Minds aims to create decentralised social network using the Ethereum blockchain

Minds.com has grown to one million registered accounts and over 73 million unique page views since starting in 2015, but now the site is planning its biggest update so far in the form of the ‘Minds Crypto Social Network’.

This will turn into a decentralised App, running on the Ethereum blockchain, as explained by its recently issued white paper. “This is the biggest upgrade we’ve ever done,” founder Bill Ottman told Bitcoin Magazine. “We revamped the UX for the web and we completely rewrote all the mobile apps in React Native so they’re high performing now. There’s a whole list of changes.”

The proposals are outlines in the Minds white paper, which declares:

“We are an open source and decentralized social networking platform where users are rewarded with Minds tokens for contributions to the community. Our goal is to build a new model for content creators to take back their Internet freedom, revenue and social reach.”

The new Minds will employ the token system to allowing its users to profit from their content in a peer-driven way. With participants being rewarded from the ‘Minds Daily Reward Pool’ in a way that reflects the popularity of their posts. Minds.com will have its own built-in wallet for the the cryptocurrency, which will allow participants to use it to access exclusive content from others, or tip as they see fit.

This model offers a challenge to the centralised model for social media currently exemplified by Facebook. “I always knew that an open-source social network was inevitably going to emerge and become competitive with the top establishment social network,” Ottman says. “It also became clear that the mainstream social networks were not rewarding people — were not incentivising people. They weren’t giving revenue opportunities. They’re restricting people’s reach — they’re spying on people! So it became sort of obvious that there’s a market requirement for this space that we’ve filled.”

The system is currently on-test at the moment, but when live it is expected to give Minds’ users a range of options as to how they wish to distribute their content – blockchain, torrent and server-based distribution methods included – in what it calls a “hybridised” approach. This methodology is intended to go some way to easing the potential load such heavy potential usage could bring to bear on the Ethereum network.

“Now it’s just a matter of catching up to [mainstream platforms] in terms of functionality,” Ottman concludes. “When people have the choice between something transparent, protecting privacy, and reward-based — it’s a no brainer.”

Bitcoin Magazine