{"id":143091,"date":"2021-10-29T08:49:23","date_gmt":"2021-10-29T08:49:23","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143091"},"modified":"2021-10-29T08:49:23","modified_gmt":"2021-10-29T08:49:23","slug":"hope-or-hype-can-chingaris-gari-transform-the-social-media-industry","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/hope-or-hype-can-chingaris-gari-transform-the-social-media-industry\/","title":{"rendered":"Hope or Hype: Can Chingari\u2019s $GARI Transform the Social Media Industry?"},"content":{"rendered":"
An article from July 2020, following India\u2019s ban on TikTok, discussed that the few upstart apps offering similar services all saw a boost in their usage. The article also doubted whether any of these apps, including Roposo, Miltron, or Chingari, had what it would take to become a \u201cTikTok patch\u201d for the Indian market.<\/p>\n
As Chingari breaks through the 85 million download threshold\u2014with plenty of momentum to hit 100 million before 2022\u2014it\u2019s clear that some predictions do not age well. <\/p>\n
The app and its story have been making waves throughout its meteoric rise. It is one of few social apps on the market that are creator-focused, attracting major talent to populate the platform with crowd-pleasing content while giving the lion\u2019s share of revenue to the creators vs. the platform. This has attracted major pop culture star power, including Bollywood superstar Salman Khan as the Chingari brand ambassador. <\/p>\n
In a single year, the app has exploded because it has set up a place where creators can make a living, and where users can enjoy the content. Based on their roadmap, this was the \u201ceasy\u201d part. What comes next, if successful, will be groundbreaking. But can a social media platform incorporate crypto the way that Chingari has planned?<\/p>\n
Before we can dig into the planned use cases for $GARI, it\u2019s important to understand, at least at a high level, what type of crypto platform is running Chingari and its $GARI token. When many people hear the terms \u201cblockchain\u201d or \u201ccrypto\u201d, the first things they might think of is Bitcoin or similar cryptocurrency, the extreme amounts of planet-killing energy needed to mine it, the major gas fees for a single transaction, or the significant delays to verify a transaction.<\/p>\n
To be clear: Chingari is none of these. It is run on the Solana ecosystem, which is a blockchain set up for networks like Chingari to have many different transactions take place very quickly\u2014their current estimates are up to 65,000 transactions per second. For reference, this is 10,000 times faster than Bitcoin and even 2.5 times faster than the leading credit card. The key to this is their specific Proof of Stake (PoS) consensus model, the protocol that ensures the blockchain is processing and storing data error- and tamper-free. <\/p>\n
The older model, Proof of Work (PoW), is where crypto mining comes into play and uses vast amounts of energy. Proof of Stake eliminates this work, allowing some platforms to manage their ecosystems in a carbon-neutral way. With major plans to expand its customer base, and plans to introduce many new possible transactions, Chingari is in the right place with Solana. Similar apps with a high number of planned users and transactions are also seeking chains like Solana or similar PoS models.<\/p>\n