Taro is the new update of the Lightning Network, designed by CTO Olaoluwa Osuntokun, which allows all its participants to issue and transfer assets on the Bitcoin blockchain, including stablecoins globally, at a very low cost and Almost instantaneous Lightning way, without exposure to bitcoin volatility.
As you may recall, the Lightning Network is an autonomous network that facilitates faster transactions than the traditional bitcoin network. Such “transactions occur outside the main bitcoin blockchain, which reduces the energy and time spent processing transactions, then they are recorded on the main bitcoin blockchain,” meaning customers can send and receive BTC on the go anywhere in the world with minimal fees.”
Elizabeth Stark, the CEO of Lightning Labs, explained that Taro aims to offer developers “the flexibility to move stablecoins from the Bitcoin network to the Lightning Network while maintaining the privacy and security of the Bitcoin network.”
Taro will compete with commercial banking
The new Taro protocol is based on an address format called bech32. The security mechanism “is based on embedded consensus.” All financial movements are confirmed on the bitcoin blockchain before being transferred to the Taro network.
The protocol supports different and multiple types of assets, making it easy for users to perform cross-chain atomic swaps, ruling out the need for centralized exchanges. And all major wallets will be supported.
With this new automation, Taro turns bitcoin and the Lightning Network into competitors of SWIFT and commercial banking, estimating that emerging markets will be favored since access to the global economy and financial tools are limited for this sector.
M. Rodríguez
Source: es.beincrypto.com
