What is Minds? Blockchain Social Network (Minds Token) Pays Users

Recently on social media, there has been a trend of using Minds, even quitting Facebook and moving to Minds. So what is Minds? What is Minds Token? Why does it have such a big attraction? Should we give up on Facebook to use Minds?

What is Minds?

Basically, Minds (Minds.com) is also a social platform like Facebook, Twitter, etc, where users post statuses, discuss, chat, create groups, make friends, etc from all over the world.

It’s difference is that Minds is a decentralized social platform, built upon open source codes and integrated with Blockchain technology, specifically Blockchain of Ethereum.

It is a brand new technology and has many outstanding advantages comparing to temporary foundations.

Furthermore, it is completely programmed by open source codes  and can encrypt all the personal messages sent by users. Users take complete control in every aspect. Developers state, this is what makes Minds differ from Facebook, which is notorious for invading users’ privacy (the most recent is 87 million users’s information was revealed). After that GDPR policy was given out to protect data and privacy of users.

Nowadays this social platform has been a discussing topic of the internet, you can search “Minds” on Google and there appear thousands, millions of results.

Minds pay users

Minds pay users, which might be the most attractive aspect towards users. You might not know whether it is true or not, but after taking a look at the information below, obviously you cannot refuse to be apart of.

For Facebook and other traditional social platforms, when having a huge number of users, they will earn a huge amount of money from advertising. Meanwhile users earn nothing. Minds is totally different. They pay and share their profits with users, because users help them to make profits. Specifically they pay by Minds Token (cryptocurrency), which is made by themselves.

When you’re on Minds, posting statuses, images; discussing; liking; sharing; taking part in groups etc, you will be rewarded Minds Token, which depends on your contribution. For example if your status have a lot of views, likes and comments you will also be rewarded a lot of tokens. However Minds Token is only tested on TestNet, not yet on transaction market. Therefore Minds Token’s value remains unknown. We only know the value as long as they are on transaction market.

Minds Token, similar to other forms of cryptocurrency, when being put up on transaction market you can move to the market and sell for cash or exchange with other forms of cryptocurrency. You can also use Minds Token to run ads, boost engagements for your content right on this social platform. Currently Minds Token already activates this function, 1 Mind Token is equal to 1000 views (impressions).

What is Minds Token?

Minds develop their own tokens called Minds token. It was built based on Ethereum ERC20 tokens. These days most ICO projects use Ethereum ERC20 foundation to release tokens, there have been many successful projects such as: EOS, TRON, CyberMiles…

If you ever get involved cryptocurrency markets, Minds Token is also cryptocurrency. You can move to market to exchange Bitcoin or Ethereum and sell for cash.

However Minds Token is only tested on TestNet. It isn’t officially operated or put up on transaction markets. Therefore we do not know the value of Minds Token. Therefore nowadays you can use this social platform to earn Minds Token, but yet to sell for cash. You can earn and accumulate and wait until it is put up on transaction market to sell. Or you can use them to run advertisements on this social platform. Just get involved like android, which means participating for free and selling only when they are on the markets.

Note: currently, Minds Tokens (Points) can not be sold. Minds mentioned this in their TOS (Restricted Use section). But the TOS lingo may be outdated. We will keep you updated on future progress. However, the Minds Tokens are your property once you’ve earned them, so you’re free to do with them as you wish 🙂

Updated:  August 13th 2018, the Minds Token went live. This is a good news. After this, you will need to buy ETH (this cryptocurrency leveraged by Ethereum) to buy Minds Token. And this is the only way (using ETH) to buy Minds Tokens. If you want to use the Minds Token with OnChain wallet (we will talk about this below), you will need to have some ETH in your walllet. For buying ETH you can go to https://www.coinbase.com/ then create and setup an account for yourself. Afterwards, you can buy Minds Token by using your ETH. More information here

For more information about Minds and Minds Token, you can read this article to know how to use Minds Token and what to notice when using Minds

How Minds rewards

Tokens are rewarded for users at 2.00 everyday (GMT) to Offchain wallet. Offchain wallet is internally used in Minds’s server only. The more you contribute, develop, engage in communities, the more you get rewarded.

Your activities are converted to accumulated points. Minds Token will be rewarded based on this formula:

Your token reward = (Your daily accumulated points ÷ Network’s daily accumulated points) x The sum of token rewarded of network.

– Specifically, your daily accumulated points are converted as followings:

• 1 point for 1 upvote
• 2 points for 1 comment on your posts
• 4 points for a subscriber or shared
• 10 points for an invitation using a referral code (new user)
• 2 points for every time you check-in

Building, developing, maintaining Minds’s infrastractures like informing errors and privacy leaks, building documents, translations etc. They are controlled and converted depending on different situations.

Some point counting criteria that will be implemented in the future include number of traffic and views, time of using Minds

– Network’s daily accumulated points: are the sum of daily accumulated points of all of the users on the platform

– Daily Reward Tokens: are manually operated in the testing time, after that they are automatically operated by the participation of users.

