Chingari integrates native token to advance Web3 social networking

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Indian social networking platform Chingari has announced its ambition to revolutionize the experience of its 100 million user creator economy through the integration of the native digital asset, $GARI, and accompanying cryptocurrency wallets via the Solana blockchain.

The translation of the word ‘spark’ into the languages ​​of Urdu and Hindi – a branding that corresponds to its flame icon – draws the Spark user interface often parallel to popular Western entertainment services TikTok, Instagram Reels and YouTube Shorts, whose main focus is on short videos. -Timed, infinitely accessible video content.

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Launched in 2018, the platform has grown exponentially over the years, with over 35 million monthly active users becoming the most popular mobile application in the country on the Google Play store. As is the case with Tiktok, creators are respected for their entertainment on various topics like lip-syncing, belly dancing, comedic sketches and fashion tips etc.

Since April 2021, Spark has raised a $13 million corporate round on April 1, led by Galaxy Digital and Republic Crypto on October 19, with a $13.37 million Series A continuation on January 17 of this year.

Cointelegraph contacted a spokesperson for Chingri for specifics regarding expectations of the platform, including that the $GARI token will enhance the existing experience for both creators and fans alike.

The team member noted that GARI, a Solana Program Library (SPL) asset, will be used to “connect and transact with its peers, vote governance and catalyze platform engagement and user base growth”. .

“The goal is to empower both creators and viewers on the Spark App with the technological tools to interact directly with each other and to allow all users on the Spark App to participate in the long-term direction of the social economy impacting the GARI token. Is.”

In addition, he revealed future plans to launch an NFT marketplace in which “creators will be able to gaze at their videos, sell as NFTs, and earn GARI.”

Following nationwide concerns over the Securities and Exchange Board of India’s (SEBI) regulatory intentions towards digital assets, a proposed infrastructure bill seen by local news outlet NDTV suggests that the government is preparing to introduce a regulatory framework for digital assets. is not a direct restriction.

Simultaneously, the Indian government has taken a firm stance to condemn the acceptance of cryptocurrencies such as bitcoin and ethereum as instruments of legal tender, rather than furthering the viability of the government-backed central bank digital currency (CBDC), the digital rupee. adopted to increase. ,

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Later in our conversation, the Spark representative revealed the mechanism by which the $GARI asset will act as a governance token in promoting true decentralization on the platform, stating:

“We are built on Web3, and the Web3 DAO follows the decisions of the community. $gari holders will be able to vote on proposals as well as earn yields and bet on proposals to decide the future direction of the platform.”

The price of the GARI token has been fluctuating in the range between $0.252 and $0.685 over the past two weeks. After gaining trading positions last week on several major exchanges including FTX, Kucoin and Huobi, the asset is now looking to establish a level of stability near $0.51 at the time of writing.

On curious dialogue into the potential for token airdrops for groups participating in beta testing such as early adopters, top creators, or perhaps 500 community members, the Spark team told Cointelegraph:

“We will circulate 100 GARI tokens [to] Every spark app user who completed certain tasks in the airdrop campaign…provided that the users have completed KYC. This is one of the largest airdrop campaigns ever conducted with approximately 5 million tokens reserved for the community.”