The blockchain is genius in its simplicity and in the fact that it has successfully turned familiar models, such as with games’ win-to-earn model, to play to earn, where winners are rewarded simply for their engagement. In the case of this giant short video app, Chingari, they have introduced the ability for viewers to be rewarded for watching videos, rather than the typical model, which only rewards video creators, as in the Tik Tok and You Tube model.
Perhaps this goes to explain why Chingari, the Solana network based platform, is expecting the largest ever IDO in history, when it launches its token through the SolRazr launchpad, later this month. In fact, so successful is this the native $GARI token already, that this IDO follows a $12.3 million funding round through the popular venture platform Republic last month.
Andrew Durgee, Managing Partner at Republic Capital, stated, “At Republic, we believe social tokens are an essential piece of the crypto community and creator economy. Chingari shares this vision and has taken innovative steps to bring that vision to life. Their creators and users will now be able to more truly monetise their own engagements and experiences.
The IDO, which will run between Dec. 15 to Dec. 18, aims to beat its past funding rounds through both Republic, and its previous private sale of $19 million from 30 venture funds and individual investors.
The blockchain has opened up possibilities that are not feasible on the internet, for one, by automatically verifying transactions over the network and routing tokens to users. For two, retaining user anonymity and privacy. Of course, the blockchain comes with many more benefits, but for those millions of users that switched from Tik Tok to India, after Tik Tok was banned in that country, they are already enjoying a completely different approach to viewing entertainment, one in which they reap the rewards for watching short videos, while engaging with their favorite video influencers.
Chingari changing the face of social media
Chingari has taken the dominance away from the platform and placed it firmly into the hands of their users by releasing the $GARI token, placing the “decision-making powers back in the hands of the users and enabling content monetisation to become more mainstream in India,” according to Chingari.
The platform incentivizes users for both creating and watching content, in a move that rewards both parties, by monetising creators’ talent fairly and empowering them on the platform. Funds raised in the IDO will go to developing the platform and to extending into new markets.