Short video platform Chingari has launched an updated version of its app integrating an in-app wallet that supports its native token $GARI. The revamped app will allow users to send, receive and store $GARI.

"The goal is to empower both creators and viewers on the Chingari App with technological tools to interact directly with each other and allow all users on the Chingari App to participate in the long-term direction of the social economy impacting the GARI Token," a Chingari team member told Cointelegraph.

$GARI is built on the Solana blockchain, a network that can support a large number of transactions per second. $GARI is a Solana program library (SPL) asset whose function will be to "connect and transact with their counterparties, place governance votes, and catalyse platform engagement and user base growth," the team member quoted above said.

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The platform initially distributed a beta testnet of $GARI to 500 community members in December 2021, culminating in its mainnet launch this week. The updated app will be available.

The Chingari team also told Cointelegraph about their plans to introduce a dedicated NFT marketplace on the platform where "creators would be able to mint their videos, sell them as NFT, and get GARI."

The aim of introducing the token seems to be the creation of a truly decentralised digital economy, where users and creators will control the direction of the platform through governance tokens. According to the team, this would be a substantial step towards a web 3.0 ecosystem.

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"We are built on Web3, and Web3 DAO runs on decisions of the community. Gari holders will be able to stake and earn yield as well as vote on proposals to decide the future direction of the platform", the team said during their conversation with Cointelegraph.

Chingari seems to be homing in on a space they believe has not been fully explored. This space is a combination of social media, cryptocurrencies and blockchain technology, and they might have found the answer with the introduction of $GARI.

"You can’t build a copy (of TikTok) and compete. Instagram will come and crush you. You have to innovate, you have to build something uniquely different and be better than what is already out there,” CEO of Chingari, Sumit Ghosh, told Moneycontrol.

"That’s what led us to build it ($GARI). This is something that none of the other Indian competitors have done so far. Crypto is the necessary edge over other players, including Instagram," Ghosh said.

Brief history of Chingari

Chingari first launched in 2018 as a short video-sharing platform, similar to China’s TikTok. It was meant for creators who wanted to share various short-formed entertainment videos such as lip-synching, belly dancing, comedic sketches, and fashion tips, among others.

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At first, the platform struggled to engage and retain users. However, it shot to fame after TikTok was banned in India in July 2020. Chingari is now among India's fastest-growing social media apps with 35 million monthly active users.

It is claimed a spot among the most downloaded apps over the past three years. Due to its rising popularity, the platform also started raising substantial funds through several rounds of investment from April to November 2021. These included a $13 million corporate round in April, a $19 million Series A led by Galaxy Digital and Republic Crypto in October, and a $40 million initial coin offering in November.

In January of 2022, $GARI became the world's first cryptocurrency to launch simultaneously on six trading platforms. It launched on Huobi Global, FTX, KuCoin, Gate io, OKEx and MEXC Global. Reports suggest the token has a total circulating supply of 46 million while its total supply is capped at 1 billion.

(Edited by : Jomy Jos Pullokaran)