The lead developer of Monero has unveiled a new second-layer protocol that will allow users to create and trade digital assets on top of the privacy-centric cryptocurrency’s network.
The open-source project, called Tari, will make it possible to program and issue non-fungible assets like loyalty points, in-game items, and concert tickets over the blockchain. The tokens will function similarly to ERC-721 tokens in the ethereum network (e.g. CryptoKitties), enabling users to take ownership of unique digital assets.
“Tari will fundamentally change the way we interact with digital assets,” said co-founder Naveen Jain. “We are building an amazing team to steward the most useful decentralized platform in existence, empowering anyone to issue, manage, use and transfer their digital assets.”
Though not the first project to use blockchain technology to allow users to trade digital assets, co-founders Jain, Riccardo “fluffypony” Spagni, and Dan Teree claim that it is the first to be optimized for this specific use case, making it ideal for businesses who desire to use it at scale.
Tari will be structured as a sidechain to the main monero network, enabling users to merge-mine its token with XMR.
Spagni, who is also the lead developer of XMR, stressed that this new project will not detract from his commitment to the Monero project, adding that he is stepping back from other professional obligations to make time in his schedule.
“I’m excited to draw from my experience to build something on top of Monero, and to create a modern digital assets-focused protocol that leverages the Rust programming language. We have the resources to expand Monero’s world-class developer community, and I look forward to launching and stewarding a next generation protocol that is truly useful.”
Tari has received financial backing from a number of venture capital firms, including Redpoint, Trinity Ventures, Blockchain Capital, and Pantera.
At present, there is no timeline or even roadmap for the project, though Spagni joked on Reddit that a demo would be available in “Two years™.”
Featured Image from Shutterstock
Last modified: March 4, 2021 5:07 PM