Indian Social Network / Til-Tok Competitor & Crypto Token - Chingari + Solona = $GARI
I was very much surprised to learn that one of the India short video social platform is working towards launching own Crypto Token. The news is quite a surprise, as crypto owners in India is still looked with a raised eyebrow. All thanks to the Government who is still in middle of bringing crypto regulation.
Indias own homegrown short video platform Chingari is steping very rapidly with the launch of $GARI coin. The company is aiming to raise $19 million through its first token sale which is scheduled on November 2.
Chingari which gain popularity after Tik-Tok ban in India has the largest user base. Chingari claims to have 80 million users. They are planning to introduce their own $GARI coin. One other important noticeable point is the coin is coming up in SOLONA* blockchain network, which is already pull lot of limelight and up and running competitor for Ethereum Blockchain. Chingari token sale has already listed on www.icodrops.com.
The idea of having a virtual currency is not new among these social media platform. But those virtual currency were generally used to encash into local currency. However, looking atbthe progress, $GARI would be tradeable in crypto exchange. It price fluctuates based on market indexes.
The introduction of $GARI coin would mean that the user or the creator of original videos will earn these coins and ultimately can be traded or exchange through exchanges.
Chingari believes that these tokens are a critical element of the platform, which will enable the creators to set up their ecommerce space, with physical merchandise, non-fungible tokens (NFT) and the ability for fans to fund their favourite artists.
The token sale has been funded by some of the top investor. And looking at the craze on I vestments in the initial round, I am hoping it going to be a game changer in Indian Crypto Industry.
Peace
Namaste @steemflow
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