Lightning Labs Unveils Enhanced Protocol Addressing Bitcoin’s BRC-20 Challenges

Zionodes
2 min readMay 19, 2023

Weekly Update

The Global Crypto Market Cap is down by 1.08% to $1.12T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 5.52% to $31.69B.

DeFi’s total 24-hour volume is $2.03B, or 6.40% of the overall Crypto Market volume. All Stablecoin volume is currently $29.30B, or 92.46% of the 24-hour volume of the whole Crypto Market.

The price of Bitcoin was trading at $26,882.14 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 46.31%, a decrease of 0.18% from the previous day. In the last 24 hours, the price of ETH decreased by 0.78% to $1,805.68, while the price of BNB went down by 1.30% to $309.69. According to the CoinMarketCap Chart, the total market capitalization of Cryptocurrencies has demonstrated the following pattern in its movement over the last 30 days:

In the past month, Bitcoin has experienced some ups and downs due to various economic factors. However, it has managed to stay above $26,000. The next few weeks are crucial for investors as they try to figure out where the coin and the overall crypto market are heading.

Lightning Labs Introduces Upgraded Protocol to Tackle Bitcoin’s BRC-20 Issues

In a recent blog post published on May 16, Lightning Labs expressed dissatisfaction with the current methodologies employed for embedding assets on the Bitcoin blockchain. They specifically criticized the inefficiency of these methods and highlighted the laborious protocols that directly embed asset metadata into block space.

In response to these challenges, Lightning Labs has introduced the Taproot Assets Protocol, a revolutionary solution designed to operate predominantly off-chain. This approach aims to mitigate the network congestion issues that have unfortunately plagued the Bitcoin network since the introduction of the BRC-20 token standard on March 8.

By adopting the Taproot Assets Protocol, users of the Lightning Network can expect seamless integration of BRC-20 assets, eliminating the need to painstakingly establish a new ecosystem from scratch. This integration will extend to wallets, exchanges, and merchants, providing a streamlined experience for all stakeholders involved.

This development brings positive implications for crypto enthusiasts, as it holds the potential to effectively address and alleviate network congestion concerns going forward.

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