GARI & creator economy in web3

Introduction

The creator economy has grown to more than $100 billion thanks to the explosion of short video apps. However, the vast majority of this money has been concentrated in the hands of global tech behemoths, leaving creators vulnerable to brand collaboration and promotion. Furthermore, the current paradigm utterly disregards the millions of users who use these platforms.

Due to this broken business model, while social apps make billions of dollars, creators make pennies. These platforms not only disregard content creators, but they also fail to acknowledge their work and reward them. Perhaps, these short video platforms entirely disregard their core users, despite the fact that they spend a significant amount of time on their apps.

At Chingari powered by GARI, we aim to disrupt this existing revenue-sharing model to empower and incentivize users and creators alike. As you may be aware, Chingari users have been utilising the coins for over a year, and the adoption rates have been phenomenal. With more alternative monetisation models coming to the platform, their experience with token mechanics anticipates a smooth learning curve when moving to fully-blockchained tokenomics.

GARI was introduced as a social token for the Chingari creators and users that will grant them governance authority over future platform developments via the community reserve and help to create a circular economy. Being distributed to the contributors (users and creators) for the platform value they created, GARI on the other hand benefits from the value of the network itself. Distribution of the tokens to the contributors will be done through a process of “GARI Mining” and contributors will be known as “Miners”.

How will the GARI Mining work?

Every day, a block of 50,000 Gari will be created from the community reserve. The community reserve has 250 million tokens, and at 50,000 each day, this mint will last 14 years. To replenish the community reserve, a percentage of the GARI tokens earned by the DAO through various in-app mechanics within the Chingari app will be returned back to the community.

How will the Miners be rewarded?

Miners will be rewarded coins for the contribution they make throughout the day, which will be converted into GARI tokens as per the following structure:

Rewards for Creators

1. Login Streak Bonus: 10% of the tokens from the mining block i.e 5k tokens will be distributed as a Daily Bonus.
2. All active miners on the Chingari app will be able to receive tokens from this pool, daily.
3. The number of tokens each active miner will receive from this pool will be calculated based on the following formula : ( Daily Bonus Tokens / All Miners*)
4. We will maintain track of the user’s daily login streak. The higher the login streak, the higher the rewards. Every day the sum of the login streak of all users will be done which will be used to calculate the individual user’s login streak bonus.
5. Individual user’s reward = (User’s login streak) / (Sum of all login streak for the day)

Contribution Reward: 90% of the tokens from the block will be distributed as Contribution Reward and will include activities defined below:

List of Activities

1. Video Created: VC
2. Video views Received: VVR
3. Likes Received: LR
4. Shares Received: SR
5. Follows Received: FR
6. Audio Total Spoken: ATS
7. Audio Total Listen: ATL
8. Effects Applied: EA
9. Gifts Sent: GS

For all the aforementioned activities, the contribution will be considered by all the creators. As evident from the names, these activities are core metrics of the Chingari creators.

Rewards for Power Users

1. Login Streak Bonus: 10% of the tokens from the mining block i.e 5k tokens will be distributed as a Daily Bonus.
2. All active miners on the Chingari app will be able to receive tokens from this pool, daily.
3. The number of tokens each active miner will receive from this pool will be calculated based on the following formula : ( Daily Bonus Tokens / All Miners*)
4. We will maintain track of the user’s daily login streak. The higher the login streak, the higher the rewards. Every day the sum of the login streak of all users will be done which will be used to calculate the individual user’s login streak bonus.

8. Individual user’s reward = (User’s login streak) / (Sum of all login streak for the day)

Contribution Reward: 90% of the tokens from the block will be distributed as Contribution Reward and will include activities defined below:

List of Activities

1. Videos Watched: VW
2. Videos Liked: CL
3. Videos Shared: CS
4. Users Followed: UF
5. Videos Commented: CC
6. Time Spent: TS
7. Video Watch Time: VWT
8. Users Referred: UR
9. Audio Total Spoken: ATS
10. Audio Total Listen: ATL
11. Effects Applied: EA
12. Gifts Sent: GS

For all the aforementioned activities, the contribution will be considered by all the users. As evident from the names, these activities are core metrics of the Chingari users.

Note : Using the daily data for all the creators and users , a “contribution score” will be generated for each individual.

[ A/Total(A)] + [ B/Total(B)] + [ C/Total(C)] + … + [ R/Total(R)]

1. Coins will be added to Daily Coin Balance between 00:00 UTC — 23:59 UTC for each contribution done from the above list.
2. Daily Coin Balance will get reset at the end of the day and converted into Gari.
3. Gari earned in a day by a miner will be calculated as Daily Coin Balance * ((90% of 50,000 Gari) / Total Generated Coins for the day)
4. All the factors considered for calculating Daily Bonus and Contribution Reward may be altered during the initial phase by Gari and Chingari Platform. In future, this will be managed by votes via governance.

When mined tokens get released?

At the end of the day, the sum of tokens mined by every miner from daily blocks will be transferred to their Gari Wallet in the Chingari app.

Who can become Gari Miner?

Gari wallet can become a Gari miner and earn rewards for their contribution to Gari Ecosystem. In the second month of mining, one needs to be a GARI badge holder. In future staking, GARIs in-app wallet will also be made mandatory for mining.

How will tokens be added to the reserve?

1. The management fee for the following transactions, a portion of which is added to the reserve
2. Tip Transactions
3. Boost Transactions
4. Withdrawal transactions