South Africa is booming in the cryptocurrency and blockchain space with more start-ups coming up with blockchain based solutions. Recently, a South African cryptocurrency expert and lead maintainer of the Monero project Riccardo “fluffypony” Spagni cofounded a new open source blockchain protocol named Tari.
The Johannesburg-based team is tasked with stewarding blockchain protocol, Tari built for managing, transferring, and using digital assets.
Asides Spagni, a US-based entrepreneur and investor Naveen Jain and Ticketfly founder Dan Teree is also backing up the project.
Naveen Jain, Entrepreneur and investors say, “Tari is going to fundamentally change the way we interact with digital assets…Our current world of digital assets is incredibly inefficient and frustrating, and we want to fix that.”
The work on building a blockchain protocol as a second-layer solution on top of Monero, will be done by the Johannesburg-based team who will be leveraging the existing cryptocurrency security while offering a scalable and dynamic platform for digital assets.
On the other hand, Spagni explained that the founders believe that a lot of the talent needed to build the blockchain protocol already exists in South Africa. Spagni asserts that “The process of recruiting our team is well underway.”
For now, the project will not be hosting a token sale of any sort and it is currently not accepting additional investment. This is because, it already has multiple backings from prominent venture capital companies – such as Redpoint, Slow Ventures, Blockchain Capital, and Canaan Partners. We look forward to seeing Tari protocol come to limelight.
What do you think of the Tari protocol? Share your opinion with us in the comment section below.
Image credit: myziki,mybroadband
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