Thread by @BiIndia

.@takiapp is a #socialnetwork that brings the old ‘engage to earn’ model in a new package, with #crypto tokens as rewards

businessinsider.in/cryptocurrency…

By @jainrounak

.@takiapp is a new #socialnetwork that, at first sight, seems to mimic Twitter and Facebook – after all, there are only so many ways to create a timeline of posts. But Taki comes with a twist – it rewards its users in the form of #crypto tokens, not likes or comments.

Building a #socialnetwork is not an easy task, and neither is creating a crypto token that stands out in a sea of #cryptocurrencies and tokens. But bringing the two together could seem like a novel idea that might just help a company stand out from the rest.

#crypto

“@takiapp is designed to be a secure, safe and tech superior product that enables social enthusiasts to consume, invest, share, transact and build a token-based content portfolio,” said Sakina Arsiwala (@heysakina) co-founder, Taki.

#Crypto

The @takiapp crypto token is built on the Solana (@solana) blockchain, promising fast and inexpensive transactions. The Solana blockchain is also one of the most energy-efficient blockchains in the world, addressing concerns of power efficiency as well.

#Crypto

There have been dime a dozen apps that have tried to attract users using in-app coins. But @takiapp is different in the sense that it actually uses crypto tokens, also called Taki, which can be converted into actual money once these tokens are listed on crypto exchanges.

#Crypto

In a conversation with Business Insider, @takiapp co-founder Sakina Arsiwala (@heysakina) described this concept as “user economy”, giving creators and #influencers the power to leverage their audience, thanks to their own crypto tokens.

#Crypto

Users who like a post made by anyone on @takiapp can reward them using Taki tokens. Additionally, to motivate users to post rewarding content and their followers to reward these creators, Taki has a reward-sharing concept in place.

#Crypto

Users who want to cash out can do so by converting their Taki tokens to any other #cryptocurrency or fiat on cryptocurrency exchanges, once the Taki tokens are listed. Arsiwala says her company is working with crypto exchanges to get the Taki token listed.

#Crypto

Solana (@solana) has also partnered with Taki (@takiapp) to set up a $2.5 million fund to bring creators on the platform. Wider fundraising details are not known yet, though.