Minds Social Media Platform Shifts to Ethereum Blockchain For Launch
Minds Social Media Platform Live Net Launches On Ethereum Blockchain
Minds platform is an open source blockchain based social network that is community owned and has over 500,000 daily views on its website. The development team announced this Monday that it was switching to Ethereum from Rinkeby test network. The company had released the Minds Crypto Social Network that would see users monetize their content, earn engagement rewards, send encrypted messages and peer to peer advertising.
Minds Launches Live Net On The Ethereum Blockchain
In an interview with Coindesk, Bill Ottman, CEO of Minds confirmed that the company boasts of over 1.25 million users of whom 75% will receive airdropped tokens to their wallets on the platform. On the issue of new technology expected to be seen at Minds, Bill spoke of the new on chain, off chain that will solve any scalability problems faced on the Ethereum platform allowing large volume of users on Minds.
Elizabeth McCauley, an advisor at Minds and blockchain business developer praised the latest move of Minds to its live main net citing the problems that can face democracy when governments limit people’s freedoms especially that of speech.
“When governments crack down on free speech and team with centralized social media surveillance companies, [Minds] provides a refuge for individuals seeking an avenue for global interaction and idea exchange.”
Wonders Of The Mind Social Media Platform
Earning from social media has been a common trend in the last few years as it gained adoption globally. However, the industry is heavily manipulated using obtrusive algorithms which only a few agree to. This will be solved by the hybrid-on chain, off-chain model and emphasizes on organic reach and a chronological newsfeed. Minds platform aims to be the biggest platform on the Ethereum blockchain and this latest live net launch may be the key to its goals.
The Minds platform offers users engagement rewards that can be redeemed as tokens for pay to view advertisements or other exclusive content. The social media token launch of its live net on Ethereum serves to increase adoption of blockchain technology. The technology however does not only focus on advertisements as posts will be promoted too using these tokens.
Finally, the system will be fully functional as the blockchain moves to a new home on Ethereum. However, the decentralized peer to peer transactions on Wire and Boost sections will be unavailable for 24 hours as they ensure the airdrop to the beta users accurately reflects their prior token balance of earnings thus far.