What is Chingari (GARI) crypto and why is it down 70% today?

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Highlights

  • Native tokens like ETH and GARI have become big contenders to the biggest cryptoasset, Bitcoin.
  • The GARI token belongs to Chingari (an app to upload content), both of which exist under the umbrella of GARI Network DAO
  • GARI has lately lost value, which has forced the project to tweet and deny any hack claims

Can cryptocurrencies act as a medium of exchange within certain online communities? Twitter co-founder Jack Dorsey envisions Bitcoin eventually becoming the internet’s “native currency”. The concept of a native token within a specific project, for example ETH in Ethereum, and AUDIO in Audius has taken the cryptoverse to another level.

Having adopted the same model is the GARI token, which is native to Chingari, a social media platform with services like TikTok. As of writing, the GARI crypto’s trading volume has skyrocketed by over 10,000%, with its price has declined almost 70%. What is the reason? Let us explore.

What is GARI crypto?

GARI is to Chingari what AUDIO is to Audius. Audius is a streaming platform, which allows creators to share content in a decentralised manner with fans. Chingari also provides similar services; however, it is uncertain whether its platform is fully based on decentralised ledger or not. GARI Network DAO is the umbrella under with Chingari and GARI exist.

Chingari projects itself as a “watch-2-earn” platform for fans and a “create-to-earn” place for creators. Users of the app are rewarded with the GARI token for watching content, while creators also earn the token as incentive. Chingari claims it has tens of millions of users for its social media app, which now has added services like cryptos, non-fungible tokens (NFTs), and play-to-earn.

The project claims to be a player in Web 3.0, citing the drawbacks of Web 2.0, where it claims big tech companies pocket the majority of revenue.


 


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