Monero Unveils Tari, a Second-Layer Protocol Set to Compete With Ethereum

  • Tari aims to be more than just a rival to Ethereum, but the next step in cryptocurrency's wider evolution
  • Developed by Monero, Tari allows its users to 'toggle' their privacy when using the cryptocurrency

Monero (XMR) has introduced a brand new second-layer protocol called “Tari.” As a cryptocurrency, it will allow users to create and trade digital assets on top of the privacy-oriented cryptocurrency’s network.

Tari has initially been developed by lead Monero maintainer Riccardo Spagni, Naveen Jain, and Dan Teree. New headquarters have been developed in Johannesburg, South Africa for an initial centralization, which comes in the form of the Tari organization.

Riccardo Spagni revealed he developed the concept for Tari when asking himself about the importance of cryptocurrencies in the world of finance, with the likes of Bitcoin representing the most widely used of them. Tari aims at competing against Ethereum, due to the level of speed, flexibility and power that Ethereum affords for those that use it.

Tari, an open-source project, will reportedly allow developers to program and issue non-fungible assets like in-game items and concert tickets over the blockchain. It will allow users to take verifiable ownership of unique digital assets. Project co-founder Naveen Jain stated:

“Tari will fundamentally change the way we interact with digital assets. We are building an amazing team to steward the most useful decentralized platform in existence, empowering anyone to issue, manage, use and transfer their digital assets.”

Naveen Jain

One of the features that originally made users enamored with cryptocurrency was the fact that privacy and immediate transparency were equally possible using them. With Tari, users are free to decide on the level of privacy that they want for their transactions.

This is possible through Tari's toggle feature and presents a real solution to many of the issues companies currently face with transparency. This is particularly true when considering the controversy surrounding Intel in January, when the CEO sold a large volume of stock as part of an established plan from 2015.

According to Monero's subreddit, while the project will initially be somewhat centralized, the intention is to hand it over to users within the community that seek to collaborate with the Monero team in the future.

The project, according to the subreddit, has received financial backing from various venture capital firms, including Trinity Ventures, Pantera Capital, Blockchain Capital, and Canaan Partners.

As Tari will be structured as a sidechain to Monero’s network, merged-mining will be enabled, meaning users will receive Tari rewards from mining XMR. At present, there’s no timeline or roadmap for the project’s future developments.

Coinbase, EOS Community Clash Over Supposed ‘Degraded Performance’

Francisco Memoria

The San Francisco-based cryptocurrency exchange Coinbase has been clashing with the EOS community on social media over supposed “degraded performance” the EOS network has been suffering.

According to a tweet published by one of Coinbase’s official accounts, the EOS network is experiencing “degraded performance levels” and as a result EOS sends have been disabled, while receives may be delayed. Coinbase’s status page shows it has been seeing degraded performance on the network for four days.

In February 17, Coinbase also noted there were delays in EOS sends/receives as it was working “rough a backlog of outgoing EOS transactions.” Responding to Coinbase EOS New York, a major EOS block producer, claimed the network was fully functional and that the problem came from the cryptocurrency exchange itself.

On Reddit, EOS New York wrote that the “network is operating fine and Coinbase is shifting blame away from their internal infrastructure problems.” It added no other entity reported issues and that instead the exchange could reach out to block producers for free help.

EOS Nation, another major EOS block producer, responded to the exhcnage saying the network did face some hiccups but is nevertheless “extremely reliable.”

Some speculate the EOS network may still be facing congestion from time to time over the controversial EIDOS airdrop, that put the network into a “congestion mode” late last year and forced Coinbase to raise the amount of staked CPU on its wallets to process transactions.

Some believe the EIDOS airdrop is being run to make EOS’s shortcomings stand out and incentivize users to use other blockchains using the EOSIO software, created by the company Block.one. Voice, the social network the company is set to launch ,is for example launching on a “purpose-made EOSIO blockchain.”

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