TIRAMISU WALLET: EMPOWERING BITCOIN USERS WITH TAPROOT ASSETS AND ALTCOIN NFTs

8 min readMar 3, 2024

INTRODUCTION

Taproot Assets Protocol is an on-chain protocol designed to enable the creation and management of alternative currencies, stablecoins, and collectibles (NFTs) on the Bitcoin blockchain. This protocol utilizes Schnorr signatures and Merkle trees to represent digital assets, leveraging both the Bitcoin base layer and the Layer 2 Lightning network.

The Need for Tiramisu Web Wallet

Tiramisu Web Wallet addresses the need for a user-friendly interface that allows individuals to interact with the Taproot Assets Protocol Daemon (tapd) running on the Bitcoin testnet. With Tiramisu, users can engage with the Taproot Assets Protocol without the requirement of operating a Lightning node. The wallet provides a seamless experience for minting, buying, selling, holding, and transacting Altcoins and NFTs on the Layer 2 of the Bitcoin blockchain.

Key Features of Tiramisu Web Wallet

1. Cryptocurrency Wallet and Exchange: Tiramisu serves as both a wallet and an exchange, enabling users to store their cryptocurrencies securely while also providing them with a platform to trade various assets.

2. Taproot Assets Protocol Integration: The wallet is specifically designed to integrate with the Taproot Assets Protocol, allowing users to mint their own alternative currencies, stablecoins, and NFTs directly on the Bitcoin blockchain.

3. Test Your TAPD Node: Tiramisu Web Wallet offers a unique feature that allows users to test their own TAPD (Taproot Assets Protocol Daemon) node. This feature enables developers and enthusiasts to experiment with the protocol's functionality and gain a deeper understanding of its capabilities.

4. Layer 2 Lightning Network Compatibility: Tiramisu leverages the Layer 2 Lightning network to provide fast and scalable transactions for Taproot Assets Protocol. Users can enjoy the benefits of low fees and near-instant settlement while engaging with Altcoins and NFTs.

5. Asset Listing and Sharing: In addition to buying and selling assets listed on the Tiramisu exchange, users can also mint their own assets and share them on social media platforms. This feature encourages creativity and enables users to participate in the broader crypto ecosystem.

Benefits of Using Tiramisu Web Wallet

1. User-Friendly Interface: Tiramisu Web Wallet offers a clean and intuitive user interface, making it accessible to both experienced cryptocurrency enthusiasts and newcomers to the space.

2. Simplified Taproot Assets Protocol Interaction: With Tiramisu, users can easily interact with the Taproot Assets Protocol without the need for technical expertise or the complexities of operating a Lightning node.

3. Secure Storage: The wallet prioritizes the security of user funds and implements robust measures to ensure the safety of cryptocurrencies and digital assets stored within the wallet.

4. Fast and Scalable Transactions: Leveraging the Layer 2 Lightning network, Tiramisu provides users with rapid and scalable transactions, enabling efficient trading and asset management.

TAPROOT ASSETS PROTOCOL

Taproot Assets is a protocol that enables the representation of assets other than Bitcoin on the Bitcoin blockchain. It provides a set of rules for writing asset information onto the blockchain, allowing for the creation of fungible assets (currencies or alt-coins) as well as non-fungible tokens (NFTs or collectibles).

It's important to note that Taproot Assets is not a blockchain itself, nor is it directly related to ERC-20 tokens or any specific token standard. Instead, it operates as a protocol within the Bitcoin blockchain ecosystem, utilizing the capabilities provided by Bitcoin's scripting language.

Taproot Assets employ a unique approach to storing asset information. The asset data is divided into two parts: one part is stored on the blockchain, while the other part is held by the owners of the asset. The owner-held portion of the asset information is transferred between owners using messages on the Lightning Network, a layer-2 scaling solution for Bitcoin transactions.

Comparison to Other Protocols

Taproot Assets share similarities with the RGB protocol, another protocol designed for representing assets on the Bitcoin blockchain. However, they are not the same and may have different implementation details. Taproot Assets can be seen as a distinct protocol that provides its own set of rules and specifications for asset representation.

Types of Taproot Assets

Taproot Assets can be categorized into two main types:

1. Currencies / Fungible Assets / Alt-coins: These are assets that are fungible, meaning each unit is interchangeable with another unit of the same type. Examples include stablecoins, utility tokens, or alt-coins. They can be minted with a predefined supply and may allow emission of additional units over time.

2. Collectibles / Non-Fungible Tokens (NFTs): These assets are unique and indivisible, representing items such as digital artworks, virtual real estate, or unique digital collectibles. Each NFT has distinct characteristics and cannot be exchanged on a one-to-one basis with another NFT.

All Taproot Assets have certain user-defined attributes:

Name: The name of the asset, which provides a recognizable identifier.
Metadata: Additional information associated with the asset, such as descriptions, images, or links.
Supply: For fungible assets, the total supply of tokens or coins that can be minted.
NFT: A boolean value indicating whether the asset is an NFT (true) or a fungible asset (false).

Utility and Responsibility

Taproot Assets, as a protocol, does not inherently provide any utility to the currencies or tokens represented on the protocol. The responsibility for maintaining the value and utility of Taproot Assets lies with the minter or maintainer of the asset. For example, if someone mints a stablecoin called BobUSD, they are responsible for ensuring that BobUSD maintains a value of 1 USD. Similarly, if an asset represents tokenized stock, the issuer must ensure its value corresponds to the real stock value.

