South African cryptocurrency expert and lead maintainer of the Monero project Riccardo Spagni has cofounded a new open source blockchain protocol named Tari.
Tari is being built as a blockchain protocol for managing, transferring, and using digital assets, and is stewarded by a team based in Johannesburg.
In addition to Spagni, the project is backed by US-based entrepreneur and investor Naveen Jain and Ticketfly founder Dan Teree.
“Tari is going to fundamentally change the way we interact with digital assets,” said Jain.
“Our current world of digital assets is incredibly inefficient and frustrating, and we want to fix that.”
The Johannesburg-based team will work on building a blockchain protocol as a second-layer solution on top of Monero, leveraging the existing cryptocurrency’s security while offering a scalable and dynamic platform for digital assets.
Spagni said the founders believe that much of the talent needed to build the blockchain protocol already exists in South Africa.
“The process of recruiting our team is well underway,” said Spagni.
The project is not currently accepting additional investment and will not be hosting a token sale of any kind, as it has already been backed by multiple prominent venture capital companies – including Redpoint, Slow Ventures, Blockchain Capital, and Canaan Partners.