As it turns out, Facebook is not the only social media network that has recently launched a crypto project for its user community. Taringa! is one of the most widely known social apps in Latin America, and just like Facebook, it will now enter the digital assets industry in an attempt to keep up with modern times.
And, also like Facebook, Taringa’s cryptocurrency will be of the stablecoin variety. The networking company has established a partnership with MakerDAO and widely known e-wallet firm AirTM to develop a stablecoin-powered points ecosystem that will satisfy a market that can approach 30 million users.
Announced at the Blockchain Summit Latam
The piece of news was reported this week by Taringa! via an official press release. The development was announced during the Blockchain Summit Latam in Mexico City; the capital town of Mexico.
The pilot initiative is called “Taringa! Pioneers,” and is basically a reward system that will use a stablecoin to incentive the community. The idea is to encourage people to create content in the platform. This content will be able to be monetized, being turned into DAI, a stablecoin that functions in MakerDAO’s Ethereum blockchain.
The social media app stresses the vast potential that the program has to provide users with a safe way to store value, and at the same time, earning independence from governments when it comes to funds management.
Pegged to the US Dollar
Nadia Álvarez of MakerDAO stated that DAI is a token that reunites all the features of a cryptocurrency, but its value is pegged to the US dollar. The system that backs it up, according to Álvarez, looks for it to always be equivalent to the dollar.
“Latin American people, no matter which country they are from, can use their local currency to obtain a cryptocurrency that is worth $1. In nations such as Argentina and Venezuela, with high inflation rates, DAI will help people protect themselves from that situation, finding a comfort zone thanks to a stable coin,” were here words at the Summit.
Ignacio Roizman, Taringa’s representative at the Summit, stated that the social network aims to take a giant step towards blockchain use and application, not to mention decentralization. He lauded the crypto community’s strong sense of belonging in the market.
Rubén Galindo, AirTM’s representative, observed that the company works hard to be able to satisfy millions of people around the world, being an option to receive, buy, send, and sell funds through the e-wallet, with no middlemen and low emission costs.
Not Its First Rodeo
This is not the first time that Taringa! experiments with crypto-related projects. It all started in 2015, when the company established a strategic alliance with Xapo, a wallet provider, to develop a revenue distribution system based on Bitcoin.
Taringa! is known around the Latin American community, especially in Argentina, as the equivalent to Facebook. Unlike the Mark Zuckerberg-owned network, it has chosen a non-proprietary stablecoin.
By Andres Chavez