LIGHTNING LABS' INNOVATION IN ASSET TRANSFERS

One of the key advantages of Taproot Assets is its compatibility with the Lightning Network, a second-layer scaling solution for Bitcoin. Assets issued on Taproot Assets can be deposited into Lightning Network channels, enabling instant, high volume, and low fee transactions. This interoperability with the Lightning Network enhances the reach and network effects of Taproot Assets.

To ensure efficient data retrieval and updates, Taproot Assets utilizes a Sparse-Merkle Tree for witness/transaction data and a Merkle-Sum Tree to prove valid conservation/non-inflation. This allows for fast and private transfers of assets through on-chain transactions or over the Lightning Network when deposited into a channel.

The verification and storage costs of Taproot Assets are borne by the participants in asset transfers. The witness data of Taproot Assets is stored off-chain in local data stores or in information repositories called "Universes." To verify the validity of an asset, its lineage since its genesis output is checked. This is achieved by receiving a verification file of transaction data through the Taproot Assets gossip layer. Clients can cross-check this data with their own copy of the blockchain and supplement it with their own proofs as they pass on the asset.

It’s worth noting that while Taproot Assets leverages the Taproot upgrade, it was developed by Lightning Labs, the team behind the Lightning Network Daemon (LND). This connection ensures close integration between Taproot Assets and the Lightning Network, facilitating seamless asset transfers and strengthening the overall capabilities of the protocol.

Review of Adam Coin

Adam Coin is a cryptocurrency that was minted by Tiramisu Wallet as an early test of how to mint assets. It is named after Adam, which symbolizes the first coin ever minted, drawing inspiration from the Genesis story of Adam and Eve. This coin has gained significant popularity within the Chinese community and is likely the first coin to be traded on the Lightning Network. With approximately 1,400 holders and daily trading activities, Adam Coin has established itself as a notable asset within the crypto market.

TO USE THE TIRAMISU WALLET, FOLLOW THESE STEPS:

1. Create an account: Click on the "Create Account" button located at the top right corner of the Tiramisu wallet interface.

2. Sign up: Fill out the username and password fields in the form that appears after clicking the "Create Account" button.

3. Log in: After successfully signing up, you can log in to your account using the same credentials you used to create your account. Tiramisu does not require an email address during the sign-up process to maintain anonymity.

4. Obtain initial funds: As a new user, you may be awarded a small amount of Bitcoin to start trading. This will appear in your wallet balance.

5. Exchange for Taproot assets: To obtain Taproot assets, use the exchange functionality in the wallet. Click on the "Exchange" button in the left menu to view the available currencies for exchange. The price of each currency is represented as the number of SATs/Satoshis per unit of currency.

6. Select a currency: Choose the currency you wish to purchase from the list and click on it.

7. Initiate the exchange: Scroll down the page and click on the "Buy Assets" button. Select the amount of currency units you want to buy and confirm the purchase.

8. Confirmation screen: After a short period of time, you will see a confirmation screen indicating that the exchange was successful. The purchased currency will now appear in your wallet.

9. Withdraw Taproot assets: To withdraw Taproot assets from the wallet, you need to generate a Taproot assets address or invoice. This requires an amount and an asset ID.

10. Generate a Taproot assets address: Go to the "My Wallet" section in the left menu and click on the "Send" button under one of the currencies. You can also find the asset IDs under each currency in your wallet and copy them by clicking the copy button.

11. Copy the Genesis bootstrap info: In the "Send Taproot Asset" dialog, click the copy button to copy the Genesis bootstrap info to your clipboard.

12. Use the Genesis asset ID: Paste the Genesis asset ID as an input for the "tarocli addrs new" command. This command will generate a JSON string. Copy the value under the "encoded" key.

13. Pay the Taro asset invoice: Open the Taro assets dialog and paste the copied value into the Taro invoice text box. Click the "Pay Invoice" button and wait for the transaction to be processed.

14. Asset withdrawal transaction: After the transaction is processed, you should see the withdrawn asset in your wallet. You can check this by using the "tarocli assets list" command.

CONCLUSION

Tiramisu Web Wallet is a user-friendly exchange and wallet that integrates with the Taproot Assets Protocol and leverages the Layer 2 Lightning network. It provides a seamless experience for minting, buying, selling, and transacting Altcoins and NFTs on the Bitcoin blockchain. Tiramisu offers a secure and intuitive platform for both seasoned cryptocurrency users and beginners to explore the world of alternative currencies and digital collectibles.

Tiramisu wallet project URLs

Website: https://mainnet.tiramisuwallet.com/
Twitter: https://twitter.com/TiramisuWallet
Telegram: https://t.me/tiramisuwallet
Wallet: https://mainnet.tiramisuwallet.com/walletapp/currencies_public/2

Writers information

Name: David Gabriel
Forum Profile link: https://bitcointalk.org/index.php?action=profile;u=3577271
Proof of authentication: https://bitcointalk.org/index.php?topic=5485630.msg63730577#msg63730577
Telegram username: @Davegaby
BTC wallet: bc1q2lv8axxlg2zzveftvvv62k69ykrnqvp656gx9e