Monero (XMR) lead Riccardo Spagni, also known as “Fluffypony”, is joining forces with Dan Teree and Naveen Jain. Together, the trio is creating a brand new blockchain that will sell event tickets for the benefit of the event producers. The new venture is called the Tari Blockchain.
The Tari Blockchain
The point of this new blockchain, otherwise just known as Tari, is to cut out the middleman reports Fortune. It’s to ensure that the artist, or whoever is actually putting on the event or show, receives the majority of ticket sales.
Riccardo Spagni will be Tari’s CTO. He will be in charge of building the open source developer community. The plan is to build Tari on top of Monero, linking the Tari blockchain to the Monero blockchain as a “merge-mined side chain.”
Dan Teree and Naveen Jain each bring to the project their own spin of expertise; Teree has long been in the ticket selling business and Jain (set to be Tari’s CEO), is an angel investor with over 40 ventures and experience in the e-commerce industry.
Tari wants to compensate the owners of the events by linking them directly with potential buyers instead of having to go through a middleman seller that takes some of the profit from the ticket sales. The Tari blockchain, which still needs to be created, will track each ticket sold and keep a record of sales forever.
Eventually, Tari wants to morph into an e-commerce-type marketplace selling a range of digital goods from loyalty points to other cryptocurrencies. This will be where Jain’s expertise comes in handy. Tari will have its own token as well, called Tari tokens, which Monero miners will be able to earn when putting their CPU power into the blockchain (thanks to the direct link to the Monero blockchain).
If something’s going to be building off of Monero, let’s check in on how Monero is doing on the market right now.
It’s a rough day for crypto’s everywhere and unfortunately, Monero is fairing no better. XRM is currently selling for $168.99, which puts the coin down 9.71% in the past 24 hours.
XMR’s drop doesn’t make Monero any less of a strong blockchain to build Tari off of. However, it will be interesting to see, once Tari is built, if Tari’s fluctuations will mirror those of Monero’s.
What do you think about the Tari blockchain?
Featured image: igorovsyannykov via Pixabay