Ethereum Becomes the Foundation of Minds (Facebook’s Alternative)

Minds, a social network based on the block chain

Social networking site like Facebook is centralized as well as censurable, so there are more and more users looking for free alternatives. Minds, a social network based on the blockchain will rely in the future on the ecosystem of Ethereum.

The Facebook alternative Minds announced a week ago that they will be leaving their own blockchain and moving their platform to the Ethereum Blockchain.

The company spent almost 4 months on its own Rinkeby test network before deciding to take advantage of the Ethereum network. All users who have previously purchased test tokens will receive the new live token via Airdrop.

Users of the platform can use tokens to subscribe to and support content creators so that they can continue to work as an editor and receive appropriate rewards for their work. Every user of the platform receives a daily reward based on the daily volume traded and the popularity of their posts.

Minds see itself as a free social network without restrictions that works without censorship and regulation. Elizabeth McCauley, Blockchain and Minds Consultant, states that it provides a platform for freedom of expression, especially in authoritarian states:

As governments move against freedom of expression and unite with centralized social media surveillance companies, [Minds] offers an alternative for individuals seeking a path for global interaction and exchange of ideas.

According to Minds CEO Bill Ottmann, the platform generates 500,000 pageviews every day and is growing steadily. Ottmann expects a strong increase in visitors for the next time. The development team is also working on a hybrid on-chain / off-chain solution that will improve speed and user experience on the platform.

The rate of Ethereum develops in line with the current market trend which is strongly negative and recorded a price decline of -16.84 percent to a price of 265.91USD. With a market capitalization of just under 26.27 million dollars, Ethereum continues to rank second in the world’s largest cryptocurrencies.


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