In this MG-Log we are going to talk about the new token from Minds and what it means to you, the user.
Also Please watch our video about this :)
This is our first locked MG-log for tokens so, as always, thank you for unlocking and feel free to share any info you learn from this in your own way :)
As you know by now Minds released its Test Token on the Rinkeby TestNet (referred to as TestNet from here on). These terms are important for you as a user and every token help blog I have seen is missing this very important point and the WhitePaper just didn't do it for me on that, although it was very well written for when Minds is on the MainNet.
So you're asking, "what is a TestNet?" and "why are you calling it a test token?". Well, a TestNet is exactly what it sounds like, a test. It's a test to see if your token or coin will hold up, its security, and so on.
So quick and to the point here, we are testing the Minds Token on the TestNet for ECR20 currently and these tokens have no real cash value to you, the user, at this stage, and this is a very important point to some users. Users that only used the Minds points system (Not Stripe to collect cash) nothing has changed for you really but please read anyway. Things have changed a lot, however, for users that were monetized and we are here to explain what.
What has changed for monetized users?
1.) Unlike @MindsPlus, you have no way to collect cold, hard cash or cash out your test tokens for cold, hard cash.
2.) Testers of the system will be rewarded for helping find bugs and just using the test token system.
3.) Testing the token is necessary to make sure it does not fail or crash in my opinion, and worth the long term view if you understand the risks.
4.) Buying test tokens or @MindsPlus membership still helps build the network and work on features like the video loss.
5.) Oh, did I mention videos are limited to 15 mins now (Exclusive downfall) even though a block-chain could easily host better videos and longer than the previous of 30mins way cheaper.
6.) Minds is still in beta this has not changed, we are beta testing the token system and full launch now. There is no set or confirmed date or how long this limbo will be but it will be announced by Minds when we are no longer in beta testing. No public change-log to date.
7.) This is a very important turning point for Minds and they need your support and help testing now more than ever! Spread the word, use the token, wire, boost, lock posts, everything!
I completely understand what I am doing, the risks, current value of both a Minds Test token and ERC20 Token on the MainNet is what you should be saying other than support, support, support!!!
I hope you all enjoyed the video and blog for MG-Log this round feel free as always to comment any questions.
Minds Cryptocurrency (Not ready for release)