One of the leading privacy cryptocurrencies in the world Monero has developed a second layer protocol that is set to add amazing features to the platform. Monero is a privacy token that ensures that its users can carry out anonymous and untraceable transactions on their network. The Monero platform offers its users two ledgers; the public and the private ledger. The public ledger allows them to carry out transactions that can be seen by all on the network, while the private ledger ensures that only the sender and receiver can get access to the transaction details. This privacy token has introduced an amazing second layer protocol called "Tari". This second layer protocol will allow all users on the Monero network to be able to trade digital assets.
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Developed by Riccardo Spagni, a new headquarter of the protocol has been established in Johannesburg, South Africa. While speaking to newsmen, Spagni said that the protocol was developed out of the question that has been bothering him for a long time. He further stated that it was developed to show the importance of cryptocurrencies to the financial industry. The level of speed, flexibility and reliability of the Ethereum network was why Tari was developed. It was developed to compete with the Ethereum network. The Tari protocol is a decentralized open-source protocol that will allow developers' on the Monero network to be able to not only program but also issue irreplaceable assets like concert tickets and in-game items over the blockchain. It will also allow its users to be able to take ownership of unique assets and also ensures that these assets are verifiable.
According to one of the developers of the Tari protocol Naveen Jain, the protocol was designed to change the way individuals interact with digital assets or tokens. He went further to state that this decentralized protocol will ensure that users are empowered to be able to manage, issue, transfer and use these digital assets and tokens.
This protocol being launched on the Monero network will ensure that all users will be able to choose the level of privacy or anonymity that their transactions should have. This feat will be achieved through the help of the Toggle feature of the protocol. According to the developers, the protocol was initially to be a centralized protocol, but the main aim is to hand authority to the community members who might want to partner with or develop the Monero network in the future.
The Tari protocol is not the first-second layer protocol that has been developed to ensure that users can effectively trade digital assets, but it is the first that has been enhanced to perform this feature well. The protocol will act like a sidechain on the Monero network to ensure that users will be able to merge XMR with their various tokens. Since the whitepaper for this project was released, it has received funds from various organizations like Trinity Ventures, Parera and Blockchain Capital.
