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We Study Billionaires - The Investor’s Podcast Network
BTC153: Bitcoin's Taproot Asset Protocol w/ Ryan Gentry (Bitcoin Podcast)
Oct 25, 2023
In this discussion, Ryan Gentry from Lightning Labs, an expert in Bitcoin's Taproot Asset Protocol, unpacks how this tech revolutionizes interactions on the Lightning Network. They explore the Taproot Asset Protocol's ability to efficiently manage off-chain assets and the implications of sending fiat dollars via Bitcoin. Topics include fees and settlement speeds compared to other protocols, the potential for tokenized securities on Taproot, and the landscape of innovative payment solutions. Gentry also shares insights on evolving Bitcoin innovations and the transformative potential for developing economies.
01:09:11
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Quick takeaways
- The Taproot Asset Protocol enables the tokenization of dollars or stablecoins over the Bitcoin Lightning network, revolutionizing cross-border payments and the use of stablecoins.
- Taproot assets offer a cost-effective and secure way to transact and store off-chain assets, providing users with a seamless and efficient payment experience.
Deep dives
Taproot Asset Protocol and Lightning Integration
The Taproot Asset Protocol, developed by Lightning Labs, aims to change how people interact with the Bitcoin Lightning network by allowing the tokenization of dollars or stablecoins over the Lightning network. This protocol enables the minting, sending, and receiving of assets on the Bitcoin blockchain, providing tools for developers to issue and explore assets. The Lightning integration is the ultimate goal, combining the Taproot Asset Protocol with Lightning channels, making it possible to transfer assets, including stablecoins, over the Lightning network. This integration leverages the scalability, low fees, and instant settlement provided by Lightning, creating a new global routing currency. While the on-chain support for Taproot assets is already available, the Lightning integration is still in progress and expected to be a significant milestone in revolutionizing cross-border payments and the use of stablecoins.
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