Last year, when we wrote about “When Do You Start Using Decentralized Social Media”, Minds was just starting out and migrating from the Rinkeby testnet to the Ethereum mainnet. We spoke with Faizan Khan from the Minds team recently and here is everything you need to know about what has changed and how is the project doing now.
First of all, for those who don’t know about Minds, it is an open-source social network built on a foundation of privacy, internet freedom and transparency. Users are able to get rewarded in crypto for their posts, content, and contributions to the network.
Minds has over 1.75M registered users so far and plans to gain much more traction within the crypto community, which shares the same values of freedom and censorship-resistance.
The Minds Token fuels the entire Minds Ad Network (called “Boost”), the daily rewards system, P2P transfers, and access to premium content and subscriptions. On the ad network, 1 Minds Token is pegged to 1,000 views. Users can use up to 5 tokens per boost, which would be 5,000 views. Minds users can purchase and utilize tokens for all this functionality, and are also rewarded tokens for their daily activity and engagement. The goal is to align incentives across the board, for all users.
Actually, Minds was doing a virtual currency-like point / rewards system years ago, long before the emergence of Ethereum and other protocols (and even before Bitcoin became popular). The move to build the existing point system ad network on Ethereum was a natural fit. This allows users to monetize content and earn, and it also provides added transparency and user control.
Bill Ottman, the founder and CEO of Minds recently appeared on Joe Rogan’s podcast as well as on Off The Chain — "Small creators will come and get better reach on Minds than they do on Facebook and Twitter because we have this rewarding and incentive system. We're trying to help people be heard."
The main differences between Minds and other crypto-centric social networks is the breadth of functionality, prioritization of reach, and the focus on allowing creators and users to earn in various ways. The Minds platform not only has newsfeed discovery and blogging, but it also has Groups, Encrypted Chat, Video Chat, P2P Tipping, Token Paywalls, and more.
Creators and businesses can reserve premium content in exchange for tokens, at different pricing tiers for different content, subscriptions, crowdfunding, or services. Minds treats all users equally regardless of token balance to maintain a fair, democratic system.
To start sharing your mind on Minds, you will need to:
1. Go to Minds, sign up with your name, email, and password.
2. And get to blogging!
3. If you want to accelerate your reach, participation, or support the network, you can purchase the Minds Token here.
4. Users also receive rewards on a daily basis. This is based on the level of activity, contribution, and engagement. These rewards can be converted into onchain Minds Tokens.
The future goals of Minds are mainly about democratizing the governance of content. A jury system is being implemented, where the users are more in control of decisions on the platform.
Decentralization is a long term process and the goal is to empower more users to make decisions on the site, as well as making all data more transparent and accessible. Additionally, Minds plans to focus on enhancing the user experience, specifically with improved monetization programs and general education of blockchain technology.
What do you think about Minds and what's your experience with decentralized social media platform? Let us know in comments below.