The latest development efforts by Lightning Labs aimed to solve the Bitcoin network congestion issues & high gas fees, which occurred because of the Bitcoin ordinals.
As we know that Bitcoin ordinals & BRC-20 grabbed huge popularity in the crypto sector and also people are minting huge numbers of NFTs new & new tokens via Bitcoin ordinals inscribed by the Bitcoin network. The whole thing created an issue for the Bitcoin network as it led to high network fees & also network congestion.
On 16 May 2023, Lightning Network infrastructure firm Lighting Labs announced the launch of the new version of “Taproot assets”. It will allow the developers to have the core set of features to Bitcoin the dollar in a chain-efficient manner. It is a highly scalable protocol to issue new tokens/NFTs on the Bitcoin network.
Few Bitcoin enthusiasts noted that they did nothing great with their new development efforts, as such things had already developed for around 3 years & probably they are copying the past innovations of RBG.
For now, the Lightning Labs team confirmed that soon they will allow the BRC-20 support on the lightning network. It means the BRC-20 concept has the possibility of going through mainstream adoption.
Over the last couple of weeks, the top crypto exchanges including the Binance exchange announced that they will add support for Bitcoin ordinals (BRC-20).
Recently Tether (USDT) CTO Paolo Ardoino said that BRC-20 is not useful nowadays & people are only paying Bitcoin to the miners. But he also said that he believes BRC-20 will go through more innovative development work if it will have a single better use case.
Read also: Now people can mint new tokens on Bitcoin Cash (BCH) network