Lightning Labs, the company behind Bitcoin's layer two solution, has raised $70 million in a funding round to continue developing the Lightning Network for faster and cheaper Bitcoin and stablecoin transactions.
Valor Equity Partners led the Series B investment round, which included Baillie Gifford, Goldcrest Capital, and numerous additional angel investors. Additional features and software for the layer-two transaction solution are the responsibility of Lightning Labs.
On Tuesday, Lightning Labs co-founder and CEO Elizabeth Stark will introduce assets such as stablecoins to the Bitcoin blockchain. Lightning Labs will fulfill its purpose by enabling stablecoin transfers on the lightning network via Lightning Labs' new TARO protocol, according to her.
As previously stated, the lightning network is a layer two solution that is claimed for enabling instant, low-fee Bitcoin transactions without relying on Bitcoin's blockchain verification for each transaction.
It has enabled Bitcoin to handle up to 25 million transactions per second (TPS), which is far faster than Bitcoin's previous high of 7 TPS.
On the Lightning network, Labs is recognized for creating and updating new and current features. It has already created a number of products, including the Lightning Pool for Bitcoin liquidity. It's now adding Taro to the mix.
The Taro protocol was made technically possible by Bitcoin's Taproot update, which went live in November 2021. Schnorr signatures, Tapscript, and Merkelized Abstract Syntax Trees are three enhancements to the Bitcoin network that were featured in Taproot (MAST).
Taproot improves Bitcoin's efficiency, privacy, and flexibility, but only if developers integrate it into tools for consumers. Taro exemplifies what is possible when Taproot is unleashed.
This will be an eye opener for all cryptocurrencies to try to improve their efficiency. There are several other cryptocurrencies out there like $darc, Ethereum, Altcoin and so many others. Bitcoin is thus setting another example for all of them to follow.
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