New Delhi: Ever heard of a token-powered social network that gives its users crypto tokens as rewards while showcasing their creativity? Well, Taki isn't a regular social platform like Facebook and Twitter and intends to differentiate itself by giving a platform to users where they can earn for the time they spend on the platform. In an exclusive interview with ABP Live, Taki's co-founder Sakina Arsiwala has said that it intends to be a platform that generates daily income for its users in the next two years and detailed how it intends to do so.
Users in India spend an average of 2.36 hours on social media every day, according to globalstatistics.com and Taki aims to cash in on the growing number of such users by providing them with an income for engagement. "Netizens usually spend a lot of time on social media passively for their daily entertainment and time engagement purposes. We want to build Taki as a platform where they get rewarded for their time invested. Along with content creators, passive users can simply engage on the posts even by doing basic actions such as ‘liking’ and ‘commenting’," Sakina Arsiwala, Co-founder of Taki, told ABP Live.
As mentioned, Taki is a token-powered social network platform and it is built on the Solana blockchain, which promises inexpensive and fast transactions. In a bid to make it easier for users and attract them to the platform, Taki has made it very easy to earn through it. The users need not be content creators to earn from Taki, but simply inviting a friend will also give them Taki coins or tokens.
"They don’t need to create content on a daily basis, even if they do create occasionally, they would be rewarded additionally for the same. The higher a user engages on the platform, their $USERCOIN value goes up against the $TAKI token. They can transfer the accumulated Taki tokens to their external exchange wallet and earn returns by selling them off at the market value of $TAKI token at the given point of time," Arsiwala explained.
Taki's crypto token $TAKI is soon going to be listed on cryptocurrency exchanges operational in the country.
What really is Taki social network?
Explaining Taki, the co-founder said: "It is basically a social network where anyone can earn a daily income by simply posting content and chatting with others about things that interest them. On Taki, users can create their own branded user coin that other users can buy -- helping creators to build their own personal economies. Users earn $TAKI, a crypto token, by creating content that other users enjoy, and by commenting on and liking posts."
Taki is unlike other cryptocurrency exchanges and is for everyone
According to Taki's co-founder, the platform is for everyone. "You don't need a crypto wallet or understanding of crypto. Simply create an account and start using the platform. Taki is for influencers and creators who can take charge of their own fans and supporters," she explained. Taki also believes that the awareness of crypto is growing rapidly in India. "To get more people excited about it, as an ecosystem, the country needs products like ours to make it very accessible and easy to use," Arsiwala added.
Meanwhile, Taki, slated to launch in India next month, has raised $3.45 million through 11 global investors, including crypto exchanges and investors like CoinDCX, Coinbase Ventures, FTX, OKX Blockdream Ventures, Solana Ventures, Formless Capital, Gemini Frontier Fund, Luno Expeditions, Huobi Ventures, Kraken Ventures and Roka Works.
With this investment, Taki is mulling to accelerate its product and technological development and overdrive by directing the funds towards operations such as proactive team building, hiring talent across functions and marketing activities. The company will also expand its presence in other key markets post its India launch and invest in strengthening its creators’ network.