This is an opinion editorial by Evan Price, a software engineer of 15 years and advocate for privacy rights.
Taro is a new protocol being developed at Lightning Labs that promises to enable creation and transfer of digital assets on the Bitcoin blockchain and specifically on the Lightning Network. It is being hailed as a revolutionary advance in cryptocurrency tokenization. I am skeptical of any proposal aiming to transfer non-bitcoin tokens on the Bitcoin network, but Bitcoin is a permissionless network and if Taro fans are intent on building and deploying it no one can stop them. This is the magic of Bitcoin: it is a truly neutral arbiter. Bitcoin only enforces the protocol rules; it does not pass judgment on how those rules are used.
Taro's design is very clever. It hides a data structure called a sparse Merkle sum tree inside of the Taproot scriptpath, which is itself a Merkle tree that lives inside every Taproot address. It's Merkle trees all the way down! However, I believe...
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