Cryptocurrency veterans will recall the days when companies wanted to disrupt social media in a meaningful way. One of the platforms with potential in this regard went by the name of Taringa, even though it was aimed primarily at Spanish-speaking users. After years of silence, the platform has now been bought up by RSK, the open source smart contract platform with Bitcoin ties.
The Rise of Taringa
Even though Taringa was launched several years ago, it almost appears as if very few people are using it. That is far from the case, as sources close to the matter say the platform has over 30 million accounts. Most of those users are based in Latin America, a region where cryptocurrency has become a lot more appealing in recent years. Given the financial struggles most countries in that region go through, it is only normal investors start to look for viable alternative solutions.
The main presence of Taringa users can be found in both Spain in Argentina. That is rather interesting, although it is also to be expected. A cryptocurrency-oriented social network on the scale of Taringa can certainly be of great interest to companies looking to enter the Spanish-speaking markets now or in the future. Whether or not this will bring more users to the platform, is a different matter altogether. Cryptocurrencies are not necessarily in the best state right now, primarily due to the general public seemingly losing interest in Bitcoin and altcoins alike.
RSK Buys the Platform
Most Bitcoin users should be familiar with the company known as RSK. Their objective is to bring open source decentralized smart contract functionality to the Bitcoin network. It has proven to be a somewhat successful venture to date, albeit there is still plenty of work ahead. RSK is also a subsidiary of IOVLabs, a company which issued its own RIF token about a year ago. The RIF sale was one of the most successful ones as the company raised nearly $150m in funding. Its market cap has now plunged to just over one-third of that amount, however.
It would appear the acquisition of Taringa will serve a dual purpose. Not only will it offer users a chance to interact with this new token, but it also gives RSK a large user base to build and test new applications. It seems to be a win-win situation for everyone involved. The appeal of the social network also comes in the form of how Latin Americans have a seemingly better knowledge of cryptocurrency and blockchain compared to users of any other social media network in the world today.
Bitcoin and Smart Contracts
While one has to commend RSK for bringing smart contracts to Bitcoin, it remains unclear whether that approach will be successful. To date, the majority of smart contracts are active on alternative networks such as Ethereum and EOS. Bitcoin, given its scaling problems, seems to be an odd choice in that regard. Even so, the company has high expectations, and will launch its first Taringa-oriented feature in early 2020.