‘Minds’ Launches an Open Source Blockchain Social Network
In the midst of the #DeleteFacebook movement, the public is increasingly looking to new ways of ensuring that they are in control of their own data. The movement exists as retribution for countless stories of social media platforms selling user data or otherwise allowing data to fall into the hands of third parties. Now, a new platform called Minds aims to be an open source blockchain-based social network.
Minds launches its “free speech engineered” social platform
Launched on March 27th, 2018, Minds boasts a series of planned and already implemented features that aim to ensure the platform is engineered for free speech. The platform claims to use an encrypted messenger which its developers cannot read, an anonymity option, and an open source client.
“Minds founding principle to always put user-rights in the forefront of every business decision drives the adoption of blockchain technology for [its] evolving social network,” the team stated, in a press release made available to Coinsquare Discover.
The “Minds Crypto Social Network” aims to have an Ethereum-based contribution economy and rewards system, as well as many of the features of its contemporary social media platforms like video and image hosting.
The team stated that users will be rewarded with tokens for engaging with the app, and that user data will not be sold without consent. Further, the company claims that it was involved in a record breaking SEC Regulation CF equity-crowdfunding, raising $1 million USD (nearly $1.3 million CAD) in 19 days.
Challenges ahead of new social media platforms
Through leveraging blockchain technology, the company claims that it will be able to deliver on features such as crowdfunding and tipping for creators, and daily rewards for contributing users.
The company also stated that the platform will sustain itself through peer-to-peer advertising, allowing for brands to trade with each other and users without the need for intermediaries. Purportedly, these transactions will be viewable on the blockchain, allowing for both internal and external auditing.
“Now more than ever, there is a critical need for a platform like Minds [due to] existing players trampling on rights and enforcing biases of often a minority viewpoint,” said advisor Elizabeth McCauley. “Minds provides the perfect avenue for free speech, expression, idea sharing and individual liberties all with clear accountability.”
With the launch, however, Minds’ battle to emerge as a social media platform is only just beginning. Attracting users, creators, and advertisers will prove itself to be a difficult challenge in today’s technological landscape. However, with the public now eager to distance itself from platforms like Facebook which control user data, decentralized social media could have a place in the future of online communication.
Image credit: Minds logo
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