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
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Latest Episode on Inside Blockchain
Crypto News Update
Launchpads for NFT Projects
NFTs have now grown into an important niche in the crypto market and projects seeking to launch out NFTs must...
How to Open a Binance Account and Make Your First Trade
Binance is a blockchain-based firm founded in 2017 by Changpeng Zhao; it has more than five products in its ecosystem,...
How To Open a Huobi Account and Make Your First Trade.
Huobi is a crypto exchange where users can buy, sell and borrow cryptocurrencies, creating a complete ecosystem for knowledgeable crypto...
Gala Films: Web3 meets Films
Gala Film Nodes are services provided by the Gala team where anyone can purchase a Node to grant access to...
List of African Countries That Have and Will Launch CBDC
African countries are exploring the virtual form of their currency which can improve their approach to exchanges and cash flow...