users with the ability to issue and manage assets, including stablecoins, on the Bitcoin blockchain.
Despite CoinDesk's request for comment, Tari Labs has remained unresponsive as of now.
With today's update, the lawsuit surrounding the brand name "Taro," which Tari Labs argued was too similar to their own, comes to a conclusion. This development now allows developers to explore the software, equipped with a fresh array of core features, specifically designed by Lightning Labs to "bitcoinize the dollar."
The Taproot Assets team has announced that their platform is presently accessible on a test network, with support for the main network anticipated in the near future.
“We are committed to building an assets protocol for Bitcoin and Lightning,” Elizabeth Stark, CEO and co-founder of Lightning Labs told CoinDesk. “That scales to many people around the world and doesn't make the Bitcoin blockchain effectively unusable,” a reference to last week’s record-high congestion and transaction fees on the Bitcoin network due to a surge in minting of BRC-20s – fungible tokens generated via the controversial Ordinals protocol.
Fascinatingly, Domo, the anonymous developer behind BRC-20, expressed a strong endorsement for Taproot Assets as "unequivocally a better solution." The reason behind this is that Taproot Assets enables the creation of multiple assets off-chain, which are then consolidated into a single on-chain transaction. Moreover, the witness data, similar to Ordinals, is transmitted and stored off-chain.
Lightning Labs is set to embark on its next milestone, which entails presenting refined protocol specifications to the Bitcoin community via bitcoin improvement proposals (BIPs) and Bitcoin Lightning improvement proposals (bLIPs). Their overarching aim is to empower the Lightning Network, a secondary system designed for faster and more cost-effective Bitcoin transactions, to facilitate seamless transfers of Bitcoin-based assets.
“Super excited to have so much developer support and enthusiasm,” said Stark. “Taproot Assets mainnet is just around the corner.”
Source Coindesk
