What Is Gari Network (GARI) And How Does It Work? | KuCoin Crypto Gem Observer

2022/01/18 07:07:17

The uproar generated by the scandal of data misuse by leading global social media platforms in recent years was deafening enough to give birth to the GDPR Act as domesticated in countries around the world. With more people aware that their data were monetized to the benefit of these social media apps, it was only a matter of time for the likes of Chingari to emerge.

In 2020, Chingari was reputed to have disrupted the influencer economy along with the video content creation component by distributing 30 percent of earnings from the platform to content creators. This landmark strategy effectively paved the way for Chingari to emerge on the global stage.

What is Chingari?

Chingari is a social media platform that empowers content creators and digital artists by providing a blockchain platform to distribute their work, while also receiving a sizable share of revenue generated. The audience is also empowered via the watch-to-earn, play-to-earn and engage-to-earn functionalities of the revolutionary Chingari app.

With its debut on the blockchain and launch of its native token called Gari (GARI), the holders will be able to partake in the DAO that oversees the project. Token holders are able to introduce proposals, vote on them, and earn rewards attached to the token through the facets of value proposition embedded in Chingari.

Chingari is focused on bringing the web3.0 reality to the growing sphere of the content creation economy in the entire ramifications of data, voice, and video. The approach of the project is to make content monetization simple to understand and transparent to implement with the blockchain. The project promoters have also indicated their willingness to partner with like minds in the blockchain technology segment and make the platform easier to access and ready for global adoption.

With the openness of Chingari in setting the stage as the most egalitarian content creation and distribution platform in India, digital artists and other gifted hands have a new home where they can earn their worth as they do what they enjoy.

How does Chingari work?

Chingari provides a platform for video creators and other digital artists to upload their work and distribute them to the desired audience. The platform also provides tools that can enhance the efficiency of content creators. The areas of application are identified as follows:

Commerce

The platform facilitates commerce by providing a meeting point for the audience and content creators. The audience that accesses the platform can interact with the digital materials available, leading to value appreciation and platform utility.

Skills

The innovative works on display showcase the skills available on Chingari, and the audience can learn, appreciate, and grow in specific areas of interest as they use the platform. The areas of coverage include social audio, short video, social commerce, social entertainment, and social ed-tech on the blockchain.

Wallets

The platform token, Gari like other cryptocurrencies, are stored in wallets, transferred with the same medium with the receiving and sending functionalities. Everyone on the platform can access a wallet to drive any segment of commerce or transaction areas.

NFTs

The artworks on Chingari will include NFTs, and the platform is designed to enable digital arts to be converted to NFTs within the framework of intellectual property protection and appreciation of innovation.

Tipping

The audience can tip digital artists on the platform and appreciate their works as they deem fit. Apart from the social commerce segment, tipping is supported to encourage creatives on Chingari.

Who created Chingari?

Sumit Ghosh is the founder and CEO of Chingari, working with a team of innovative tech experts, developers, and social media professionals to drive the project. Some of the team members have worked for decades in the tech sector, anchoring cutting-edge projects that have changed the tide of how we work, play, and use the global information superhighway.

The hands-on developers in the team are well-versed in the emerging realities of web3.0, NFTs and the metaverse as they overlap with social media and the blockchain. The financial professionals and media experts on the team are contributing their quota to making Chingari a winning project with huge prospects for global acclaim.

What is GARI and what is it used for?

Gari is the native token for the Chingari project, which will be used within the ecosystem to drive transactions, send, and receive value. The extent of the token will embrace payment of fees for products or works on sale, withdrawals, and related transaction expenses.

As a project governed by a DAO, Chingari enables holders of the token to vote on proposals, suggest pathways to improve the ecosystem and earn staking rewards when the decentralized finance angle becomes operational. Token holders can expect more value-addition as the platform onboards more than 30 million of its users at the project launch.

What is Algorand

Algorand is a cryptocurrency blockchain protocol with share proof. Algorand's native cryptocurrency is called ALGO.

Algorand was founded in 2017 by Silvio Micali, a professor at the Massachusetts Institute of Technology. Algorand consists of a company and a foundation. Algorand Foundation manages the growth of the ecosystem, awarding funding, cryptographic research primitives, network management and decentralisation of the Algorand network, including nodes. The core development of the Algorand protocol is controlled by Algorand Inc.

The Algorand test network was launched to the public in April 2019, and the main network was launched in June 2019. Algorand is the first carbon-negative blockchain, and in April 2022 there was the first smart contract to offset carbon emissions by allocating a portion of the fee for each transaction to offset emissions. In May 2022, FIFA announced that it had made Algorand its official blockchain partner.

Algorand aims to address the "blockchain trilemma": the claim that any blockchain system can have no more than two of three desirable properties: decentralisation, scalability and security. A system with all three can run on nodes, each with only moderate consumer-level resources (i.e. no need for a data centre or large cluster of virtual machines), has transaction processing that scales with shared network resources (rather than resources available to each node.) -node), and attackers who individually own a significant portion of the shared network resources cannot be hacked.

Closing Thoughts

Chingari has set an enviable precedent in the Indian social media terrain and blockchain monetization by distributing 30 % of earned revenue on the platform to content creators. The opening for greater possibilities has been made possible with the launch of Gari, its native token. By embracing web3.0 and NFTs, the platform is setting the stage to be future proof with an enduring relevance.

While content creators will embrace the platform for its fairness and transparency, the audience will find the watch-to-earn, play-to-earn and engage-to-earn functionalities to be a real game-changer on social media and web3.0 fronts. The window to make money while doing what is fun is a reality in Chingari.