MINDS THE CRYPTO SOCIAL NETWORK HAS RAISED $10MILLION.
Minds Raises $10 Million for Decentralized and Encrypted Social Media and Messaging Apps. Minds is a crypto social network that includes an instant messaging chat program that allows users to connect in real time. Since receiving a fundraising round in October 2018, it has expanded to over 14 million users. “Our entire focus has been on developing a decentralized, encrypted open source alternative to mainstream social networking. “It never ceases to amaze me that none of them are open source,” said Bill Ottman, Minds' CEO and founder. “And it appears that a pattern of lack of openness, vigilance, and exploitation of users' freedoms is emerging. As a result, I've always believed that a decentralized open source social network would develop, similar to how open source has dominated Linux operating systems. Many users are drawn to its game-like elements, which encourage involvement and reward users with the Minds token, which was created on Ethereum. The social network's gamification has made it particularly popular in the gaming, crypto, and anime sectors. The network enhanced the Mind token in April, with a focus on decentralized financial (DeFi) interfaces, to assist bridge the gap between traditional social media and decentralized Web3 infrastructure, giving users more control over their digital identity and data. Minds CEO Ottman told GamesBeat that the company's free and open source software, decentralization, privacy, and synchronized economic incentives give users control.