Facebook’s Libra Faces Tough Competition from Taringa


Facebook‘s Cryptocurrency, Libra, hasn’t yet hit the market, and there is some Cryptocurrency competition brewing up giving courtesy to Taringa which is a Latin American social media platform. Taringa boasts over 28 million users it has and since its inception has revealed to dive into Cryptocurrency space. The social media platform has managed to capture a large market, especially in the Latin American region, where Taringa is considered to be the fourth most popular application. Stating the background of the most raved social media platform, Taringa of Latin America was launched back in 2004 and can be best described as a combination of Reddit forum and Facebook. The platform allows the users to create content all by them on which, they can further receive feedback in the form of comments or up votes and down votes. The content further is divided into topics on it.

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

The platform seems to be building upon the very same idea with its newest Cryptocurrency endeavor. Considering the success of its reputation system amongst people, Taringa is now planning on giving its users an incentive that can be materialized in the real world, unlike its old point system that usually had no value. The team behind the platform is finally going to add some value in their point system as known from the sources. In the bid to achieve its goal, Taringa has lately struck a partnership with the MakerDao in order to engineer a pilot program dubbed, Taringa Pioneers. The aim of the program is just to monetize the points on the platform into the DAI tokens. Taringa has also taken on board Airtm for their latest Cryptocurrency project. Airtm is an electronic wallet that permits for an efficient and easy way to transfer money across the globe. It permits 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 Cryptocurrency project will be using the stable coin, DAI, which the users exchange for fiat currency via the Airtm. Also, check the dark web directories.

Although Taringa’s newest venture is attracting more limelight right at this moment, probably because of Facebook’s Cryptocurrency endeavor, the Latin American social media platform has been tiptoeing in the crypto space since 2015. Back then, the platform began working with Xapo which is 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 target and cater to the “bank-less” population in the region. An aim that is similar to Facebook’s, which too is hoping to help the “unbanked” population of the world.

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