Not long ago we wrote our recommendation for Minds to improve the reward system for all users of the service. As we have not had any response from Minds or movement from Minds in terms of making an even playing field for rewards on the network we are going to share how to create your own token economy on MintMe.
Mint me is an open sourced software that allows you to mint what they call a “creator token” on top of their platform for user to gain independent support and financial freedom. You can find out more on their website or GitHub. In short its a place to create and mint your own token for users to support your creations or projects wherever they may be.
I like the concept of the MintMe as it allows your supporters to directly buy your token with ETH, and buy and sell your token with the networks token “MintMe” that you can trade for ETH or BTC on the block-chain. You can also deploy your token to the block-chain network allowing users to withdrawal your token to 3rd party cryptocurrency wallets like MetaMask.
In my view it is real financial freedom, you do not have to pay to create a token or be a plus member to withdraw your earnings from your supporters. It allows you to have true independence based on your supporters. No separation of classes or special feeds to game tokens, this is just based on you, not what your paying or what class of user is interacting with you.
I have been playing with the MintMe program for a bit so I am going to give you some tips on creating your own token on the network as well as our token economy layout that any user on Minds could use. We will go over our mistakes in testing below this for some fun.
Once you launch your token you will not be able to change the name.
Don’t make to many tokens you want them to be worth something.
Give out tokens to your subs for sharing your token on Minds!
Offer rewards like Music, NFTs, Artwork or even Minds tokens for owning your token.
Allow supporters buy and sell the token p2p on your token profile!
Allow users to withdrawal your token to trade on the block-chain or swap with other crypto-currency assets.
We made some basic mistakes with creating our token in testing that I thought would be fun to bring up as we made sure to include the the tip above in our ecosystem. The first mistake we made was naming our token, really our token name for community support was originally based on a game idea (still being created) not a supporter token. O well it works for us and will be great fro when the game comes. The next mistake we made for a supporter token would be supply, as the main plan is to use the token for games we wanted many to collect and use to play, unlock things but this probably isn't the best for a supporter token. The last mistake is pretty much the same mistake, to many tokens… but in this case we have created so many its to expensive to currently launch on the block-chain reasonably. We have to release and gain enough support to do this in the long run because of the supply but I have high hopes.
Thanks for reading and supporting us as always! Please if you enjoyed this blog remind, like and commenting really helps us grow! I hope someone finds this blog helpful as a way to create their own token ecosystem that they can use to earn cryptocurrency for creating content. As its clear Minds only wants the upper class to benefit from private plus feeds that are easy to game and manipulate on their network leaving many content creators and base users looking for real finical independence, not pay to play programs.