Tari is regarded as a worthy competitor to Ethereum in the area of token economy. All along it has been providing a Monero-based platform that helps in the creation and trading of tokens. Fundamentally, Tari is a second layer protocol for digital assets embedded on Monero.
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About the project
Pantera, Canaan Partners, Trinity Ventures, Redpoint and Multicoin Capital are among the venture capital investors that have been supporting the project. The co-founder of Ticketfly, Dan Teree, entrepreneur Naveen Jain and Monero founder Ricardo ‘FluffyPony’ Spagni are some of the team members.
Through their shared expertise they will set up a protocol that will help simplify trade and streamline the management and programmability of digital assets. The program will include things such as cryptonative assets, loyalty points, in-game items and tickets.
The second layer protocol
With the passage of time blockchains are witnessing increased incorporation of second-layer solutions as the strategy to offer room for experimentation and scale effectively. THe most well known second-layer protocol is the lightning network, which is all about speeding up the Bitcoin network by strong transactions off-chain.
It is also expected that as a second layer protocol, Tari will remain distinguishable from the Monero blockchain itself. However, the additional layer will have token creation and trading functionality.
Some analysts say it is comparable to what is commonly referred to as the Colred Coins concept which brings about the possibility for a second layer of the token functionality on top of the Bitcoin blockchain.
There exists a slight difference between the Tari protocol and Ethereum. The Tari protocol focuses entirely on the provision of tokens and without the additional functionality like Decentralized Applications (dApps) and Smart Contracts.
Monero has constantly kept expanding in the crypto market and Tari is showcasing that. The second-layer Tari was unveiled by Monero’s lead developer and the matter has become a major point of discussion.