Exclusive Interview: Chingari CEO Sumit Ghosh Reveals the Secrets Behind Its Explosive Rise in the Creator Economy

TL;DR:

• Chingari seized the opportunity of TikTok ban in India for massive growth.
• GARI Mining Program empowers creators and users with GARI tokens based on contribution scores.
• Exploring integration of DeFi and rewards for trading activities.
• Community-building features: Circle, Live Rooms, and AI-driven content filtering.
• Strategic partnerships enhance Chingari's offering: Aptos, Wormhole, Onmeta, Travala.com, and Shopping.io.
• Chingari Ensuring top security for user data and crypto assets.
• The protocol educates users through GARI Academy to onboard more into the world of Web3.

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Chingari: Empowering Creators with Crypto

Despite the ever-changing landscape of social media, where platforms rise and fall, one app is revolutionizing how users engage with content. Chingari, a short-form video-sharing app, has emerged as a formidable contender, providing users with a creative outlet to showcase their talents and connect with others. 

However, Chingari's journey took an unexpected turn when India banned TikTok in June 2020, citing national security concerns. Seizing this opportunity, Chingari was able to harness the huge user base left in the wake of TikTok's absence, catapulting the app's downloads to new heights. Currently boasting over 110 million downloads worldwide, Chingari has established itself as a formidable force in the realm of short-form video-sharing.

But Chingari's ambitions reach far beyond the realm of entertainment. In a groundbreaking move, the app has introduced the GARI Mining Program, an initiative that pioneers the integration of cryptocurrencies into the social media landscape. With an estimated 40 million monthly average users set to benefit from this innovative program, Chingari aims to empower and uplift content creators like never before.

But what sets Chingari apart from its competitors? To uncover the secrets behind its meteoric rise and delve into its groundbreaking initiatives, we sat down with Sumit Ghosh, co-founder, and CEO of Chingari.

In our exclusive interview with Sumit Ghosh, we delve into the inspiration behind Chingari, its remarkable growth trajectory, and the vision for the future. Join us as we explore the dynamic world of Chingari and discover how this visionary app is shaping the future of social media.

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Questions and Answers With the Chingari CEO

The Competitive Short-Video Space and Regulatory Challenges

Q. With the increasing competition in the short-video content space, what is Chingari's unique value proposition, and how does it continue to differentiate itself from similar platforms?

A: In a highly competitive short-video landscape, Chingari has distinguished itself by being the only social app that rewards users with crypto tokens for engagement. Unlike traditional Web2 social media platforms, Chingari operates as a Web3 app, placing equal emphasis on both users and creators. While other major social media giants predominantly prioritize creators, Chingari stands out by offering GARI tokens to users for activities such as watching, liking, and commenting on videos. This sets us apart from other social media platforms.

Q. Could you explain how the monetization aspect works for Chingari users, particularly the points system based on video views? How does the process of exchanging points for money take place?

A: Chingari offers GARI tokens as rewards to its users and creators for their active participation on the platform. The distribution of GARI tokens is based on a metric called the contribution score, which considers the number of views and likes received by the creators' videos. Likewise, users who engage with the content by liking, commenting, and sharing videos earn tokens based on their contribution score. 

The earned tokens can be sold within the app, and receive the funds in their bank accounts. However, it is important to note that before being able to withdraw the earned tokens, users are required to complete the KYC (Know Your Customer) process for verification purposes. Besides, the users can also trade the earned tokens on several exchanges like Huobi, crypto.com, Kucoin, and Kraken, among others.

Q. Given the global nature of cryptocurrencies, how does Chingari plan to address regulatory challenges and ensure compliance with various jurisdictions while leveraging the potential of crypto technologies?

A: Chingari takes regulatory compliance seriously. We closely monitor and stay updated on evolving regulatory frameworks and ensure that our operations align with legal and compliance standards. By working closely with legal experts, we aim to address any regulatory challenges and maintain compliance while leveraging the potential of crypto technologies.

Chingari's Potential Integration of DeFi and User Incentives

 Q. How do you see the emergence of decentralized finance (DeFi) impacting the future of content monetization and user incentives within Chingari? Are there any plans to incorporate DeFi principles or explore partnerships with DeFi projects?

A: We are currently in the very early stages of exploring the integration of decentralized finance (DeFi) for our power users who already understand it and can reap its benefits. As part of this exploration, we are also considering the introduction of rewards for users who engage in trading activities once DeFi is integrated in the future. While these plans are still at a very preliminary stage, we firmly believe that DeFi holds the potential to enhance our platform greatly.

