The latest social media platform most popular among the masses is Tiktok. However, the project has been banned in several countries on account of a tussle with native regulators.
To this effect, several competitors have emerged in the market to dethrone TikTok. One such project is Chingari. It is a web3-based decentralized social media platform.
Another independent DeFi enterprise Aptos Labs has recently announced lending financial support to Chingari. It is important to note that Chingari is an on-chain video recording, editing, and streaming platform.
It has been operating since 2018 and dons an impressive 200 million video streams and 5 million daily active users.
Chingari Aims to Become the Top Video Streaming Platform
Many people have expressed concerns about data privacy with TikTok users. Therefore, it is not surprising to see that many are flocking around the Web3 alternative called Chingari. This decentralized social media has decided to add Aptos as a Layer 1.
Aptos Chain has been operational since last year. It is based on the Move programming language which is an extension of Rust. It is important to note that Solana is composed using Rust.
Move was a programing language that was created by Meta for the Diem project. The social media platform is shooting at achieving better speed, throughput, scalability, and security by onboarding Aptos.
Aptos Labs CEO, Mo Sheikh has claimed in a release that the new partnership will allow the Web3 platform to welcome millions of new users. Chingari launched the GARI token on the Solana network after switching from web2 to web3 space.
The latest article published by Forbes has interjected that several DeFi projects have shifted from Solana to Aptos on account of technical issues.
Chingari CEO Sumit Ghosh has told the media that the project was able to gather $88 million in funds from crypto enterprises such as Republic Crypto, Kraken, and Galaxy Digital. He further exclaimed that the company is going to ramp up hiring for an expected expansion in the second quarter of the current year to launch the latest version of Chingari.