by SAVIOUS KWINIKA
JOHANNESBURG – A CONSORTIUM co-founded by South African blockchain and cryptocurrency expert, Riccardo Spagni, has announced a new open source blockchain protocol specifically for digital assets.
Tari, as the protocol is called, has the backing some of Silicon Valley’s leading venture capital funds, and is set to redefine the digital asset experience for both businesses and consumers by making these assets easier to manage, transfer and use.
The project that also includes Naveen Jain, United States-based entrepreneur and angel investor, and Dan Teree, who built Ticketfly into one of the biggest players in the US ticketing industry before selling it to Pandora in 2015.
The founding team is uniquely equipped to provide solutions to these challenges due to their years of expertise across the blockchain, cryptocurrency, ticketing and entertainment industries.
Notable Tari backers include Redpoint (one of the early investors in Netflix), Trinity Ventures, Canaan Partners, Slow Ventures, Aspect Ventures, DRW Ventures, Blockchain Capital, Pantera and Multicoin Capital.
Tari is going to fundamentally change the way we interact with digital assets,” said co-founder Jain.
“Our current world of digital assets is incredibly inefficient and frustrating. We want to fix that,” Jain asserted.
Tari is building a Johannesburg-based team to steward what it calls “the most useful decentralised platform that empowers anyone to create digitally scarce things people love.”
It is anticipated the platform will allow one to manage and transfer digital assets with more flexibility, enable true digital scarcity, and break down the industry-specific silos in which businesses currently operate.
“It’s important to note that we believe that much of the talent needed to build Tari already exists in South Africa, and it’s for this reason we are setting up in Johannesburg – a first for South Africa and Africa,” Spagni said.
The South African citizen, who is lead maintainer of top ten global cryptocurrency, Monero, said the process of recruiting their team was underway.
“Our developers have the opportunity to build a decentralised assets protocol, on top of Monero, that will be used by millions of people in their everyday lives,” Spagni said.
The maverick Spagni, nicknamed Fluffypony, and co-founders, have lofty hopes for Tari.
“It is our hope that when Tari goes live, businesses of all sizes will see new economies and possibilities open up and consumers will regain power to participate in these economies,” concluded Spagni.
– CAJ News