This is pretty huge, I've been deep in the inner workings of Taro over the last week or so and it looks like they've built a really nice abstraction for a really complex concept.
asset names aren't unique, only asset ids are. asset ids are unique because they are a hash of sha256(genesis_outpoint || asset_tag || asset_meta || output_index || asset_type), which includes the genesis output, which is unique.
how will the average user know the difference between a scam USD token and the real one? are we expecting apps to only allow certain tokens or users to recognize a unique avatar?
I would assume wallets will have the most popular tokens "hard coded" in. Stablecoin issuers might also be wise to list their asset IDs on their site, kind of how they list their Lightning node pubkeys today.
Just looked through their code... It's about where RGB was 2 years ago, where all it could do was tokens. Now RGB is a fully client-side validated generalized smart contracts platform. Nowhere in the Taro repo are contracts mentioned, it's a naïve fixed function implementation.
I read the first several paragraphs and couldn't quite understand what this tech was doing on Layer 2....best I could figure out was they are making a stable coin on L2 but who does this benefit and how would we use it?
Thank you in advance,
slow guy trying to figure it out in the corner
I think it reintroduces the power to enrich creators under the guise of "its bitcoin tho". Merely another example of "Bitcoin therefore shitcoins".
If you're American, I implore you to open up cashapp, buy some Bitcoin, receive that Bitcoin on Phoenix wallet, then perhaps send that Bitcoin to stacker news. The lightning network is pretty fast.
I'd rather think in this way: a system is not an entity, instead, it's a collection of many rules and billions of people. it's the reason we'd allow people from the past to join and adapt to the new norms(actually they will be part of the builder of many new norms). And eventually, they will totally abandon the old system which is actually obsolete like analog phones.
sha256(genesis_outpoint || asset_tag || asset_meta || output_index || asset_type), which includes the genesis output, which is unique.