Aptos Labs is seeking to build a name for itself in web3 social media by investing in the short video application Chingari.
Chingari was launched in 2018 and is a decentralized social networking platform. According to a corporate announcement, approximately 200 million videos are seen daily on the app, which has five million daily active users. Users post and share short videos on a similar platform to TikTok.
To better serve its users, the social networking platform has decided to use Aptos as its primary Layer 1 blockchain. Launched the last year, the chain is powered by Move, an extension of Rust, the computer language powering the Solana blockchain. Meta created Move for the Diem venture.
To accommodate their millions of customers Chingari was searching for the speed, safety, and scalability of the Aptos network, according to Mo Shaikh, co-founder and CEO of Aptos Labs.
Social networking software has evolved from its web2 beginnings to make use of modern web3 features. According to a January Forbes interview, the company established the GARI token on the Solana network to give artists a voice in network governance and financial compensation. Due to the technical difficulties with the blockchain, some Solana developers have shifted to Aptos.
The corporation claims that by switching to Aptos, artists would gain control over their work and be paid fairly for it. According to Crunchbase, it has received over $88 million in funding from companies including Kraken, Republic Crypto, and Galaxy Digital. While other web3 firms are cutting down, Chingari CEO and co-founder Sumit Ghosh told Forbes that the company will be increasing recruiting.
According to Ghosh’s statement in the announcement, “after extensive months of technical due diligence and study of the Aptos blockchain,” the company has settled on Aptos as the appropriate chain for the updated Chingari App, scheduled to launch in the first quarter of 2023.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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