Facebook Rival Taringa! Dives Into The Crypto World

Facebook rival, major Latin American social network giant Taringa! dived into the world of crypto in a bid to reinvent itself. In the altcoin news below, we read more about this amazing idea.

The social network giant will launch a new crypto-centered community after the company announced the decision during the Blockchain Summit LATAM which was held in Mexico City which shows a drastic change in the philosophy in which decentralized technologies will play the fundamental role:

 “Taringa! Pioneros is the pilot program towards the path of decentralizing Taringa! from Taringa! ‘portal’ to Taringa! ‘network’. Make the transition from an online community —a traditional model with a single site company— to a decentralized platform where content can appear on different channels.”

Since its launch in 2004, Taringa! became one of the most popular sites for interaction between the users and became the first Spanish-speaking web 2.0 site in the world in which the statistics show it was before Facebook and Twitter even popularized the term. In 2013, comScore ranked the social media network as the third most important social network in Latin America.

Taringa! uses a system to determine the reputation of each user which later provides the users with points for the popularity and interactions that are generated by each post. The users could also give the points away to other users as a reward for their contributions. Being aware of the reputational system, The platform aims to add value to these points by harnessing the power of blockchain technologies with the help of MakerDAO and Airtm in order to create a pilot program named Taringa! Pioneros.

The Facebook Rival has been looking into the idea of cryptocurrency since 2017 as noted in the latest cryptocurrency news and they even made an experiment in 2015 with revenue distribution in Bitcoin. The founder of Taringa! explained:

 “In 2015, together with Xapo, we integrated an income distribution system with which we pay users a percentage of the profits generated by the posts they make, in bitcoins. The program started in a beta version to which we had 35,000 members, but we decided to stop it because we realized that it had certain technical difficulties … Right now we have a small group of 2500 members on the program.”