Gari: Know about The First Crypto Token of India

India first Crypto Coin GARI
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With the ever Increasing prices of bitcointhe Crypto craze is soaring high in the world. The Bollywood megastar Salman Khan has now joined the race by unveiling India’s first crypto-token, ‘Gari’. Gari was launched by micro-content, short video application Chingari. The actor took to Twitter to announce the launch officially.

Salman said, “I am officially launching Chingari’s in-app GARI Tokens reward programme & its NFT Marketplace. You can buy my Video NFTs, exclusively on the GARI NFT Marketplace. Cheers to a new chapter in Content Creation & Monetisation!!! #ChingariKiGari #GariTokens.”

What is Gari?

Gari is a fungible blockchain token that will serve “as a future in-app currency and a governance token,” as mentioned by the Short-video application Chingari. The company has stepped into the world of cryptocurrency with the crypto token. The token will be built in partnership with the Solana blockchain.

Why Gari?

The company’s intention to launch the crypto token is to introduce GARI as a social token for the community of Chingari creators. The company believes that Gari will give them governance authority over the future platform developments through the DAO and create a circular economy.

The company also mentioned that Social tokens are digital assets backed by an individual, brand or community. “They allow creators to receive more equitable pay and forge deeper relationships within audiences,” the company said. In addition, the company aims to infuse crypto in day to day lives of people and let the world know Gari as a “family’s short term tool”. 

How to use Gari?

In order to use Gari token, one needs to install the Chikangari app. The Chingari ecosystem is driven by Content Creators, Viewers, Advertisers, and Developers. GARI token connects all these stakeholders on the platform. The Chingari app users can use GARI tokens both in and out of the app to connect . They can transact with their counterparties, place governance votes, and catalyse platform engagement and user base growth. 

The Viewers of the app can use GARI tokens to buy goods and services from video or creator profiles directly. In addition, GARI tokens can be used to buy products featured in the video. “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 your feed. All these social video commerce transactions will be done using Gari Tokens in the future,” the company said.

The company’s main goal is to empower both creators and viewers with technological and financial instruments to interact directly with each other. Sumit Ghosh, founder, chief executive officer and chairman, Chingari mentioned, “Our mission is to institutionalise the space, and promote the growth and advancement of the underlying ecosystem and technology behind digital assets and blockchain,”

Senior Content Writer at Paypii.
  • doverto loperte
    October 26, 2021 - 9:08 pm

    Nice read, I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch because I found it for him smile Thus let me rephrase that: Thanks for lunch!

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    • Mahima Agarwal
      October 26, 2021 - 9:13 pm

      We are glad that we could help!

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