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The global crypto market cap is $1.08 trillion with a 24-hour volume of $39.99 billion. The price of Bitcoin is $28,241.80 and BTC market dominance is 51.2%. The price of Ethereum is $1,549.61 and ETH market dominance is 17.3%. The best performing cryptoasset sector is eCommerce, which gained 12%.
Lightning Labs’s Ryan Gentry wrote in the announcement that the upgrade was the way to “bitcoinize the dollar.”
AI GENERATED IMAGE VIA DALL-E 3
Lighting Labs has announced the mainnet alpha of the Taproot Assets daemon, providing the network with the capacity to hold tokenized assets.
This release offers a comprehensive developer experience for issuing, managing, and exploring stablecoins and other assets on the Bitcoin (BTC) blockchain, according to a post by the director of business development at Lightning Labs, Ryan Gentry.
The launch of Taproot Assets on the Bitcoin mainnet is expected to facilitate the issuance of a wide range of global currencies as Taproot Assets. These transactions will be settled instantly over the Lightning Network, routing Taproot Assets transactions through the existing Bitcoin liquidity.
The protocol’s design enables routing nodes to forward transactions without recognizing them as Taproot Assets, thereby extending Bitcoin’s global network effects while strengthening the blockchain’s robust security foundation. Developers are exploring placing other potential real-world assets on-chain, like gold, US Treasuries, and corporate bonds.
The v0.3 protocol of the Taproot Assets presents a complete set of tools for developers who are keen to start issuing, managing, and exploring mainnet assets on-chain. It introduces several new functionalities and improvements in scalability, security, and developer experience.
The stated goal of Taproot Assets is to transform the Lightning Network into a multi-asset platform. Critical steps towards this goal have already been completed, including running unannounced Taproot channels in production with lnd v0.17 and the publication of the draft specification for Taproot Asset Protocol channels as a Bitcoin Lightning Improvement Proposal (bLIP).
Lightning Labs teased Taproot Assets in May of 2023, calling it “a new Taproot-powered protocol for issuing assets on the bitcoin blockchain that can be transferred over the Lightning Network for instant, high volume, low fee transactions.”
The protocol’s promise to enable users to send and receive their chosen currency over the Lightning Network, using Bitcoin liquidity as a global routing currency and Medium of Exchange, has the potential to redefine—or at least significantly disrupt—the process of global monetary transactions.
Jacob Oliver is a recovering academic and English teacher who went down the crypto rabbit hole in 2017 after recognizing the technology’s potential.
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
The main witnesses for the day were Professor Peter Easton, an esteemed accounting expert from the University of Notre Dame, FBI accountant Paige Owens, and a former FTX employee, Eliora Katz.
Buterin said his Ethereum transfers are donations to ‘charity or nonprofit or other project.’
EU strengthens crypto tax norms with new directive to improve cooperation between national tax authorities.
The once-revered FTX founder won admiration and trust of countless peers with a facade of virtue signaling and projected altruism before the illusion was shattered.
Compulsory process threat looms over SEC chair Gensler in intensifying oversight dispute with House committee.
Unverified rumors of BlackRock’s Bitcoin ETF approval generate market volatility while SEC postpones final verdict.
Tech giants may be forced to disclose when customers rent large amounts of power if the order materializes.
The once-revered FTX founder won admiration and trust of countless peers with a facade of virtue signaling and projected altruism before the illusion was shattered.
The move aims to bolster consumer protections in a market plagued by recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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