Monero (XMR) has unveiled a new second-layer protocol called Tari. The main feature of the protocol is the ability to issue and sell non-fungible assets, such as in-game items and concert tickets.
“On top of Monero” involves the fact that “Tari will have a native token, like Counterparty, but it will operate as a merge-mined sidechain. Miners will be able to earn Tari block reward and fees as they mine Monero. In addition to binding itself to Monero’s security model, Tari will also support atomic swaps between itself and Monero,” stated the developers on the official Monero’s subreddit.
Tari is a brainchild of Riccardo Spagni, lead Monero maintainer, Naveen Jain and Dan Teree. The company is based in Johannesburg, South Africa. The second-layer protocol aims to increase on-chain scalability for Monero as well as speed up initial syncing of nodes. Moreover, Tari Labs announced a Lightning Network router implementation that supports both Bitcoin and Monero, thus benefiting from the added off-chain privacy that LN provides.
The developers prioritize and privacy and immediate transparency, that’s why they allow the users to choose the level of privacy for each purchase. The project is funded by major venture capital companies like Trinity Ventures, Pantera Capital, Blockchain Capital, and Canaan Partners. More details on Tari are available on Monero’s thread on Reddit.