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A cryptographic social network has announced plans to migrate its tokens on the main Ethereum network, potentially creating the largest Ethereum dApp on the network.
Minds announced Thursday that the $ MINDS native tokens would transit on Ethereum in August. The network team believes that its high volume of transactions will help "reinvigorate" the platform.
Minds launched its open source decentralized network at the beginning of April of this year. Like traditional social media, users can post, add and "remember" (share) the content published on the website. It also has video and group call functions and encrypted messaging, similar to Telegram.
Minds argues that blockchain means more transparency and gives users autonomy and ownership over their data. The Minds core team does not manage the content published on the platform; posts are only shot if they incite hate or harass another user.
"Users are tired of being exploited, it's time to provide people with real transparency, privacy and decentralization" said Minds co-founder and CEO , Bill Ottman. "Our community has requested encryption since we launched the point system in 2015. The core principles of blockchain technology are perfectly aligned with what Minds is trying to achieve."
Previously known as & # 39; boost points & # 39 ;, $ MINDS are used to incentivize business. Users who contribute or post other content on the network receive a larger share of the Daily Reward Pool. $ MINDS can buy higher profiles to attract more views to user content or access exclusive content.
In October 2017, when we spoke with Bill Ottman, he explained that "We started Minds because we believe that the best social networks must be empowered by people, for people. It must be free, open source encrypted, decentralized and monetized The human exploitation of status quo apps is out of control and it is only a matter of time before ethical and transparent alternatives become functionally competitive and accessible to the masses. "
Crypto social network could be the most great dApp of Ethereum [19659010] Scalability is a serious concern for Ethereum and in the last eight months the network has suffered severe delays due to periods of intense traffic. Currently, the biggest working dApp is Dappradar … which monitors other decentralized applications.
Minds uses a hybrid on-off chain system where part of the transaction volume goes off the chain and thus prevents the network from becoming clogged, avoiding a potential Crypto Kitties 2.0 incident.
Architecture, they argue, allows the dApp to downsize and minimize congestion; enabling high volumes of transactions and providing users with a better experience.
A high concentration of Minds users is in America and Europe, but also in Southeast Asia. The network experienced a strong increase in users in mid-June following the approval of a law in Vietnam that allowed the government to censor content and have unlimited access to users' social media accounts.
Facebook and Google said they would comply with the new Vietnamese legislation so as to continue their operations in the country.
Although the approach of the platform laissez-faire to content curation has obtained a following in the oppressed regions of the world, it also means that the small staff of Minds is in charge of the task apparently impossible to control the content, which is exactly what Ottman wants to avoid. But, as Wired pointed out, this could lead to the unpleasant (and possible unconscious) facilitation of payment, for example, to the neo-Nazi groups, as a reward for them using the platform.
Speaking with Breitbart Tech, Ottman explained that "In most cases, the censored people become further polarized and simply move to a new place that allows them to share their thoughts and ideas."
The involuntary consequences unattended social media are now clear – yet Minds is engaged in censorship – free principles that are almost certain to lead to the exploitation of its platform.
Ottman could be a visionary, or he could be a facilitator. It could be both.
And now, with over a million users, the move could make Minds the biggest dApp on Ethereum.
Great responsibility comes with great power.
The author is invested in ETH, mentioned in this article.
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