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In late 2021, Bitcoin (BTC) underwent a crucial update called Taproot. One of the most notable updates in Bitcoin's history, Taproot made it possible to batch together multiple Bitcoin transactions and signatures, significantly improving the efficiency and speed of the on-chain validation process. Thanks to batching together multiple signatures, Taproot also made Bitcoin a more private environment. The efficiency and privacy gains, in turn, opened up opportunities for new use cases on the Bitcoin network, including in the area of decentralized finance (DeFi).
Flash Protocol (FLASH), one of the projects aiming to leverage the opportunities created by Bitcoin Taproot, supports the issuance, management and liquidity applications for native Bitcoin assets. It's one of the most innovative projects dedicated to Bitcoin DeFi, or BTCFi, as it's customarily known.
The project's decentralized protocol allows you not only to issue and own native Taproot assets but also to use them in various asset liquidity applications. Thanks to Flash, Bitcoin native assets are no longer limited to simple transfers and value storage.
Key Takeaways:
Flash Protocol (FLASH) is a decentralized platform that facilitates the fast and cheap issuance, management and BTCFi applications of Bitcoin Taproot native assets.
At the core of the protocol are the Bitcoin-linked Layer 1 network, Flash Chain, and the FlashVM computational engine that powers the chain's operations.