Minds Key Tips #1: TOKENS
Whether you are new to Minds or not, you would have gathered by now that TOKENS are at the heart of the way the site operates. Everything you wish to know about Tokens can be found in the FAQs just under your avatar on the top right of your page (or in the WALLET icon at the foot of the page on mobiles). However, if you haven’t got the time and want a quick grasp of the system, this simple idiot’s guide should come in handy! These tips will be updated when there are changes.
TOP 10 TOKEN TIPS
1. Credit is given on Minds in the form of tokens for your participation. You earn tokens by signing up, posting, approving, commenting, coding, etc. You can also exchange them for more views of your posts (Boosts) or to support other creators (Wires).
2. The value of a Token on Minds is matched with 1000 points (or views) which was the old system. Now, instead of giving or receiving 1000 points, it is simplified to ONE TOKEN.
3. You earn Minds tokens for your contributions to the network each day (REWARDS). Contributions include setting up your account, referring new users, posting high quality content, being active on the site, contributing code, finding bugs and more.
4. Daily REWARDS are a specified number of tokens to match your contributions for that day. The higher the contribution the higher the score, and the higher the Reward at the end. However, your share depends on the whole network pool of contributions. It seems the higher the network score, the less you can expect to receive as a Reward, because more people are active, which reduces the share for each person.
5. Any Tokens you have, or you receive from the site or anyone, is currently worthless. The site is going through a testing phase for using Tokens as real payment in the near future, and Tokens become valid currency only when the testing phase is completed to ensure all goes well. For now, everything is operating ‘OFF CHAIN” because Minds Tokens can only be used on Minds, nowhere else.
6. Soon after testing began in April, ONE Token was set at a score of about 63. That meant you had to get at least a 315 score on any one day’s contribution to earn 5 Tokens. That rate has been gradually adjusted downward to approx 21 score per Token, so now you only need a score of just over 100 to get those 5 Tokens. In effect, you get three times as much in Rewards as before, which has to be good news for your input!
7. So what do you do with your tokens? Well, one thing is certain: they are wasted just sitting in your Wallet, especially if you are the type who is an observer rather than a creator. Minds Tokens are accepted as payment for all services on the network, including Boost, Wire, Plus and more. You may exchange your tokens for views of your posts with Boost, or you may send them to other channels as a tip, or for custom rewards with Wire. In other words, you can use your tokens as gifts to help someone boost the posts you like on their channel, or you can use them to boost your own posts.
8. When the testing phase is over, the operating system also moves “ON CHAIN” which is where transactions can be made, and the Token also takes on real value.
9. Technically, Minds tokens are the network's crypto tokens, built using ERC-20 utility standard and issued on the Ethereum blockchain. Not only earned through participation, they can also be purchased when the testing phase is over.
10. Everything to do with Tokens, Rewards, Contributions and Transactions can be found in your WALLET beside your notification bell.
Hope this is useful. :o)