129 sats \ 2 replies \ @0260378aef 1 Jul 2022 \ on: 🌊⚡️ The Bitcoin Ecosystem Moment (pt. 1) bitcoin
(Commenting on TARO specifically): That's a stretch, lol. But for sure the general concept is powerful and is likely going to "bed in" after some time.
TARO realistically needs taproot adoption, and that realistically is going to come from adoption by the big LN codebases. There just isn't economic incentive to adopt taproot for ordinary wallets (like there was for segwit, because it saved tons on fees). MuSig2 is no joke to implement, even the BIP is still under development (though largely finished, but it ain't simple!).
Some interesting thoughts generally; but I'm particularly keen to see better statistics on two things: payment reliability and adoption (very hard to get right because of the not-on-chain nature of things).
Fair point, Taro needs more time... Fingers crossed it'll now move faster with all the interest in it!
Regarding adoption: IMO it's the other way around. There wasn't a lot of incentive to adopt Segwit, because during the bear-market blocks were empty most of the time. No need to save space if there's a ton available.
With regards to taproot adoption; Honestly, for the first time, there's actually a strong incentive to adopt a token protocol because it solves a huge pain point.
Being able to send USD stablecoins around the world in an instant, and effectively for free is a tremendous product/use case. You completely kill any remittance company and save 20%+ per transaction.
Also, it's important to point out that only apps/nodes/wallets that want to use e.g. USDT need to adopt RGB/Taro/OmniBolt. All other routing nodes in-between don't need to care about this at all.
I think adoption will be faster– in places where it counts! (wallets)
(Also, Omnibolt doesn't need taproot)
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There just isn't economic incentive to adopt taproot for ordinary wallets (like there was for segwit, because it saved tons on fees).
Just a crazy thought... would it be possible to stream sats to ordinary wallets to help incentivize the transition? I expect plebs would be happy to fund this - I would.