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Cryptocurrencies are growing in popularity around the world, and the use of digital assets is becoming more widespread. Taringa!’s move reflects the cryptocurrency’s move towards mainstream adoption and the efforts of major companies to enter this market.
Taringa!, a well-known social network in Latin America, has announced the launch of a cryptocurrency-centric community. The announcement was made at the Blockchain Summit Latam in Mexico City. The shift towards a cryptocurrency-centric community demonstrates the social media company's philosophy shift and efforts to reinvent itself. Taringa! is moving to a decentralized platform where content will appear on different channels. The company has been operating in the social media space in Latin America for 15 years and is a major competitor to Facebook in the region.
The site was one of the first Web 2.0 sites to be in Spanish and became a hit in Latin America. Taringa! was ranked by comScore as the third most important social network in Latin America in 2013 and 2014. In Argentina, it was ranked as the second most important social network. The reputation of a user on the platform is determined by the points earned for the popularity and interactions generated by each post. Users can also give likes to those who contribute to their posts. These points ultimately determine the reputation and popularity of each user on the site.
How the system launched by Taringa! works
Taringa! plans to use this points system as part of its revamp. Previously, these points had no real value other than giving users a sense of importance. Now, the social network has announced a partnership with MakerDao and Airtm. The partnership will create a pilot project called Taringa! Pioneros, which will convert the points earned by users into DAI, giving the points a certain monetary value. Adding a digital currency value to these points would be a reliable way to encourage online crypto trading, which could benefit the entire cryptocurrency market.
DAI is a stablecoin created by MakeDao. Users of Taringa! Pioneros will be able to exchange the DAI they earn for fiat currency through Airtm. By experimenting with cryptocurrencies, Taringa! can dabble in digital assets without the risks and challenges of creating a proprietary token, as Facebook has chosen. If the tokenization of points earned on Taringa! is successful, it could pave the way for social networks around the world to adopt a similar model for sharing content shared by users. In regions where social networks offer digital assets to users, the use of digital cryptocurrency exchanges is also expected to increase.
Indeed, cryptocurrencies are becoming increasingly popular, with major companies around the world seeking to enter this market. If Taringa! Pioneros is successful in Latin America and well-received, the landscape of crypto trading will change dramatically. It is not yet clear how this initiative will pan out.
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