Tari – a decentralized asset protocol on Monero

On Reddit, one of the Monero stewards, Ricardo Spagni aka. Fluffypony, announced a new project: Tari. What is behind the name and what should a decentralized asset protocol be anyway?

Tari is the name for a decentralized asset protocol on the Monero block chain. The best way to explain the project is to look at the bigger brother Bitcoin. On Bitcoin there is a similar protocol, CounterParty. CounterParty is a protocol that is based on Bitcoin and inherits certain attributes. With CounterParty many functions can be added to the ecosystem, for example programmable Smart Contracts, bets, tickets and coupons, derivatives, Token Controlled Assets and much more. So Tari will be the “CounterParty of Monero”.

How to raise the Bitcoin loophole project

Fluffypony describes in his Reddit entry that Tari itself is built with the same principles as Bitcoin loophole. Better said, there will be no ICOs and the project should be as decentralized as possible (even if the initial phase is expected to be comparatively centralized). Fluffypony himself wants to dedicate himself to Tari and already handed over many of his functions to other contributors from the Bitcoin loophole project. The CEO position of Web Wallet MyMonero was given to Paul Shapiro, the CEO position in GloBee was given to Felix Honigwachs. Ricardo even wants to lay down his role as lead maintainer of Monero CLI repo in the long term.

The founders of it are Ricardo Spagni, Naveen Jain and Dan Teree.

The programming language for Tari should be Rust. With the choice one would like to prevent above all that the urgently needed Monero programmers do not migrate to Tari. On the other hand, Rust is a good choice for ventures like Tari.

The project is – just like Monero – completely Open Source. So anyone who wants to can participate in the development. The financing comes from venture capital companies such as Redpoint, Trinity Ventures Canaan Partners and Slow Ventures.

Functions in the news spy

Tari should get its own token and be mined as sidechain with the same proof-of-work algorithm as Monero. That means, miners have the possibility to get the tari token for the Monero mine at the same time. It should also be possible to swap Monero and Tari with the news spy.

As far as the other functions of Taris are concerned, much is still uncertain. In principle, the same functions are conceivable as CounterParty. Especially tickets, loyalty points and in-game items could be connected with Monero through the technology.

The Tari project is still in its infancy at the moment. This means that there is no code base yet, but the focus is on the architecture of the project.

The developers of Tari Lab – an organization based in Johannesburg – will also work on a lighting network router implementation that supports Bitcoin and Monero. This will also allow Monero to benefit from the advantages of an off-chain solution.

How to join in and stay up to date
The first point of contact for Tari is his own website. A separate subreddit is set up for discussions and news of all kinds. If you want to chat with other contributors, you can do this either on Telegram or on IRC channels (#tari; #tari-dev; #tari-research).