Taproot Wizards seeks to carry collectively builders to construct totally different functions and options on high of the Bitcoin Base layer that may maximize the potential of the Taproot improve carried out in 2021
To strengthen the improvements on the planet of Bitcoin, Taproot Wizards secured new funding to additional develop the BTC ecosystem. The profitable elevate exhibits growing momentum and curiosity in increasing Bitcoin’s capabilities past being solely a retailer of worth.
HOLD ON TO YOUR WIZARD HATS!
As we speak we’re saying a $7.5M seed spherical, led by @standardcrypto, to Make Bitcoin Magical Once more
We broke the chain, we danced on stage, we took showers
We heard about bitcoin 10 years in the past. And WE’RE HERE TO FIX IT
Extra within the thread beneath 🧙♂️ pic.twitter.com/xoNho6EKhs
— Taproot Wizards (@TaprootWizards) November 16, 2023
Taproot Wizards has been burdened with strikes encouraging innovation within the Bitcoin protocol since its inception. The challenge’s NFT assortment options whimsical wizard characters as a nod to the early “magic web cash” meme from Bitcoin’s cypherpunk days. The just-concluded $7.5 million funding spherical was led by Customary Crypto, a enterprise capital agency centered on Bitcoin growth. A number of different main crypto buyers, together with StarkWare, Collider Ventures, and UTXO Administration, additionally participated in it.
Taproot Wizards seeks to carry collectively builders to construct totally different functions and options on high of the Bitcoin Base layer that may maximize the potential of the Taproot upgrade carried out in 2021 to reinforce BTC’s privateness, safety, and effectivity. Taproot introduces the power for advanced sensible contracts to execute on the Bitcoin blockchain in a privacy-preserving method.
Taproot Wizard co-founder Udi Wertheimer, commented in regards to the transfer as he said:
“We went for a bigger seed spherical of $7.5 million as a result of we really feel time is of the essence. We’ve been bullish on bitcoin for a decade, however we genuinely imagine that the perfect time to construct in bitcoin is now. We’re specializing in adopting the perfect breakthroughs in broader crypto analysis to advance bitcoin and ordinals, for instance, the open-source rollup work we’ve shared a few months in the past, and can use this funding to construct a workforce of top-notch bitcoin builders.”
A key focus space for this challenge is enhancing scalability and privateness for the Bitcoin community utilizing improvements like zero-knowledge proofs and layer-2 rollups. These options can perform personal and complicated transactions on Bitcoin with out burdening the bottom layer. Taproot Wizards has already launched open-source rollup code to advance scalability.
Moreover, the challenge goals to foster an ecosystem the place Bitcoin builders can freely collaborate to push the boundaries of what’s potential on the blockchain. They view the early Ordinals motion as having reignited innovation in Bitcoin, which had stagnated just lately as Bitcoin centered totally on its “digital gold” narrative.
Bitcoin’s Utility Can Go Past Being a Retailer of Worth
Whereas some criticize Ordinals and NFTs as pointless congestion on the Bitcoin community, supporters of the transfer see them as a strategy to increase the crypto’s utility and showcase its prospects past simply storing worth. Past this, Taproot Wizards additionally seeks to proceed constructing new Bitcoin functions, starting from NFTs and decentralized identities to personal funds and sensible contracts.
With its robust technical workforce and good funding, Taproot Wizards is able to speed up innovation on Bitcoin. Because the protocol continues to mature and extra builders construct on the blockchain, the following part of Bitcoin’s evolution could also be pushed by builders increasing its utility past only a digital asset.