Review GARI ($GARI) – A Solana-based cryptocurrency launched by the Indian social media platform
India recently welcomed the GARI cryptocurrency, launched by indigenous social media firm Chingari. As a social token for the community of Chingari creators that will give them governance authority over the future platform developments through a DAO and create a circular economy. Read the full article to understand more about it.
Concept project – What is GARI?
GARI is India’s fastest growing short form video app with millions of Daily Users. The app lets users create and share short form videos with the world. Everytime you create a video on Chingari, you get rewarded with the project.
GARI is a Solana-based cryptocurrency launched by the Indian social media platform. The token will give content creators the opportunity to publish short-form videos and earn tokens as a reward while forming close bonds with the social platform’s community.
What is the project trying to achieve?
The project will also serve as a governance token, allowing creators on the platform to shape its future. For instance, they will be able to make proposals on changes that could be introduced to improve the social media platform.
The goal is to empower both creators and viewers with technological and financial instruments to interact directly with each other and have control over the long-term direction of the social economy impacting the platform and the product.
What is unique selling point?
Chingari is India’s fastest growing short form video app with millions of Daily Users. The app lets users create and share short form videos with the world. Everytime you create a video on Chingari, you get rewarded with the project.
The platform has planned to partner with leading D2C ECommerce Brands, to integrate Tokens with the existing shoppable video feature on Chingari. Every video that gets uploaded to Chingari is parsed frame by frame and all detected objects are then matched with a live catalog of products and each video becomes shopping enabled in real-time by the time it hits the feed. All these social video commerce transactions will be done using Tokens in the future.
- Own & Govern
Introduce the project as a social token for the community of Chingari creators that will give them governance authority over the future platform developments through a DAO and create a circular economy. Being distributed to the contributors for the platform value they created, it is on the other hand benefits from the value of the network itself.
- Token name: GARI
- Ticker: GARI
- Blockchain: SOL
- Token standard: ERC20
- Contract: 0xd76efaa5acafab808b8b0ed2541e8dd76cf4798b
- Token type: Updating…
- Total supply: Updating…
- Circulating supply: Updating…
Token use case
There are four groups of entities that play significant roles in interacting with token in the project ecosystem. This includes:
Users can earn tokens when they create short content videos on the project app and share it on the same platform for fans to view. For every video a creator designs, they are rewarded with tokens.
Notably, the media platform is real-time shopping enabled. This feature will allow viewers to pay for products, goods and services advertised in videos seen on the platform using token.
The public sale for token will take place on November 2, with only whitelisted participants set to get access. The sale will take place via an investing platform, Republic.co’s crypto token sales page.
How to own the token?
The project Coin was successfully launched by Salman Khan on 17th October 2021. The token website link has been released here. The Official website of Token (Coin) is gari. network.
Now those investors who want to buy the project online will join the whitelist at gari.network.
Markets and Community
Chingari is India’s fastest growing social media platform that enables sharing of short videos. The social platform boasts some 75 million users having exploded in popularity after the country banned its citizens from accessing Tiktok.
The short video platform launched its native token on Saturday October 16. The launch event was led by Chingari’s ambassador, Sãlman Khan who unveiled the social token. India’s most popular celebrities like Nucleya, Maniesh Paul and a host of others were also present to grace the occasion.
Chingari completed a $19 million funding round during the launch which was supported by more than 30 big name investors including Alameda Research, Kraken Exchange, and Solana Capital. Worth noting is that the project is heavily affiliated with the fast-growing Solana network, having already received a grant from the Solana Foundation.
The platform also has plans to form partnerships with Direct-2-Consumers e-commerce brands to integrate token into already existing shoppable videos on the Chingari platform.
There is no quoted price for the token. The reason is not far-fetched. The token is still in beta-testing and not yet available on the Solana mainnet, hence you cannot find it on any exchange. However, like other cryptocurrencies, hopefully the price will appreciate with increased adoption.
It is has crossed the mark of 59,000 Followers on Twitter.
Conclusion and analysis
The project both as a future in-app currency and a governance token There is no quoted price for a token the reason is not far-fetched. The token is still in beta-testing and not yet available on the Solana mainnet, hence cannot find it on any exchange. However, like other cryptocurrencies, hopefully, the price will appreciate increased adoption.
Find more information about GARI:
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].