Business & Finance

Facebook Libra Competition: Taringa Exposing its 28 Million Users to Cryptos

Facebok’s cryptocurrency, Libra hasn’t hit the market yet, and there is some crypto competition brewing up courtesy Taringa, a Latin American social media platform. Taringa boasts over 28 million users and since its inception has revealed to dive into crypto space. The platform has managed to capture a large market, especially in Latin American region, where Taringa is the fourth most popular application.

Taringa, a major social media network in Latin America, was launched back in 2004 and can be best described as a combination of Reddit and Facebook. The platform allow users to create content themselves on which, they can further receive feedback in the form of comments or upvotes and downvotes. The content moreover, is divided up in into topics on it.

The Argentinian company recently revealed that it too is delving into the crypto space by introducing decentralization and digital tokens into its ecosystem. However, incentivizing users for digital gains isn’t entirely new for the website as the platform already used a system in order to evaluate the reputation of individual users, and awarded points to them on the basis of popularity and interactions that the post garnered.

Users also had the ability to give or forward their own points to other individuals on the platform as a token of appreciation for their contributions. The points however, unlike cryptocurrencies, had no other use case apart from building up the contributors’ reputation on Taringa. Nonetheless, the point system was taken pretty seriously amongst users of the platform.

READ ALSO: Bitcoin Falls Below $11,000: Was Facebook’s Libra Really Behind BTC Pump?

The platform seems to be building up on the very same idea with its newest crypto endeavor. Considering the success of its reputation system amongst people, Taringa is planning on giving its users an incentive that can be materialized in the real world, unlike its old point system that had no value. The team behind the platform is finally going to add some value in their point system.

In order to achieve their goal, Taringa has struck a partnership with MakerDao in order to engineer a pilot program dubbed, Taringa! Pioneros. The aim of the program is to monetize the points on the platform into DAI tokens.

Taringa has also taken on board Airtm for their crypto project. Airtm is basically an electronic wallet that allows for an efficient and easy way to transfer money across the globe. It allows people to exchange dollars in AirTM for money in other places including banks, E-wallets, gift cards, cryptocurrency, and vice versa. The social media platform’s crypto project will be using the stable coin, DAI, which the users exchange for fiat currency via Airtm.

READ ALSO: Facebook Crypto Woes Persists – Libra Facing Regulatory Hurdles

Although Taringa’s newest venture is attracting more limelight just now, probably because of Facebook’s crypto endeavor, the Latin American social media platform has been tiptoeing in the crypto space since 2015. Back thenn the platform began working with Xapo, a bitcoin wallet and service provider for the purpose of incorporating bitcoin feature in Taringa.

This project was specifically aimed at the Latin American market, solely to cater to the “bankless” population in the region. An aim that is starkly similar to Facebook’s, which too is hoping to help the “unbanked” population of the world.

READ ALSO: Facebook Crypto: Even ‘The Bank of Banks’ is Fearful of Libra

Despite the striking similarities between two crypto projects of both the social media platforms, there are certain features that set them apart. Taringa is not launching a propriety cryptocurrency, unlike its U.S counterpart. Instead it will be using the preexisting cryptocurrency, DAI as mentioned earlier.

It suggests that Taringa isn’t all in for the project like Facebook, which has gone to lengths with launching its own cryptocurrency. But this move might just give Taringa an edge, as they have room to experiment with crypto without facing the risks and regulatory hurdles that comes with creating a proprietary token.

Cryptocurrencies is slowly seeping into our everyday lives as corporations work towards incorporate them. It is highly likely, that people will eventually give in and embrace crypto as a part of the platforms they use so religiously. This will ultimately pave way for mass crypto adoption.

READ ALSO: Facebook’s Libra Cryptocurrency Already in Trouble?

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Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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