South African cryptocurrency expert and lead maintainer of the Monero project Riccardo\u00a0 Spagni has cofounded a new open source blockchain protocol named Tari.<\/p>\n
Tari is being built as a blockchain protocol for managing, transferring, and using digital assets, and is stewarded by a team based in Johannesburg.<\/p>\n
In addition to Spagni, the project is backed by US-based entrepreneur and investor Naveen Jain and Ticketfly founder Dan Teree.<\/p>\n
\u201cTari is going to fundamentally change the way we interact with digital assets,\u201d said Jain.<\/p>\n
\u201cOur current world of digital assets is incredibly inefficient and frustrating, and we want to fix that.\u201d<\/p>\n
The Johannesburg-based team will work on building a blockchain protocol as a second-layer solution on top of Monero, leveraging the existing cryptocurrency\u2019s security while offering a scalable and dynamic platform for digital assets.<\/p>\n
Spagni said the founders believe that much of the talent needed to build the blockchain protocol already exists in South Africa.<\/p>\n
\u201cThe process of recruiting our team is well underway,\u201d said Spagni.<\/p>\n
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 \u2013 including Redpoint, Slow Ventures, Blockchain Capital, and Canaan Partners.<\/p>\n