This week, Monero (XMR)’s Tari project, written and running on Monero (XMR) blockchain, that will focus on creating a new decentralized ecosystem for cryptocurrency has been released. Recently, Riccardo Spagni, CEO of Monero, posted on Reddit more details regarding the operation of the Tari project.
The founders of the Tari project, namely, Riccardo Spagni, Naveen Jain (Sparkart), and Dan Teere (ex-leader of Ticketfly), believe that “due to the many concessions involved, it is more difficult to build a protocol focused on decentralized and scalable applications than a protocol that focuses only on digital assets.”
The needed funds for the Tari project, according to Spagni, will be obtained from venture capital firms such as Trinity Ventures, Redpoint, Slow Ventures, Aspect Ventures, and Canaan Partners.
No Initial Currency Offering (ICO) will be made to finance Tari
For this program to develop, the Tari Labs will also be developed and will be headquartered in South Africa. Tari Labs will function “on a Lightning Network implementation that is compatible with Bitcoin (BTC) and Monero (XMR), allowing XMR to benefit from privacy outside the aggregated chain provided by the Lightning Network”.
Tari project has been designed as a Monero (XMR) extra blockchain, therefore, Merged Mining could be applied which, according to the developers, will help the project be extra scalable since it won’t utilize an integrated consensus system.
Tari coin can be earned by mining XMR
Once it’s generated, Tari coin can be obtained through mining Monero (XMR). This system, applied for Monero (XMR) and Tari coin, would apply a hash generated in Monero mining to solve out a block in the Tari blockchain.
Tari Labs and the Tari Organization, of which Spagni is a member, are intended to work together for the administration and development of the project. For this reason, Riccardo Spagni will resign as CEO of MyMonero, leaving Paul Shapiro in charge.