Lightning Labs announced it’s launching the Taro protocol that will route stablecoins and other digital assets through the bitcoin monetary network.
"People will be able to seamlessly go between bitcoin and say, a USD stablecoin, or peso, euro, yen, etc. And they can send those globally, instantly and with extremely low fees," she said.There is bitcoin, the asset class, and then there's the global interoperable bitcoin monetary network. Lightning Labs is piggybacking off the latter.
Typically, all nodes must agree to confirm a transaction on the bitcoin network, verifying every transaction on the blockchain. The process highlights one of bitcoin's greatest strengths: its high degree of network decentralization, which is a big part of what ensures its security. But it is also relatively slow, averaging five transactions per second on bitcoin's base layer, and can be expensive.
That difference is key. Stark tells CNBC that it's possible to execute hundreds of thousands of transactions per second on Lightning."Lightning transactions can be fractions of a penny...while a bitcoin transaction at the core protocol layer can be much more expensive than that," said Alyse Killeen, founder and managing partner of bitcoin-focused venture firm Stillmark.
But Lightning Labs says that the Taro protocol marks a major step in Lightning's capacity to serve as the underlying value transfer protocol of the internet.
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