From orlovsky at protonmail.com Mon Apr 11 16:38:37 2022 From: orlovsky at protonmail.com (Dr Maxim Orlovsky) Date: Mon, 11 Apr 2022 16:38:37 +0000 Subject: [Lightning-dev] [bitcoin-dev] Taro: A Taproot Asset Representation Overlay In-Reply-To: References: Message-ID: https://twitter.com/dr_orlovsky/status/1513555717218873355?s=21&t=NbHfD-n1NEu8Gdh-dOPifA You do not deserve any other form of answer. On Tue, Apr 5, 2022 at 5:06 PM, Olaoluwa Osuntokun via bitcoin-dev wrote: > Hi y'all, > > I'm excited to publicly publish a new protocol I've been working on over the > past few months: Taro. Taro is a Taproot Asset Representation Overlay which > allows the issuance of normal and also collectible assets on the main Bitcoin > chain. Taro uses the Taproot script tree to commit extra asset structured meta > data based on a hybrid merkle tree I call a Merkle Sum Sparse Merkle Tree or > MS-SMT. An MS-SMT combined the properties of a merkle sum tree, with a sparse > merkle tree, enabling things like easily verifiable asset supply proofs and > also efficient proofs of non existence (eg: you prove to me you're no longer > committing to the 1-of-1 holographic beefzard card during our swap). Taro asset > transfers are then embedded in a virtual/overlay transaction graph which uses a > chain of asset witnesses to provably track the transfer of assets across > taproot outputs. Taro also has a scripting system, which allows for > programmatic unlocking/transfer of assets. In the first version, the scripting > system is actually a recursive instance of the Bitcoin Script Taproot VM, > meaning anything that can be expressed in the latest version of Script can be > expressed in the Taro scripting system. Future versions of the scripting system > can introduce new functionality on the Taro layer, like covenants or other > updates. > > The Taro design also supports integration with the Lightning Network (BOLTs) as > the scripting system can be used to emulate the existing HTLC structure, which > allows for multi-hop transfers of Taro assets. Rather than modify the internal > network, the protocol proposes to instead only recognize "assets at the edges", > which means that only the sender+receiver actually need to know about and > validate the assets. This deployment route means that we don't need to build up > an entirely new network and liquidity for each asset. Instead, all asset > transfers will utilize the Bitcoin backbone of the Lightning Network, which > means that the internal routers just see Bitcoin transfers as normal, and don't > even know about assets at the edges. As a result, increased demand for > transfers of these assets as the edges (say like a USD stablecoin), which in > will turn generate increased demand of LN capacity, result in more transfers, and > also more routing revenue for the Bitcoin backbone nodes. > > The set of BIPs are a multi-part suite, with the following breakdown: > * The main Taro protocol: https://github.com/Roasbeef/bips/blob/bip-taro/bip-taro.mediawiki > * The MS-SMT structure: https://github.com/Roasbeef/bips/blob/bip-taro/bip-taro-ms-smt.mediawiki > * The Taro VM: https://github.com/Roasbeef/bips/blob/bip-taro/bip-taro-vm.mediawiki > * The Taro address format: https://github.com/Roasbeef/bips/blob/bip-taro/bip-taro-addr.mediawiki > * The Taro Universe concept: https://github.com/Roasbeef/bips/blob/bip-taro/bip-taro-universe.mediawiki > * The Taro flat file proof format: https://github.com/Roasbeef/bips/blob/bip-taro/bip-taro-proof-file.mediawiki > > Rather than post them all in line (as the text wouldn't fit in the allowed size > limit), all the BIPs can be found above. > > -- Laolu -------------- next part -------------- An HTML attachment was scrubbed... URL: