Latest in the bulletin is Tari, the new open-source Blockchain protocol. Tari is built on Monero and aims at reshaping the digital asset experience. Tari came into existence with the purpose of simplifying the supervision, programmability, trade the usage of digital assets.
Tari is assisted by various organizational nominees like Redpoint, Canaan Partners, Trinity Ventures Pantera and Multicoin Capital. It is founded by Riccardo “fluffypony” Spagni who leads the maintenance, Naveen Jain who is an entrepreneur in serial entertainment industry entrepreneur; and Dan Teree, co-founder of Ticketfly.
Digital Assets: Current State
As said by Mr. Naveen Jain: “Today, most digital assets such as event tickets, in-game items, loyalty points and virtual currencies are siloed due to restrictions that limit their use and secondary market trade,”
Digital assets once distributed are controlled and restrictions is imposed on them by organizations so that the identity of the asset holder can be verified, and any deceitful counterfeiting can be avoided.
Digital Assets Refashioned:
Tari protocol influences the Blockchain technology and bridges the gap between business, programming rules, ownership verification etc. It also aims at providing a true relationship between ownership and control of digital assets.
See Also: Monero – Good Cryptocurrency Gone Bad?
Tari Protocol: Blockchain Protocol for Digital Assets
Tari, the new open-source Blockchain protocol is supposed to be built on Monero. As per Spagni, Tari will be a merged combination of the mined sidechain of Monero. In merged-mining two cryptocurrencies that are built on the same algorithm are mined together. Tari involves Monero algorithm to be solved by the miners.
Based on the Tari protocol, Tari token manages to motivate miners to mine Monero. In addition, it also inspires validators to authenticate the network rules properly and in an accurate manner.
As explained by Spagni,“To give miners an incentive to merged-mine your chain, there needs to be a reward. We can’t pay them in Monero, so we need to have a native token that merged-miners receive. Tari tokens will also be used as an incentive for rule validation. Users have the opportunity to put Tari tokens in an escrow account and passively run a program that validates [protocol] rules on their computer. If they behave and validate the rules correctly, they will earn tokens and keep their escrow”.
As Tari token is based on merged-mining, this easily eliminates the need of adding new miners. Miners can easily tweak their resources to mine both Monero and Tari.
Since both the cryptocurrencies can be merged simultaneously, it also balances costs incurred in the electricity decreases the environmental damages posed.
Tari seems to redesign the way in which business and consumers deal with digital assets. However, there may be many obstacles that it has to overcome.
Tari is based on Blockchain technology and is an open-source Blockchain protocol for digital assets that aims at revamping the idea of digital assets transactions. With Tari, merged-mining came into existence that allows two different cryptocurrencies based on same algorithms to be merged thereby reducing both the cost incurred and the time taken to mine.