• Aptos Labs has made an equity investment in the short video app, Chingari.
• Chingari is adopting the Aptos blockchain as its preferred Layer 1 network for speed, safety and scalability.
• The social media app is pushing for decentralized social media where users have more control over the platforms.
Aptos Labs Invest in Chingari
Aptos Labs, the parent company behind the Aptos blockchain, recently made an equity investment in the social media app, Chingari. The latter will be adopting Aptos as its preferred Layer 1 blockchain to support their millions of users and onboard new ones in the future.
Chingari Adopts Move Programming Language
The Aptos blockchain uses Move programming language built on top of Rust, which is also used by Solana blockchain. This allows Chingari to benefit from speed and scalability without compromising on security. Mo Shaikh, Co-founder and CEO of Aptos Labs commented on this collaboration between both companies.
Pushing For Decentralized Social Media
Chingari was founded back in 2018 with a similar platform model to that of TikTok’s. It has since adopted several web3 functionalities such as launching their own NFT collection on Solana and creating their own native token GARI on the same network. With GARI creators can vote on governance and be compensated accordingly based on a create-to-earn model while also having access to Creator Cuts, a marketplace exclusive to Chingari clips where they can mint and sell video NFTs from video clips uploaded to the platform. This move towards decentralization gives users more control over these platforms compared to traditional web2 models.
Apto’s L1 Blockchain
Several Solana developers have moved to Apto due to technical challenges experienced with their previous chain. CEO Sumit Ghosh believes that this is not only because of technical benefits but also because they are hiring talent at a time when other Web3 companies are downsizing or laying off employees en masse due to financial constraints caused by pandemics such as Covid 19 across many industries worldwide .
Investment In Web3 Space
Chingari has already raised over $88 million from prominent VC names such as Kraken, Republic Crypto, Galaxy Digital among others all within Web3 space proving that investments into it are still strong despite current economic conditions globally . They plan on launching their newer version of the app in early Q2 2023 which will be hosted on top of Apto’s L1 Blockchain .