An Indian social network with 100 million users successfully deployed a beta testnet of the $GARI token to 500 community members in December 2021, in advance of this week's mainnet release.
Indian social networking platform Chingari has declared ambitions to revolutionize the expertise of its 100 million-user creator economy through the combination of native digital quality, $GARI, and incidental to cryptocurrency billfold via the Solana blockchain.
Translating into the word ‘Spark’ within the languages of Urdu and Hindi — a branding visibly according to its flame icon — the Chingari interface usually attracts parallels to standard Western diversion services TikTok, Instagram Reels and YouTube Shorts, for its principal specialize in short-timed, infinitely accessible video content.
Launched in 2018, the platform has full-grown exponentially over the past few years, amassing over 35 million monthly active users to become the foremost standard mobile application within the country on the Google Play store. As within the case of TikTok, creators are revered for his or her diversion across an array of topics like lip-synching, stage dancing, comedic sketches and fashion tips, among others.
Since April 2021, Chingari has obtained capital from varied raises, together with a $13 million company round on Apr one, a $19 million Series A semiconductor diode by Galaxy Digital and Republic Crypto on October eight, and a $40 million initial coin providing on Nov.4, over by a $13.37 million Series A continuation on Jan 17 this year.
Cointelegraph reached bent on a proponent from Chingari for an exclusive insight into the platform’s expectations for the ways that during which the $GARI token can enhance the existing expertise for each creators and fans alike.
The team member noted that mandioca, a Solana aggregation (SPL) quality, are going to be utilised to “connect and interact with their counterparties, place governance votes, and catalyse platform engagement and user base growth", before outlining:
“The goal is to empower both creators and viewers on the Chingari App with technological tools to interact directly with each other and allow all users on the Chingari App to participate in the long-term direction of the social economy impacting the GARI Token.”
In addition, they discovered future plans to launch an NFT marketplace within which “creators are able to mint their videos, sell it as NFT and earn casava.”
Following nation-wide considerations over the regulative intentions of the Securities and Exchange Board of India (SEBI) towards digital assets, a planned infrastructure bill seen by native news outlet NDTV suggests that the govt are getting ready to impose a regulative framework for digital assets, not an outright ban.
Alongside this, the Indian government has adopted a firm stance to denounce the acceptance of cryptocurrencies like Bitcoin and Ethereum as instruments of legal tender, however rather to pursue the viability of a government-backed central-bank digital currency (CBDC), digital rupee.
( Tom farren, Cointelegraph, 2022 )