By rolling out blockchain-powered tokens so frequently, the 55-year-old Bollywood Salman Khan is giving the millennial actors a run for their money.
Soon after announcing to launch his NFT (non-fungible tokens) range on BollyCoin, Mr Khan recently rolled out GARI, a social token for the users of Chingari.
Chingari is a short video entertainment app just like Moj and Triller where user generated videos are shared among an online community of viewers.
GARI is a social token that will be used among the users of Chingari including content creators, advertisers, viewers and developers. There will be several ways to use the token such as for buying products and services featured in the video. The content creators will be awarded GARI tokens every time they create a video.
Not only for transactions, the tokens will also be used for the purpose of voting during governance of Chingari.
So, the more tokens a user holds, the higher decision-making discretion they might enjoy. In other words, the social tokens would be used to vote for the company’s content-related decisions. GARI is believed to be the first social token in India.
What is a social token?
Social tokens are a type of cryptocurrency based around a community or brand. It is a way for the social media groups and celebrities to monetise themselves beyond the usual means. Some of the popular social tokens include Whale, Rally, BitClout and Steem Coins.
Whale: Whale is a social currency backed by tangible NFT assets. There will be a total of 10 million whale coins ever created.
Rally: RALLY is an Ethereum token that powers the Rally network. Rally enables creators and online communities to launch their own cryptocurrencies.
Just like other social tokens, GARI tokens will be used among the community of users on Chingari platform. When some users want to buy a product or a service shown on the app, the tokens can be used as a form of payment.
The video creators will be given these tokens for creating the content. The viewers will also be able to give these tokens as tips to the video creators to support their work.
There will ever be a total of one billion GARI tokens. These social tokens will be developed in collaboration with Solana blockchain.
So, we can highlight that the technology that powers social tokens is no different from that of cryptocurrencies but their application and use differ slightly from each other.
While cryptocurrency can be used for any transaction, the usefulness of social tokens is usually restricted to the app users, for the products sold there.