Taproot Wizards seeks to bring together developers to build different applications and solutions on top of the bitcoin Base layer that will maximize the potential of the Taproot update made in 2021.
To strengthen innovations in the world of bitcoin, Taproot Wizards raised new funding to further develop the btc ecosystem. The successful rise shows growing momentum and interest in expanding bitcoin‘s capabilities beyond just being a store of value.
HOLD ON YOUR WIZARD HATS!
Today we announced a $7.5 million seed round, led by @cryptostandardto make bitcoin magical again
We broke the chain, we danced on stage, we took showers
We heard about bitcoin 10 years ago. AND WE ARE HERE TO FIX IT
More in the thread below pic.twitter.com/xoNho6EKhs
– Taproot Wizards (@TaprootWizards) November 16, 2023
Taproot Wizards has been loaded with moves encouraging innovation in the bitcoin protocol since its inception. The project’s nft collection features whimsical wizard characters as a nod to the first “magical internet money” meme from bitcoin‘s cypherpunk days. The just-concluded $7.5 million funding round was led by Standard crypto, a venture capital firm focused on bitcoin development. Several other leading crypto investors also participated, including StarkWare, Collider Ventures, and UTXO Management.
Taproot Wizards seeks to bring together developers to create different applications and solutions on the base layer of bitcoin that will maximize the potential of the Taproot update carried out in 2021 to improve the privacy, security and efficiency of btc. Taproot introduces the ability to execute complex smart contracts on the bitcoin blockchain in a privacy-preserving manner.
Taproot Wizard co-founder Udi Wertheimer commented on the move while bitcoin-focused-ordinals-project-taproot-wizards-raises-75m-in-seed-round/” target=”_blank” rel=”nofollow noopener”>saying:
“We opted for a larger seed round of $7.5 million because we believe time is of the essence. We’ve been bullish on bitcoin for a decade, but we truly believe the best time to build bitcoin is now. We are focusing on adopting the best advances in broader crypto research to advance bitcoin and ordinals, for example the open source cumulative work we shared a couple of months ago, and we will use these funds to build a team of the best . top-notch bitcoin builders.”
A key focus area for this project is improving the scalability and privacy of the bitcoin network through innovations such as zero-knowledge proofs and layer 2 rollups. These solutions can perform private and complex transactions on bitcoin without overloading the base layer. Taproot Wizards has already released an open source rollup to improve scalability.
Additionally, the project aims to foster an ecosystem where bitcoin developers can collaborate freely to push the boundaries of what is possible on blockchain. They see the initial Ordinals move as reigniting innovation in bitcoin, which had recently stalled when bitcoin focused primarily on its “digital gold” narrative.
bitcoin‘s utility may go beyond being a store of value
While some criticize Ordinals and NFTs as unnecessary congestion on the bitcoin network, supporters of the measure see them as a way to expand the utility of cryptography and show its possibilities beyond simple storage of value. Beyond this, Taproot Wizards is also looking to continue building new bitcoin applications, ranging from NFTs and decentralized identities to private payments and smart contracts.
With its strong technical team and good funding, Taproot Wizards is ready to accelerate innovation in bitcoin. As the protocol continues to mature and more developers build on top of the blockchain, the next phase of bitcoin‘s evolution may be driven by builders expanding its utility beyond a simple digital asset.
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