Notice: To be rewarded when using Minds, when creating an account you have to provide Minds your phone number. This phone number is used to create an ID for your account. Your phone number will not be saved on Minds’s server.

To avoid deception, every above criterion is only applied for friend account whose phone number is registered with Minds, and 1 friend account/ every criterion/ everyday. For example, a person likes your posts 10 times per day, comments 10 times and shares 5 times then they are counted as 1 like, 1 share and 1 comment from that friend. Respect ownership by properly sharing the contents by clicking Remind. Avoid copying the contents and reposting on your timeline, except for some unwilling cases.

The point counting methods above are still applied and might be changed later.

You can also upgrade your account to Minds Plus for $5/month and unlock premium features (Hide Boosts, Exclusive, Verified, Plus Badge)

How to check the number of Mind Tokens

In the wallet (Home symbol on the top right of the screen), here you can see your Minds Token balance. These Minds Tokens are saved in Offchain wallet (Minds’s server), you can temporarily save there or withdraw to Onchain wallet if you want (Onchain means saving on Blockchain Ethereum)

Before withdrawing, you have to create an Onchain wallet or add your Onchain wallet. To do this, you go to ADDRESSES section and choose 1 of 3:

• MetaMask (recommended by Minds): this is an Ethereum wallet application used on extensional utilities of computer browsers (Chrome). If you don’t want to use Metamask then we also have other options (CREATE ADDRESS or PROVIDE ADDRESS):
• CREATE ADDRESS: create a new wallet, after clicking CREATE ADDRESS, the system will create a new wallet for you, then you click Download button to save private key files to your wallet. Carefully take care if this file because it is the code to get access to your token wallet the next times.
• PROVIDE ADDRESS: add address to your current wallet.

After creating or adding Onchain wallet you can go to WITHDRAW section to start withdrawing Minds Token. The system asks you to unlock your wallet that you need to enter your Private Key (this saved in the file you downloaded in the “Create Wallet” step) then click COMPLETE.

Should we give up on Facebook and switch to Minds?

Many people move from Facebook to Minds and express an unsatisfied attitude towards this social network, when there are more and more negative things happening.

It is not yet estimated how many people leave Facebook for Minds. However according to BBC, until July 2nd, many famous facebookers in the field of activism, knowledge, art, music, etc inform that they opened their accounts on Minds and decreased their frequency being active on Facebook or posted contents on Minds but reposted on Facebook”

They believe Minds “guarantees their privacy policy” and “does not cooperate with governments to control posts’ content” while Facebook is accused of deleting accounts and posts if governments require. Others have contradicted ideas: Minds is not as great as what people expect, it’s just attractive due to Minds Token given to users. Minds claims to be a blockchain social network, but only uses blockchain for tokens transactions, not for social networks. About privacy, in the EULA agreement (agreement with service users) of Minds, it states that they will give out information when being asked by governments.

Personally I think Minds is difficult to use and doesn’t have as many functions as Facebook. Probably Minds is the later generation comparing to Facebook and users are not many. Minds probably will develop more if we have more friends and groups on Minds.

Should we quit Facebook and use Minds?

Minds is completely new, connections and engagements are not frequent yet. It is similar to Twitter at its beginning, their functions are not diverse except for some basic functions such ad posting statuses, images, liking (voting), sharing, groups, etc. Of course they will gradually be developed.

Quitting Facebook is not a piece of cake, though there are negative news of data leaks, non-guaranteed security, etc. But in contrary its advantages are great. Because Minds is a social network so it will also help you promote your website, channel without investment.

What’s more, Facebook is a huge community, you definitely have been using it for a long tome, the number of friends are not few, quitting Facebook and using Minds mean you have to build your relationship from scratch and be “lonely” for quite a long time, except when you are able to invited friends and family to do the same thing. Therefore you should create a Minds’s account to experience this new technology of social platform, but use Facebook along with it to connect with your friends, do business, etc

For those who want to earn money online, have a fancy for cryptocurrency then Minds is absolutely a wonderful place for you. Although Minds Tokens are not on market yet, which means having no values yet, but the potentials of cryptocurrency and blockchain are not small.

Quitting Facebook to use Minds is a mistake, but using only Facebook without Minds might also be a great loss for you.

Conclusion

Minds is an ambitious social network, a redoubtable competitor for Facebook, you should try to register for Minds now (it’s FREE). Use Minds and Facebook along with it to bring out the best outcomes in your relationships and businesses (you can visit, subscribe our Minds Channel: Minds.com/OhIWill). Furthermore, Minds allows you to make Minds Token from this moment, though they haven’t had real value, just start to build the community and boost the number of followers from now. Take part in like Airdrop, take part in getting free tokens, wait until they are on the markets and have a good price then sell them. Who knows, it might be a channel to help you make profits in the future.