South African-based blockchain protocol Tari to revolutionise digital asset experience
Global project aims to create increased convenience, security, and liquidity for digital assets and will spur greater economic activity across industries like gaming, loyalty points, and ticketing.
JOHANNESBURG, SOUTH AFRICA – May 23, 2018 – A consortium co-founded by maverick South African blockchain and cryptocurrency expert Riccardo “fluffypony” Spagni today announced a new open source blockchain protocol, Tari, being built specifically for digital assets. Tari seeks to redefine the digital asset experience – for both businesses and consumers – by making these assets easier to manage, transfer, and use.
The project is being backed by some of Silicon Valley’s leading venture capital funds and is headed by Spagni, Naveen Jain, US-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.
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.” 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.
“Tari is going to fundamentally change the way we interact with digital assets,” says co-founder Jain. “Our current world of digital assets is incredibly inefficient, and frustrating, we want to fix that.”
South African citizen and Tari co-founder Spagni, the lead maintainer of top 10 global cryptocurrency Monero, says, “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.”
“The process of recruiting our team is well 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.
“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,” concludes Spagni.
Tari is a new open source, decentralised protocol that reimagines the future of digital assets. It will be focused on solving the current problems in the digital asset management space, and bringing a blockchain protocol to the real world in a highly visible way. 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.
- Riccardo “fluffypony” Spagni is lead maintainer of Monero and a member of the Monero Core Team, which stewards the Monero Project.
- Naveen Jain is a serial entrepreneur who has built multiple successful companies in the entertainment industry and was an early Monero miner.
- Dan Teree was the Co-founder of Ticketfly, the industry leading social marketing and ticketing platform for live music promoters in North America, which was acquired by Pandora Media for $450 million.
- 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 not currently accepting or soliciting additional investment from organisations or individuals.