Monero (XMR) lead developer, Riccardo Spagni has announced that he and other industry experts are working on launching a new protocol. The protocol is going to be built on Monero network and will have some of the latest “never seen before” features. Tari will allow the creation of decentralized applications and tokens.
While Bitcoin is the largest cryptocurrency by market capitalization, its use has, however, been limited to sending, receiving and trading on exchanges. Various merchants across the world are also accepting Bitcoin payments. However, other cryptocurrencies like Ethereum have influenced the crypto industry in many ways that Bitcoin never will.
Ethereum is, in some ways, more influential than the King of digital assets, Bitcoin. It is considered more flexible than Bitcoin, however, I will be wrong to say that it has surpassed or taken over Bitcoin. Bitcoin has its own indigenous advantages, for instance, it presents itself as a better store of value as well as a transfer of value. Ethereum, on the other hand, has been in the spotlight of the US regulators, some who believe that it is a security token that has been operating illegally since inception. The final verdict has not yet been released but for some time it caused uncertainty in the crypto space considering that Ethereum has been the go-to platform for creating tokens and other decentralized applications.
Tari, on the other hand, is planning to enter the market with a bang and eventually become the first real competition for Ethereum in the industry. As mentioned earlier, Tari will be built on Monero (XMR); a decentralized network that is privacy-centred. Tari too is going to be a privacy-focused coin. At the recently concluded Consensus Conference, Riccardo Spagni in an interview with Oliver Carding and Cameron Carpenter from CoinJournal talked about the many features of the coin and the user experience:
“You’ve got more complex things like the level of privacy. Something that might happen is an in-game token or an in-game asset. The issuer might not want the movement of that assets to be visible. They might not want the movement of that token to be visible. Because that’s private information. So they’ll go maximal privacy there. But then, you got someone who might use the platform to issue a security token and the SEC might have a mandate that says, If you do that, it’s got to be traceable. And [with Tari], they can say, this asset has no privacy.” He added So the ability to set that privacy slider, dependent on what exactly you need for your own regular regulatory burden as an issue. I think it’s very important, there’s no one size fits all.”
Tari blockchain, however, has more to offer beyond the privacy settings, according to Riccardo Spagni user experience is their number one focus. They intend to make the end user experience as enjoyable as possible. They understand that Ethereum made it easy for developers to launch tokens, but now Tari will make the experience great for everyone even if the token is used to buy tickets at a concert or even buying and selling on the exchanges.
Monero (XMR) has become one of the few privacy-focused coins that have stayed relevant in the market. It is very attractive for the people who would like to keep their dealings from the public even though they do not take part in illegal activities like drug trafficking and money laundering. Tari is about to offer all this but it will add more flexibility and beefed up the user experience. It is, however, essential to note that the development of Tari has just begun and will take an estimated 2 years to the release.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.