Chingari, an Indian version of the popular Tik Tok app, has achieved a new benchmark in a little under half a year since the GARI token was first integrated with the Chingari application. On Wednesday, July 13, the GARI network made an announcement on Twitter stating that it had achieved 800,000 wallet users. This most recent turn of events has taken place within a few months following the integration of the GARI token. The achievement is said to have been accomplished by the team five months after the GARI wallet was integrated into the Chingari app.
GARI Network is a social network built on Web 3.0 that is primarily concerned with expanding the Chingari platform. Chingari is the most popular mobile application for creating short videos in India. Through the usage of the GARI token, Chingari makes it possible for users to monetize the content they publish on the blockchain. Chingari is now the app in India that is experiencing the most rapid growth in terms of the number of daily active users. Akin to Tik Tok, users of the app are given the power to create as well as share short videos with the rest of the world.
A Leading Web 3.0 Social Network
In the year 2020, Chingari caused a stir in the Indian market for influencers and video creators by distributing 30% of the platform’s revenue to the content creators themselves. During this period, content producers had fewer opportunities to monetize their content on other social networking platforms. With GARI, the network seeks to transform the creative economy, this time by allowing content creators and visual artists to earn cryptocurrency for generating and sharing content.
Moreover, the Chingari app has watch-2-earn, engage-2-earn, and play-2-earn (P2E) features, all of which enable users to earn rewards for watching videos and participating in other activities. GARI operates as both an in-app cryptocurrency (which will be released very soon) and a governance token. Chingari reinforces this approach by establishing directly rewarded feedback mechanisms between the audience and system developers. The governance mechanism of the platform is going to be the primary focus of the design.
Staking GARI tokens in the Chingari Community Reserve as well as earning shares of the Chingari Community Reserve is the first step toward participating in governance on the Chingari network. The Community Reserve makes choices regarding the protocol that governs its operations and determines how the Community Reserve Treasury should be used by utilizing its share-weighted voting method.
A Safe Haven For Content Creators
Chingari users receive a reward in the form of GARI tokens for each video that they upload to the platform. As per the members of the project team, the GARI cryptocurrency can be thought of as a social token for the Chingari creators’ network. With the use of a decentralized autonomous organization (DAO), it bestows governance control upon users, allowing them to decide how the platform will evolve in the future. The GARI network encouraged additional users to download the Chingari app and create a GARI wallet. The company also mentioned that it had a goal of having one billion users on-chain at all times on its network.
In the meantime, GARI, along with other coins on the greater cryptocurrency market, has lost almost 50% of its value over the past several months. At the beginning of the year, one GARI coin was worth $0.78. Nevertheless, it is currently trading at $0.0971, which represents a decrease of more than 2% in the previous 24 hours. GARI and the Chingari app keep expanding and hit new achievements, such as achieving 800,000 wallet registrations, notwithstanding the bear market that has been going on.
