GARI Token: As the prices of different crypto currencies are rising day by day, the popularity of this technology is also rising equally. There was a time when there we’re only 3 – 4 major crypto currencies. But now it is you see every company wants to cash the trend by launching their own cryptocurrency or token. And in that series Indian micro content application chingari also launched the first ever Indian crypto token. It was announced by Salman Khan on Twitter. And he also became the first ever Bollywood actor or actress to get associated with any cryptocurrency.
What is GARI Token?
Just like any other crypto token GARI is an Completely Indian crypto token launched by the Indian micro content application named chingari.
The token is currently exclusive in app currency which you can use only in chingari application.
The company announced that the token is built-in with a partnership in between chingari and solane Blockchain.
Kindly do not get confused and think that crypto token is similar to crypto currency coin. They both are different which we’re going to talk about soon.
Benefits of GARI Token
When the company was launching the crypto token GARI. They announced that the token is going to help content creators in their day-to-day lives.
Also announced that with the help of token the content creator community of chingari aplicacion will give the creators a feeling of attachment with the platform.
The token can also help the content creators to receive more equitable pay as per the chingari application creators on the day of launching the token.
How to use GARI token
Only launch event the creators of chingari application told everyone that the ecosystem of chingari application include four groups the first one is the developers, second group is the content creators, third is the viewers like you and me and 4th are the advertisers.
Now the token will connect all of these stake holders of the platform together so that they can place votes and catalyze platform engagement including user base growth.
From now on Will reward you with the GARI tokens when you create and share short videos with the world. There is only one condition associated with it, is that you have to use chingari application to make the videos.
Company further announced that GARI tokens can also be used by the viewers not just content creators. now you can use the token to buy goods and services on the platform.
from now on you can also buy the products which are being featured in the video created by any content creator. Because chingari platform phrased every video that gets uploaded on the platform frame by frame and detective all the objects included in those frames.
And then those objects are matched with the live catalog of products. and if you buy any product you can use GARI token to pay for those products.
Because the chingari application allow its viewers to pick the content creators to support their work. now you can use GARI token to do all that work and you can also use it to purchase exclusive content or services.
Compare further now that they are going to offer content creators launch courses on the chingari skills. and in order to buy those you have to use GARI token exclusively available on chingari application.
You may not be aware about a few technical things related to every cryptocurrency and crypto token that there is a fixed number of how many coins or crypto tokens can be generated in any coin or token.
And GARI token is capped 21 billion tokens in total supply. company further announced that by the end of year 2022 there will be 200 to 300 million tokens in circulation.
Overall company wants to introduce crypto currencies and crypto tokens in day to day life of it’s viewers and content creators. Because blockchain is one of the most popular and advanced technology.
What is Chingari Application
Chingari is an Indian application launched in year 2018. The application focus on small content creators also known as micro content creators. At that time Chingari application was inspired by the famous mobile application called TikTok.
Other than sharing micro content, Chingari application can also act as a marketplace by offering products featured in videos created by the content creators.
Difference between Crypto Token and Crypto Coin
Most of the people who do not understand the block chain technology I always get confused between cryptocurrency and crypto token. And they use it interchangeably.
I think now it is time for you to understand the key differences in between coin and a token. Which may help you take a fair decision for your investment also.
A crypto coin is not a coin until it has its own blockchain as all of the crypto currencies such as ethereum, Bitcoin have their own respective blockchain.
And coins do not have their own blockchain. and they operate on other blockchains such as ethereum blockchain or blockchain of Bitcoin. crypto tokens like BAT, BNT, Tether use the Blockchain of Ethereum.
If you try to create a cryptocurrency coin then you have to create a blockchain associated with that cryptocurrency. and creation of a crypto token is fairly easy you can use other networks and use their templates to create your own token.
anyone with Little or no technical knowledge can create it’s on crypto token but only a few who understand and can develop a blockchain can create crypto coin.
Other than that cryptocurrencies are the alternative to real money and you can use cryptocurrencies to buy crypto tokens. But crypto tokens can also represent assets or deeds. And you cannot buy cryptocurrencies using your crypto token.
To conclude my writing I will say that GARI is a First step towards the great technology by any Indian company. it has the potential to completely change lives of millions of people. And we may see a complete cryptocurrency coin in near future. It is a great initiative and government should support crypto Currencies.