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Monero [XMR] introduces Tari, a counterparty by the tycoons

Simran Alphonso



Monero [XMR] introduces Tari, a counterparty by the tycoons
Source: Pixabay

Tari is a decentralized assets protocol that is going to be built on top of Monero. Tari has been founded by Riccardo Spagni, Naveen Jain, and Dan Teree.

Riccardo Spagni is the core team member of Monero, Naveen Jain is a successful entrepreneur and Dan Teree who sold his company Ticketfly for $450 million to Pandora. They are the co-founders of Monero’s counterparty. This combination of tech entrepreneurs developed the new kickstart for Monero; Tari.

Tari, like a counterparty, will have a native token. It will be operated as a merge-mined sidechain. The miners will be capable to earn Tari block rewards and fees as they will be mining Monero. In addition to combining Tari in Monero’s security model, it will also support atomic swaps between itself and Monero.

Tari will use Rust as their language of choice for the Tari Protocol Software. The team of Tari decided Rust because they believe it is an incredibly capable language that is purpose-built for a software like theirs and also because they want to make sure that Tari does not drain any of the existing Monero contributor support.

Tari, on their page, says:

“Our mission is to steward the most useful decentralized platform that empowers anyone to create digitally scarce things people love.”

Riccardo Spagni, to portray his support for Tari tweeted:

“In case anyone says something dumb like “fluffypony’s leaving Monero” point them to this:”

Along with the tweet, he attached a link to the official subreddit of Monero where he posted an article about Tari and Monero.

Tari is backed by some of the world’s leading top-tier VC firms, such as Redpoint, Trinity Ventures, Canaan Partners, Slow Ventures, Aspect Ventures, as well as some of the leading blockchain VC firms.

Tari will be an open-source project built in the spirit of Monero, to the point where Tari will reuse a lot of the patterns that they developed over the years for Monero.

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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.