Faster, cheaper payment function of the new Lightning Labs protocol

Faster, cheaper payment function of the new Lightning Labs protocol

Lightning Labs, the startup that builds a payment infrastructure in the Bitcoin network, creates a new protocol that enables users to send cross-border payments faster and at lower fees, the company announced on Tuesday.

TARO, which is supported by the Layer 2 protocol Lightning, aims to combine the security and stability of the Bitcoin network with the speed and scalability of Lightning, said Ryan Gentry, head of business development at Lightning Labs Announcement .

"This is what many people do wrong at Bitcoin," said Elizabeth Stark, co -founder and CEO of Lightning Labs. "It can be a medium without being [a] invoice unit. Many users will use Bitcoin in the future without knowing it."

The project, which is still in the development phase, aims to "bit the dollar," said Lightning Labs. It will enable users to guide different global currencies through Bitcoin by using stable coins, which enables seamless, immediate payments to very low fees, the team added.

"We spoke to countless community members in emerging countries who told us the big difference to Bitcoin and Lightning in their economies," wrote the company in A Saying .

"Taro makes it possible to send assets like this via the Bitcoin network with the immediate, highly volume and easy nature of Lightning."

Taro enables Bitcoin to act as a "value protocol", said Gentry by enabling app developers to integrate other assets in addition to Bitcoin in the blockchain and via the Lightning network.

The new functionality for Lightning was made possible by the taproot upgrade on Bitcoin in November, one of the most important updates of the network since 2017.

"This extends the range of Lightning Network as a whole, brings more users to the network that achieve more volume and liquidity in Bitcoin, and enables people to easily transfer Fiat against Bitcoin in their apps," he added.

In addition to the introduction of Taro, Lightning Labs also announced his $ 70 million fundraiser of series B by investors such as Valor, Brevan Howard and Nydig.

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The contribution Faster, Cheaper Payments Feature of New Lightning Labs Protocol is not a financial advice.