TikTok Rival Chingari Lauches Social Crypto Token $Gari
Chingari, an Indian software for creating and sharing short videos, has created a cryptocurrency coin called $Gari. On Saturday, October 16, 2021, the token was released in India. Chingari is also planning to establish its native marketplace for non-fungible tokens. Sumit Ghosh, Biswatma Nayar (mechanical engineer), and Deepak Salvi founded the Indian short video application in June last year after it was released in 2018. (media veteran).
Chingari’s cryptocurrency token was created utilizing the Solana blockchain technology, which is also Indian. $Gari, on the other hand, is being marketed as a social token intended for producers and watchers on the Chingari application, rather than a financial token. According to the firm, $Gari will assist platform developers in developing a “e-commerce area for physical goods, NFT creations, and the opportunity for the fan community to finance” platform artists.
According to what seems to be the company’s use of the Indian blockchain Solana and the creation of a digital token that would be distributed on the platform. As the creator has said, the crypto token would assist producers in creating an e-commerce area for physical goods. It may also be utilized in exchange for real merchandise, eventually becoming the native money on the program. Because the site also allows advertisements, it is possible that authors may be rewarded in the form of Gari currency.
Because the tokens will be accessible for both producing and viewing content on the site, the cryptocurrency token may be seen as a method to monetise the network. Cningari has also become the first Indian social network to offer cryptocurrency tokens in conjunction with its debut.
Sumit Ghosh comments on the launch: “Users will be able to earn tokens by producing or viewing content on Chingari’s blockchain platform. The aim is to monetize and empower artists via a social network. Chingari, via its token $GARI, wishes to make this vision a reality. We are certain that $GARI will be a game changer for the Indian digital and creative economy,” adds Sumit Ghosh.