The post Bitcoin Lightning Alliance To Accelerate Adoption Using New Asset Protocol appeared on BitcoinEthereumNews.com.

A new collaborative effort spearheaded by Lightning infrastructure company LNFi intends to accelerate the adoption of the Lightning Network. Leveraging the progress of novel protocols such as Taproot Assets and Nostr, the LN Alliance hopes to mobilize industry partners and contribute to standards around the growing Bitcoin ecosystem. A recent community discussion highlighted the group’s ambition to promote the emergence of this new Lightning-based, interoperable, financial market. Behind this initiative, Darius from Lightning infrastructure company LNFi explained his motivation: “Today, the entire Lightning ecosystem is rather fragmented. There are all sorts of standards, protocols out there. The LN Alliance is just there to feature everyone and create enough exposure and awareness of existing Bitcoin, Lightning and Nostr projects on top of these standards so hopefully we can advance forward as a joint community.” Additionally, by raising awareness around existing tools and protocols, members of the group seek to reduce duplicated efforts, allowing developers to build on what already exists rather than reinventing the wheel. LN Link is one such standard being developed and promoted by LNFi and its partners. Built as an extension of Nostr Wallet Connect (NWC), it allows Bitcoin applications to easily interface with Taproot Assets, a protocol at the center of the LN alliance’s mission Preparing for Taproot Asset One of the driving forces behind this union is the emergence of Lightning Labs’ Taproot Assets. Ryan Gentry from Lightning Labs shared exciting updates on the protocol, revealing that over 150,000 mints have occurred on the protocol since its launch last October. The upcoming release promises to integrate these assets with the Lightning Network, enhancing their usability. Taproot assets take inspiration from older concepts like Omni and Counterparty’s colored coins but are upgraded for the Taproot era. They allow for advanced scripting and off-chain data commitment within UTXOs,…

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Filed under: News - @ June 24, 2024 3:20 pm