Minds Crypto Social Network Is The Anti-Facebook When It Comes To Privacy

FinTech, Innovation, News | April 4, 2018 By:

Minds.com is an open source blockchain project incorporating a social network, digital wallet and various privacy enhancements. It already has one million users.

The Minds Crypto Social Network boasts a contribution economy and rewards system, HD video and image hosting, live group conversations, crypto-wallets, encrypted messenger, native mobile apps, crowdfunding and a modernized blogging platform.

Users are rewarded with tokens for the engagement they receive on the app everyday. The tokens can then be exchanged for more views on their content or peer-to-peer with other users for a variety of rewards such as access to exclusive content. Minds is one of the few blockchain projects to have a fully functioning application simultaneously available with the release of their White Paper.

The new ecosystem has extensive privacy features, including a non-tracking ad network, encrypted messenger, and an anonymity option.  Its blockchain offers a crypto wallet, tipping for creators, a daily pool of tokens granted to users who contribute the most to the network, and peer-to-peer advertising.

“This is the next logical and exciting evolution in creating more open, cooperative business models in mainstream social media,” said CEO and co-creator Bill Ottman. “We’re especially thrilled about the progress we’ve made in creating a more transparent and democratic ad network that runs completely differently from existing models by directly connecting advertisers and publishers.”

Ottman answered some Block Tribune questions on the system.

BLOCK TRIBUNE: Is this a reaction to the privacy revelations on Facebook?

BILL OTTMAN: It’s more a response to the abuses of big tech in general, with the recent Facebook data scandal being icing on the cake. We have been building Minds since 2011 as the issues of surveillance, data mining, algorithm manipulation, declining organic reach and demonetization have been constantly getting worse.

BLOCK TRIBUNE:  What kind of content currently resides? What do you envision being placed?

BILL OTTMAN: We have a wide spectrum of content creators including technologists, journalists, artists, musicians, activists and just regular concerned citizens. These issues affect everyone, so a network focused on Internet freedom and helping empower users is in demand.

BLOCK TRIBUNE:  What is the incentive for wallet-users to use your platform for more?

BILL OTTMAN: Users earn tokens for their contributions to the network including receiving votes, comments, shares, making referrals, gaining subscribers, checking-in and helping with development. Each user’s daily contribution relative to the community equates to their percentage of the daily reward pool of tokens which can then be used to Boost content for more promoted views or Wire to other users for rewards and exclusive content.

BLOCK TRIBUNE: How will content creator payments work?

BILL OTTMAN: Creators can set tiers of rewards with corresponding token amounts. If supporters choose to send funds on a monthly recurring basis they can access exclusive content (behind paywall) and other custom rewards that creators choose. Creators can be paid directly through their channel or through each piece of specific content. Content creators will also be able to earn tokens through our rewards system for their contributions to the network, which include receiving votes, comments, shares, gaining subscribers and referring new users.

We are currently running on the Ethereum Rinkeby testnet https://rinkeby.etherscan.io/token/0xf5f7ad7d2c37cae59207af43d0beb4b361fb9ec8.

BLOCK TRIBUNE: What content will be restricted?

BILL OTTMAN: Any illegal content will be restricted.

BLOCK TRIBUNE: How will you monitor that?

BILL OTTMAN: We’ve spent significant time building a content reporting and flagging system for the community and also have admin support going towards this. We also have built an appeal system for any reported content.

BLOCK TRIBUNE: If your network is anonymous, how will it display in mobile phone records?

BILL OTTMAN: Minds does not store the phone numbers you provide and phone numbers are not required to sign up for Minds. In fact, no personal information is required. The numbers are hashed using SHA-256 and combined with a salt key. The salt ensures that the numbers can not be matched unless the correct salt is provided.