Tari: Monero (XMR) Protocol Upgrade To Add On Ethereum-Like Benefits

Tari – Monero's take on an Ethereum Killer

Monero has introduced the development of a new form of cryptocurrency called Tari, positioned as not just a rival to Ethereum, but the next step in cryptocurrency's evolution.

As a cryptocurrency, Tari operates as a decentralized assets protocol built on top of Monero's existing system but offers a significantly improved level of scaling for its users. Its initial developers consist of active contributors from the Monero (XMR) community. These individuals consist of Riccardo Spagni (creator), Naveen Jain (co-founder), and Dan Teree and are looking to gift Monero users the same functionality and flexibility as the ERC-721 tokens for Ethereum might represent which empowers users to take on unique asset ownership with smart contracts, in-game items, loyalty points and even concert tickets.

That's right, The most popular privacy-centric cryptocurrency network is getting a protocol upgrade that will enable the likes of CryptoKitties to invade Monero's blockchain allowing those who want to create and trade can do so now using Tari.

Tari – The Coin Built On Top Of Monero

Tari operates as a native token, much like CounterParty but functions instead as a merge-mined side chain to Monero overall. This means that anyone mining Monero will also earn Tari as a block reward. Those just seeking out Monero will be able to, thanks to Tari's incorporation of atomic swapping.

The People Behind The Process

To support Tari as it moves from its initial development phase, it will operate in a more centralised state. As a layer 2 project, this is possible and will not affect any of its development or features.

But the longer-term aim for Tari is to move it from an initially centralised coin into a free, open-source project. Keeping it in conjunction with Moneros values. Early centralisation will come in the form of Tari's organisation, this will act as a steward for the protocol as a whole. This is similar in the same way that Monero's core team served as a steward for Monero.

The first wave of developers, engineers and designers are being hired as Tari's first active contributors. These new hires come from the newly developed Tari Labs based in Johannesburg, South Africa.

While Tari Labs will provide some of the currency's first contributors, they will not be the sole contributors or owners over the design. They will always be there to work alongside inspired members of the community to improve the quality of the system as a whole.

This new cryptocurrency is supported by some major names from the Venture Capital world such as Redpoint, Trinity Ventures, Canaan Partners, Slow Ventures, Aspect Ventures and big names from the blockchain Venture firms.

Tari As The Future Of Cryptocurrencies

Tari has outlined three areas which the cryptocurrency will be concentrating on across this year:

  • “Researchers will work with the Monero Research Lab to identify ways to improve Monero's block and transaction propagation. This will increase on-chain scalability for Monero, as well as speed up initial syncing of nodes. Tari Labs developers will also assist the Monero development community by implementing some or all of these improvements.
  • Tari Labs developers will work with Tari Labs researchers to create and implement an atomic swap mechanism that will initially allow for atomic swaps between Monero and other cryptocurrencies, such as Litecoin, but will also be used later on for atomic swaps between Monero and assets issued on Tari.
  • Developers at Tari Labs will work on a Lightning Network router implementation that supports both Bitcoin and Monero, allowing Monero to benefit from the added off-chain privacy that LN provides.”

The desire is also to find new ways in which Tari can directly support Monero and its development in the foreseeable future. This includes the creation of development hubs worldwide, providing opportunities for those looking to contribute to Monero and its community. Riccardo Spagni had this to add about Monero's second-layer protocol Tari:

“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.”

and also,

Co-Founder Naveen Jain said,

Tari will fundamentally change the way we interact with digital assets,” … “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.”

Including applying for grants that will let them work on either Monero or Tari. This development idea is still far off compared to other aspects of collaboration but is the intended plan for the community in the near future.

Alongside these key three features, Tari has the additional unique feature of allowing its users to toggle the anonymity of their transactions.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Enjin Rolls Out Minecraft Plugin, EnjinCraft, to Drop Blockchain Assets into the Game

One of the most popular video games in the world, Minecraft, now has a plugin that lets its players spawn blockchain assets. The plugin is...

DigiByte Collaborates With Threefold Grid To Further P2P Decentralized Internet Capabilities

DigiByte onboards ThreeFold grid to enable their developers and communities to deploy Digibyte nodes on the peer to peer ecosystem. The grid is...

CBDCs May Be A Tailwind for Bitcoin and Further ‘Accentuate' its Role in the Global Digital Economy

People’s Bank of China is gearing up for the launch of their Central Bank Digital Currency (CBDC) in 2020 and nearly all central banks...

Crypto Custodian Launches Brokerage Service, BitGo Prime, For Institutional Traders

Cryptocurrency custodian, BitGo, launches a prime brokerage service for institutional investors. According to the CEO of BitGo, Mike Belshe, speaking on the launch this...

Bitcoin Miner Manufacturer Canaan Stocks Crashing after 180-Day Lock-Up Period Expires

In the past two weeks, the price of Canaan (CAN) stocks have plunged 50%, from 5.97 on May 14th to $3. Yesterday, prices even...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today