The cryptocurrency network is planning to migrate its $MINDS tokens sometime in August. Minds team believes that the high transaction volume of the Ethereum network will revitalize its platform.
In April, Minds launched its decentralized open source network. Just like other social media platforms, users will be able to post content, give ‘likes’ and share (‘remind’) message posted on the platform. It also offers in-built video and group-calling facilities. Even encrypted messaging facility is provided.
As blockchain offers exceptional transparency and autonomy to users, in addition to total control over personal data, Minds team prefers to deploy the social media platform on a blockchain network. Minds also pointed out that it does not tinker the content posted on the platform in any manner. Posts which incite hatred or bully another user are only removed permanently.
Minds’ co-founder and CEO, Bill Ottman, said
“Users are fed up with being exploited. It’s time to provide people with real transparency, privacy and decentralizatio. Our community has demanded crypto since we launched the points system back in 2015. The core principles of blockchain technology are perfectly aligned with what Minds is trying to achieve.”
$MINDS tokens, previously referred to as ‘boost points’, are used to encourage activity in the platform. The share of reward from the Daily Reward Pool depends on the level of contribution to the network. Using the $MINDS tokens, a user will be able to acquire a higher profile that will attract more visitors to the posted content or view exclusive content.
Back in October 2017, Bill Ottman gave the following reason for creating Minds platform:
“We started Minds because we believe the top social network needs to be powered by the people, for the people. It needs to be free, open-source, encrypted, decentralized and monetized. The human exploitation happening on status-quo apps is out of control and it’s only a matter of time before ethical, transparent alternatives become functionally competitive and accessible for the masses.”
Largest Ethereum DApp
Scalability is one of the major issues faced by the Ethereum network. Games like CryptoKitties have often caused congestion of the network. Presently, the largest DApp deployed on the network is Dappradar, which enables monitoring other DApps.
Minds uses a hybrid on-off chain system to avoid clogging of the network. Majority of the transaction volume takes place off-chain. The framework allows the DApp to scale without causing congestion. So, there will be no issues with high transaction volumes. Furthermore, the architecture provides a better user experience.
Minds has most of its users in America, Europe and South-East Asia. Following a new law that enables the Vietnamese government to censor content and have unrestricted access to social media accounts of its residents, the popularity of the Minds platform has increased considerably.
Facebook and Google agreed to comply with the legislation passed by Vietnam, in order to continue their operations in the country.
Ottman told Breitbart Tech that “In most cases, people who are censored only become further polarized and simply move to a new place that allows their thoughts and ideas to be shared.” With more than a million users, the migration could make Minds the single largest dApp deployed on Ethereum.network