Taringa! announces stablecoin-powered rewards system with MakerDAO and Airtm

Social networking giant Taringa! has announced a new project in collaboration with MakerDAO and e-wallet provider Airtm to launch a stablecoin-based rewards system.

Headquartered in Buenos Aires, Taringa!, which boasts of a massive 27 million registered user base, provides a platform to create and share online posts on general interest topics such as life hacks, tutorials, recipes, reviews, and art.

According to the press release dated July 07, the pilot program, called “Taringa! Pioneers,” was officially announced at the recently held Blockchain Summit Latam.

The project will involve rewarding platform users with points for creating interesting content. These points could be converted into MakerDAO’s Ethereum blockchain-based stablecoin DAI, Cointelegraph explained.

“Then think about saving them in a platform like Airtm, since this platform gives the advantage of being able to change the DAI to any local currency thus opening an amount of possibilities bringing people a lot of local, regional solutions,” the release said (via online translation).

The participating entities believe that “Blockchain is the path and the perfect tool that will allow them to obtain the decentralization they seek.” Through this project, they aim to give users control over their own money.

Back in 2015, Taringa! had partnered with crypto wallet provider Xapo to roll out a bitcoin-based revenue distribution system for its users.

Meanwhile, Facebook has also been in the limelight for the past couple of weeks for its cryptocurrency project “Libra.” The initiative has drawn attention from global regulatory bodies with policymakers and a consumer group in the U.S. calling for a moratorium on the project until profound questions raised are answered and hearings are conducted to help lawmakers come up with necessary protections to uphold user privacy.