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#MindsGaming Channel Token Idea. Minds Admits It Needs A New Reward System (Again, updated)

#MindsGamingApr 27, 2021, 8:08:28 PM
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Minds has recently run into a major “bot” issue with rewards that has been spiraling around the network. Minds quickly rushed to protect the token network by adding a restriction to users to gain rewards. This restriction makes it so users only gain rewards from interactions from plus users on the network.

This quickly caused an uproar among base users whom are calling the move class separation. Faced with growing backlash of the system as base users see little to no rewards without begging plus users for engagement or becoming a plus user themselves, and posting on the specialized plus feed only plus users can access for engagement with each-other as an easy way grow interactions among other plus users.

As base users beg and plus users conceal themselves inside special access feeds to easily manipulate interactions and rewards with each other, Minds may have seen the flaw in the concept and be looking into other ways to reward the user base. Minds recently logged an issue on the public Gitlab called “Find alternative way to trust non-paying users engagement to count towards rewards”.

https://gitlab.com/minds/engine/-/issues/1944


My Idea (Channel Tokens)

 

 

Creator Tokens

Create a backend trading network for network tokens.

Gist:

To build on top of the MINDS token economy with channel tokens.

How It Would Work:

Every channel would have a token that represents their channel for other users to support them. This will help content creators to realize their maximum potential and create a way for channels to crowdfund. It also creates a social platform where channel value is based off users that support your channel and nothing else. Tokens would be created on top of the Minds token to create your own future. Trade your token for MINDS.

Why it would work:

1.)You earn more by supporting smaller creators who become big.

2.) This encourages, creative spaces and social engagement with users to gain support.

3.) Your token value only grows if users actually support your channel and are actively using engaging with the token.

4.) As each channel would have their own token, and the value of that token would be based of the traction of others using the token on the network this would deflect a major part of gaming the token space.

5.) Minds wont need the information Minds users (like phone number) tell the user wants to put their token on the block-chain.

Channel Token Flow

1.) @Channel creates tokens with account creation where token name = @tag .

2.) Each channel would have a “trader” page where users could buy or sell their token for Minds off-chain.

3.) Allow channels to lock posts and create tier memberships for their token where if you own x amount of tokens for that channel you will be able to view the post. Users should also still be able to create standard Minds memberships for Minds tokens.

4.) User would still gain rewards in Minds tokens and use them for for boosting

5.) In the long term allow users to pay Minds tokens to launch their created token to a block-chain.

 

Closing

I really want Minds to attack this issue head on and to see a solution to the issue as soon as possible. My idea would take some time to place on the network, but long term I think its a valid solution.  I hope the users who feel personally attacked by the class system stick around tell they fix the issue. Please interact with this post by reminding, liking and commenting :)

 

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