Blockchain-Based Minds Social Network Could Revolutionize Social Media

Minds.com has a cryptocurrency token based on Ethereum now, and why this is a really big deal.

The popular social media alternative Minds.com now allows content creators to monetize their content using cryptocurrency based on Ethereum; eliminating the need for advertising revenue. We discuss what this means for the future of monetization, and how this could potentially change the way social media marketing works.

What is Minds?

Minds.com began as an open-sourced -decentralized- social networking platform in 2011, in response to concerns regarding personal privacy and censorship.

Since its inception, Minds allowed users to share and "boost" content based on a merit system involving points earned through activity. the more active you were on the platform, the more "points" you can earn, and those points can be used to "boost" content, allowing other members to see said content on every user's home page. It worked in a very similar way to how content is promoted using real money on Facebook, but it wasn't nearly as complex.

Nowadays, People are hyped for what would later be known as the "Minds" token: An Ethereum-based replacement for the aforementioned points system. 

What is Ethereum?

For those of you who don't know, Ethereum is a Blockchain platform that also doubles as a digital currency. 

Blockchain is a publicly available digital record-keeping ledger that accurately records things like contracts, and exchanges of things like the digitally generated money known as cryptocurrency, or Ether as its called in Ethereum. What makes blockchain different from a normal ledger is the fact that it is decentralized; meaning it doesn't exist in any one single place. It does, however exist all over the place, similar to a peer-to-peer service. If a person wants a reliable record of a transaction and one record is tampered with, there are thousands of those same records all over the planet to confirm its legitimacy.

How the Minds Token is changing the market

On Monday morning, August 13th, Minds allowed its users to buy and sell its own Ether-backed currency, that can be exchanged for Ether, and -by extension- real money.

Why this is a big deal

In recent years, Social media has become the most divisive topic in the western world. Chances are, if we aren't complaining about fake news and scams flooding user's feeds, we're complaining about serious privacy concerns, or politically motivated censorship.

At the center of the big social media controversy, -just like all good controversies- we have money. Chances are, if you are a content creator on a social media platform like YouTube or Instagram, you've had your content censored based on one of many dubious reasons: Someone falsely flagging your legitimate content, false copyright claims, and the aforementioned politically motivated censorship based on any random individual's wildly varying sense of political correctness.

Sometimes -in the case of YouTube, for example- you'll find that your freedom of expression is considered unmonetizable, due to the sensibilities of the social media platform's and their corporate backer's values not aligning with yours. Because the content creator isnt's as big as the corporation, the powers that pay the most are the powers that win. Therein lies the problem.

Since advertisers get to decide what video or post their ads display on, those very companies -by extension- get to decide whether or not you -the content creator- get paid. It's their money, after all.

How Minds is solving social media

Minds.com is a social media platform developed with this very issue in mind, and since the content one posts on Minds is what generates the money, kowtowing to a corporate advertiser is no longer necessary. This means users can actually generate their own money on their own terms, without having a big company or media pundit cost a content creator their livelihoods. The best part is, Minds content such as videos and images generate value based on their popularity on Minds, rather than the value awarded to it by advertisers.

This new social media platform seems to have set the standard in solving the issues plaguing social media. Platforms that harbor political censorship like Facebook and YouTube are no longer the only game in town when it comes to profiting off of opinions and creativity.

Minds saw a tremendous uptick in active users in July, with up to 1.4 million at any point in time. In an interview with The Daily Caller, Minds co-founder Bill Ottman attributes his platform's growing success to its open-source transparency.

“Minds’ foundational principles — privacy, transparency, free speech — are essential. All of our code is open source, meaning anyone can look at it. Some alternatives are not open sourced,”
If you're interested in joining the Minds social network, you can even sign up with your Facebook login.

Also, don't forget to follow me on Minds, as I post all of our RageFor content to my channel.
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About Tom Hollis

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