UXUY Pioneers Taproot Asset Universe Service, Fully Integrating Infrastructure into the Bitcoin Ecosystem – Yahoo Finance
With the Universe service launched by UXUY, the Taproot Assets protocol is officially promoted to Multiverse Mode.
Singapore, Nov. 08, 2023 (GLOBE NEWSWIRE) — On November 8, 2023, UXUY announced the official launch of its “Universe” service, marking a significant milestone in its “UXUY Struck by Lightning” plan to enhance the Bitcoin ecosystem. UXUY is now the second provider in the world, following Lightning Labs, to offer this service.
Taproot Assets node provider can use the following command to add the universe service provided by UXUY to the Federation Server List of its own node.
$ tapcli universe federation add \ –universe_host universe.uxuy.com:10029
With the Universe service launched by UXUY, the Taproot Assets protocol is officially promoted to Multiverse Mode. As an important feature of Taproot v0.3 version, this will provide users with complete asset information and asset holder certificates, and at the same time provide developers provide all the data needed to synchronize Taproot Assets in real time.
What is the Universe service?
The Universe service introduced by UXUY is essentially a repository for assets and their associated proofs. It can provide information about various asset types, including stablecoins, detailing asset issuance, quantity, rules, and recent transfer proofs. Think of it as Blockchain Explorer, but with a unique feature: it stores Taproot asset transaction data off-chain while remaining synchronized with the Taproot asset client.
With the release of Taproot Assets v0.3, the Multiverse Mode is activated, allowing multiple Universe servers to work together as a federation. This synchronization ensures that data remains consistent, even if the issuer’s server goes offline, thereby verifying the legitimacy of assets during on-chain Taproot transactions.
For on-chain Taproot asset transactions, users no longer need both parties to be online simultaneously. Receivers can generate an address to which anyone can send assets at any time. Taproot Assets v0.3 facilitates this by enabling developers to add a proof-retrieval Uniform Resource Identifier (URI) to an on-chain address. The receiver’s wallet can then sync with the specific Universe server detailed in that URI to download the off-chain proof data they’ll need for future asset transfers, all happening seamlessly in the background.
Release of Taproot Blockchain Explorer
In addition to the Universe service, UXUY has also launched the Taproot Blockchain Explorer, catering to traders and users who want to explore and identify assets in the Taproot Assets ecosystem. This will further contribute to bridging Bitcoin with other blockchain networks like Ethereum and BNB. With the upcoming Bitcoin Lightning Network, users can conduct secure, low-cost asset transfers and transactions with ease. UXUY plans to upgrade the Taproot Assets Blockchain Explorer and enable the TaprootScan.io domain name, aiming to become one of the most important infrastructures in the Bitcoin ecosystem.
Why build Bitcoin infrastructure?
UXUY’s commitment to building Bitcoin infrastructure is driven by the enormous potential within the Bitcoin ecosystem. While Ethereum and EVM ecosystems have thrived with various applications, Bitcoin’s application layer has lagged behind. With the launch of Taproot Assets on the Bitcoin main network, UXUY is ready to support the growing wave of projects and asset issuance within the Bitcoin network.
UXUY’s dedication to Bitcoin infrastructure development includes:
Connecting to Lightning Network nodes and becoming the first DEX to implement Lightning Network nodes.
Becoming a core contributor to Lightning Labs.
Offering full access to Bitcoin Taproot Assets.
Launching the Taproot Assets Blockchain Explorer V1.0.
Initiating Project Columbus and introducing a lightning address service, becoming the world’s first address service compatible with multiple chains.
UXUY’s belief is that, with Bitcoin’s robust Proof of Work consensus mechanism, the cryptocurrency market will gradually shift toward decentralization, achieving the vision of true decentralization.
Connecting Bitcoin and Ethereum Ecosystems
UXUY’s mission extends beyond Bitcoin, aiming to connect multiple blockchain ecosystems. Before supporting Bitcoin, Lightning Network, and Taproot assets, UXUY has already established connections with Ethereum, BNB Chain, Polygon, Tron, Optimism, Arbitrum, Avalanche-C, Fantom, Linea, Base, and other public chains, as well as Layer 2 solutions. UXUY sees transactions as the key to breaking down barriers and fostering a more interconnected blockchain space.
The “UXUY Struck by Lightning” plan is an ongoing initiative, with no fixed endpoint, dedicated to building Bitcoin’s infrastructure and promoting the development of the Lightning Network and Taproot Assets.
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