Minds is a social network where users earn native cryptocurrency of Minds network. According to its whitepaper, Minds’ mission is to bring back internet freedom on social media. The Minds platform intends to provide a network that has organic reach, privacy, and monetization opportunities. The platform further claims to be the leading open-source social network globally, having around four million users.
As time passed, it became clear that social media was an inevitable part of everyday life. It was also obvious that the time had come to adopt the network on the blockchain technology for WEB 3.0. The mainstream platform got overburdened with centralization and secrecy. Thus, it was time for a transparent and decentralized network. Therefore, the Minds platform came into the picture.
MINDS is the native token of the Minds platform. The MINDS token is based on the ERC20 token standard and is a utility token that works on the Ethereum blockchain. According to its website, MINDS coin is the fuel of the Minds network. The whitepaper intends that the MINDS token is an essential mechanism to incentivize the community to participate on the platform actively. The platform ensures that such contributions are adequately quantified, and the users who contribute are rewarded. Moreover, a tokenized reward system allows users to earn access to paid services on the Minds network. Such paid services include advertising and premium membership.
Further, the token is used to purchase advertising impressions through boost. The whitepaper claims that the token provides guaranteed views of the user’s content. This is an effective way to grow the audience and gain exposure. The holders of MINDS tokens can also provide liquidity to the token via liquidity pool and earn the reward on Uniswap. The Minds Pay is another feature of the platform where users can send MINDS directly to each other. Such transfer can be done as a tip or even as a payment for a premium membership. The platform is also preparing for the decentralized autonomous organization (DAO), which intends to open the governance system of the platform in the near future.
