- Taro a new Bitcoin software protocol developed by Lightning Labs that has the goal of “Bitcoinizing the dollar”.
- The Taro protocol has the function of allowing the sending of stablecoins through the Bitcoin network with the instantaneous, high volume and low cost nature of Lightning.
- Lightning Labs strongly believes that Taro has the muscle to enable further adoption of Bitcoin.
Digital assets have reshaped the way the financial and stock market moved in recent years and provided all unbanked people with other opportunities to move their money no matter where they are.
Due to the success obtained, many countries have indicated their position before this type of tokens, in favor or against, accepting them as part of their economy or prohibiting their use.
Such has been its growth that regardless of whether or not the government of the countries approve cryptocurrencies such as Btcoin, many see it positive to launch their national currency in this format, as is the case of China, which has advanced its digital Yuan project.
Taro has the goal of “Bitcoinizing the dollar”
Following this idea, the launch of a new Bitcoin software protocol called Taro, which has the goal of “Bitcoinizing the dollar”. This company is executive director and co-founder Elizabeth Stark and backed by former Twitter CEO Jack Dorsey.
It should be noted that the promoters of the project had the presence of investors of the stature of Brevan Howard, Valor Equity Partners, Baillie Gifford, NYDIG, Goldcrest Capital and several other investors, and together they achieved in a round of financing of Series B, a raised $70 million dollars.
“We are pleased to announce the launch of Taro, a new protocol that allows assets to be issued in Lightning and Bitcoin, as well as unveiling our $70M Series B fundraiser! It is a small attempt to bring Bitcoin to billions of people, but at the same time it is a big step to promote the world financial system with the asset of Satoshi Nakamoto”, the company pointed out.
how tarot works
The Taro protocol has the function of allowing the sending of stablecoins through the Bitcoin network with the instantaneous, high volume and low cost nature of Lightning.. It should also be noted that Lightning Labs will not issue stablecoins, however, the existing infrastructure will allow them to be sent through the network.
This technology looks to be a step forward in this type of transaction, since there is a possibility that it will be compatible with emerging markets, same that could have access to the native monetary network of the Internet, through a smartphone, instead of dipping into a conventional bank account.
It should be noted that stablecoin transactions became a reality thanks to the Bitcoin Taproot update in November last year, which also introduced smart contract capabilities.
Bitcoinize the dollar
Lightning Labs strongly believes that Taro has the muscle to enable further adoption of Bitcoin, because it has in its favor the fact that it allows the unbanked in developing countries to send money wherever they want through stablecoins.
Thanks to the new protocol, now developers have the ability to issue assets on the Bitcoin blockchain and instantly move them to the Lightning Network to enable fast and scalable transactions, through the liquidity of the so-called “digital gold” to guarantee interoperability between assets.
Besides, Taro as we pointed out, will help people incorporate Bitcoin via fiat currencies, with which they will be able to exchange assets more easily, facilitating fiat to bitcoin.
In this regard, the co-founder of the consortium told the magazine Forbesthat the launch of Taro is something extremely significant, since the current possibilities include the fact that all currencies on the planet can pass through Bitcoin through the Lightning Network “.
Needless to say, Lightning Labs managed to raise $10 million in its Series A last September, which followed a $2.5 million seed round in 2018.
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