What Happened on May. 17th | Issue Assets on Bitcoin Lightning Network
The recent spike of BRC-20 on the bitcoin blockchain has caused transaction fees to skyrocket, making standard bitcoin transactions prohibitively expensive for many users. As no one will wants to modify the bitcoin base layer, the only option is to utilize a Layer 2 scaling solution to support these new use cases.
The Lightning Network is a second layer payment protocol that operates on top of the Bitcoin blockchain. It was introduced to address the issues of scalability, transaction speed, and cost in the Bitcoin network. By creating off-chain transactions and payment channels, the Lightning Network enables instant and near-zero fee transactions while reducing the load on the main blockchain.
Below is a visualization of the Lightning Network at the moment. It is a growing network of interconnected nodes connected by payment channels.
Lightning network graph: Visualization of nodes and channels
The New Taproot Assets Protocol on Lightning Network will allow:
- Assets to be issued on the bitcoin blockchain
- Leverage taproot for privacy and scalability
- Assets can be deposited into Lightning channels
- Assets can be transferred over the existing Lightning Network.
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