A crypto social network known as Minds is moving its tokens to the Ethereum mainnet. When it does, it will be the largest DApp on Ethereum. The crypto network plans to move the $MINDS tokens around August. The team behind it believes that their transition to Ethereum will help to revitalize the platform.
In April, Minds was launched officially as a decentralized social network. Just as with other social media sites, users could post content, like, and share. There are even inbuilt video and group-calling features. Besides that, it offers encrypted messaging.
Since it is powered by the blockchain, it provides a great autonomy and transparency to the users and control over data. The team behind it added that they do not tinker with the content posted in any way. The posts that incite hatred or bullying are removed permanently.
What the Minds Leadership Has to Say
Bill Ottman, the CEO of Minds, said that users were tired of the exploitation. Thus, they created the social network to offer real privacy, decentralization, and transparency. He said that the community had been demanding crypto since they launched a points system in 2015. The CEO added that the blockchain principles aligned perfectly with what the Minds organization wanted to achieve.
The $MINDS tokens were previously called boost points. They were used to encourage users to utilize the platform. The share from the Daily Reward Pool would depend on the level to which a user contributed to the platform. With the help of $MINDS tokens, users could acquire a higher profile, which would attract more users to the content.
Bill Ottman stated in 2013 that Minds was started since they believed that people should power social networks. At the time, he said that he thought it should be free, encrypted, open source, decentralized, and monetized. He added that it was only a matter of time before there were functioning ethical and transparent alternatives.
Largest Ethereum DApp
One of the major issues that are faced by Ethereum is scalability. Games such as CryptoKitties often cause congestion on the network. Right now, Dappradar is that largest DApp on Ethereum. It makes it possible to monitor other DApps.
To avoid network congestion, Minds will utilize a hybrid off and on chain system. Most of the transaction volume will occur off the chain. The framework makes it possible for the DApp to scale without leading to congestion. Besides that, the architecture ensures there is an excellent user experience.
Most Minds users are in the USA, Europe, and South East Asia. The social network is especially popular in Vietnam where the government passed a law that allows the government to censor content. In addition, the law allows authorities to have unrestricted access to user accounts.
Both Google and Facebook agreed to comply with the law so that they could continue working in those countries. Ottman thought of this as the wrong choice. Most people would just find somewhere else they could be heard. Ottman said that the possible migration of over a million people would make Minds the largest DApp on Ethereum.