Q. How has Chingari fostered a sense of community among its users? What steps have been taken to encourage platform interaction, collaboration, and engagement?

A: Chingari has created a thriving community by implementing engaging features that foster interaction and connectivity. One such feature is Circle, enabling users to form private groups and collaborate through shared updates, photos, and videos. This interactive environment promotes deeper engagement and strengthens connections within the platform. Moreover, Chingari offers Live Rooms and Audio Rooms, allowing users to actively engage in discussions and connect with their favorite creators, further enhancing the social experience on the app.

Q. What role does artificial intelligence play in Chingari's algorithm for content filtering, and how do you ensure that inappropriate content is promptly removed from the platform?

A: Artificial intelligence plays a crucial role in Chingari's algorithm for content filtering. The platform utilizes AI algorithms to analyze and review content for inappropriate or violating content. These algorithms are designed to detect and flag potentially harmful or offensive content, such as explicit imagery, hate speech, or violence. 

To ensure the prompt removal of inappropriate content, Chingari combines AI-driven filtering with human moderation. The flagged content is reviewed by a team of moderators who enforce community guidelines and guidelines set by Chingari. This combination of AI and human moderation helps maintain a safer user environment by swiftly removing content that violates the platform's policies.

Securing User Data and Assets 

Q. Can you shed light on any strategic partnerships or collaborations Chingari has established to enhance its offering or expand its reach? How do these alliances benefit Chingari and its user base?

A: Chingari has partnered with Aptos, a Layer1 blockchain, to enhance its capabilities and become a multichain platform. This collaboration improves scalability and efficiency while supporting Solana-based users. We also partnered with Wormhole for interoperability between Solana and Aptos blockchain.

Additionally, Chingari has partnered with Onmeta to enable in-app trading of GARI tokens through UPI, simplifying the process for users. Collaborations with Travala.com and Shopping.io allow Chingari users to utilize GARI tokens for booking travel tickets and shopping, expanding its utility for users. These partnerships have helped in expanding the reach and overall enhanced the offering.

Q. Security is a paramount concern in the crypto space. What measures has Chingari taken to ensure the safety of user data and crypto assets, especially considering the integration of blockchain technology?

A: At Chingari, ensuring security is our topmost priority. We have dedicated experts in our tech team who focus on information security and conduct thorough security testing for every release. In addition, we take the security of our smart contracts seriously by engaging reputable agencies to conduct audits. We also encourage responsible disclosures by offering bounties to individuals who identify and report security vulnerabilities. 

Q. Cryptocurrency adoption is still in its early stages globally. How do you plan to educate and onboard Chingari's user base about the benefits and utility of cryptocurrencies, and what role does Chingari envision playing in the broader crypto ecosystem?

A: At Chingari, our goal is to educate our users about the benefits of Web3 products in the long run. Through our GARI Academy, we provide educational resources on cryptocurrencies, blockchain technology, and their practical applications. We have introduced exciting features like VNFTs, Quests, and Staking to help users understand and engage with Web3 products. Our ultimate objective is to onboard more users into the world of Web3 and empower them with knowledge and opportunities.

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Embracing the Creator Economy

The interview with Chingari's co-founder and CEO, Sumit Ghosh, has shed light on a remarkable app reshaping the social media landscape. 

With its user-friendly interface and a wide array of features, Chingari has become a destination for those seeking entertainment and engagement. The Create-2-Earn, Watch-2-Earn, and Engage-2-Earn programs are at the core of Chingari's ethos, ensuring that creators and consumers are rewarded for their contributions. The platform's 40 million monthly active users (MAUs) stand as a testament to the app's popularity and the genuine enthusiasm people have for its offerings.

Furthermore, Chingari's commitment to diversity and localization sets it apart. Supporting over 20 languages, the app embraces a wide range of cultures and empowers creators to express themselves in their native tongues. By strengthening its local content portfolio, Chingari aims to enhance user engagement and provide a personalized experience to its growing user base.

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What is Chingari:

Chingari is a video-sharing mobile app. In these videos, users can add visual effects, lip-sync, dance, or voice-over movie scenes and comic dialogues. The Company’s vision is to be the best of its short video-sharing platform for its users. A hot new stage for flaming talent to show the world who you are by capturing flawless videos and sharing them in seconds. Express yourself, Create amazing videos, and connect with the content you love! We are a growing family that values diversity by doing the right thing with precision, pace, and passion for reaching the Fast Moving Needs of Modern Bharat.

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