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.
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Can people squat on currency IDs? What prohibits that? the cost of minting or something else?
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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.
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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?
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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.
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I don't think the asset ID is sequential ie same as squatting on bitcoin addresses
The name probably isn't claimed/unique so you need to check it's the correct asset ID.
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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.
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Hi taro
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Hi taro
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Hi taro x3
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Hi taro x4
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Hi taro x5
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They might make it. Stablecoin adoption is increasing rapidly (https://twitter.com/paddi_hansen/status/1576585695295991810) and LN should be much cheaper than competitor L2s
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Would this pose an increased censorship and regulation risk for Lightning?
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so they deliver on something RGB have had for the last year and has a wallet support already? good to see this competition playing in the real time.
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I'll ask the question - what is this?
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
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So will there be a reputation system attached to those that mint these assets/channels? Seems like it might be easy to create scam assets,
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How would you envisage the reputation system working?
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I would consider a weighting of
  • Channel sizes
  • number of channels
  • Redemptions of the asset
  • Balance of sats vs asset
  • value routed through channel
  • Score of channels pointing to this node
  • Age of node
I know amboss is building a reputation system, im sure it can be a base and add asset management on top of it
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IMO it’s the only solution to CBDC while BTC acts as everyone’s gold(hold)
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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.
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we are all at Stacker now, aren't we? :D
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Yes, which makes me confused as to why you think Taro is the only solution to the furthering of a fucked up financial system.
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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.
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