Taringa!— giant social networking in Latin American — entered in a partnership with Airtm (e-wallet provider) and MakerDAO to release a stablecoin-based rewards system. The system will serve 27 million registered users that the social media network boasts of possessing.
An official at Taringa stated that the development occurred during the Mexico City’s Blockchain Summit Latam on Friday was announced on July 7.
Whenever users create popular platform content, they will be rewarded with points on the pilot program, dubbed “Taringa! Pioneers.” The users can, later on, monetize the content by converting it into DAI — MakerDAO’s Ethereum blockchain-based stablecoin.
The program has a strong potential to offer users a stable and secure medium for storing value and making governments financially independent according to Taringa! news release.
In the South American countries where there has been a lot of hyperinflation, — like Venezuela and Argentina — the social network channel has gained a lot of mileage.
Airtm has put a lot of emphasis on how decentralized financial solutions are crucial in the Latin American region. In its contribution towards that endeavor, the E-wallet provider will allow users to convert the national currencies to other money forms, including cryptocurrencies.
Previously, in 2015, Taringa! collaborated with Xapo (a wallet provider) to release a bitcoin-based revenue distribution system for its users.
Evidently, Taringa! implemented a cryptocurrency project that is different from Libra that Zuckerberg recently unveiled since the project is a non-proprietary stable coin solution. In the Spanish-speaking world, this solution might turn up to be Facebook in Argentina.
Rumors —which are yet to be confirmed spread out — emerged in mid-June claiming that Mercado Libre wanted to operate as a node in Libra network — Facebook’s future crypto project.