Social media companies have gained such power over content and its consumption over the last decade that it’s painfully clear that there’s a need for new alternatives. Whether it was the Cambridge Analytica scandal, recent revelations of Facebook execs blocking Turkish militants at the behest of the government or Twitter’s use as a surveillance tool during Black Lives Matter protests, having alternatives is increasingly urgent. That brings us to the next Dapp in the marathon. Minds is an open source and decentralized social networking platform where users are rewarded with Minds tokens for contributions to the community. With over 4 Million registered users, their goal is to build a new model for content creators to take back their Internet freedom, revenue and social reach.
Surveillance, algorithm manipulation and censorship are reaching unprecedented levels globally, just when open conversations and platforms to hear different voices are needed most. That’s where Minds comes in. With increasing adoption and support of blockchain Minds is fusing crypto and social media to offer a healthy evolution of social media and offer the world a place to have open conversations while bringing people together.
In line with the rise of the ownership economy and decentralization/democratization of business, Minds runs on a few core principles:
In the Minds contribution economy, users and developers are rewarded for a variety of contributions to the network. Tokenized rewards provide the key incentive to help foster a richer and more rewarding user experience, and the growth and long-term sustainability of the network. WIth the high gas fees and congestion on Ethereum, SKALE’s model of a private Ethereum-compatible Dapp specific SKALE chain was compelling. They have the flexibility to scale up chains, mitigating congestion, while significantly saving money in transaction fees.
Dapp category: Social Network
What SKALE features are Minds utilizing?
Minds plans on using SKALE’s near-zero gas costs, faster commit times, and increased transaction throughput to insure that Minds users have the kind of experience they are used to having with traditional social media apps, but all in a censorship resistant, decentralized offering.
What Minds is saying about SKALE:
"Building a free and open source social network to become competitive with the proprietary tech titans was inevitable. As we began to build Minds, we realized we had to create a sustainable network that scales to billions of users. For the MINDS token, with SKALE working alongside Ethereum, we are hopeful to achieve the throughput, security and UX necessary to simultaneously appeal to technical and non-technical users interested in earning token value for their contributions to the network." Bill Ottman, CEO & Founder, Minds