The blockchain based social networking firm, Minds invests a $6M in Series A

by anne jane in Blockchain on 23rd October 2018

Minds is a crypto social networking website. This is a distributed social networking Platform and an open source. Users can get their rewards for the activities they have done online through revenue, promote more views of their content, digital currency. These rewards which are in the form of tokens which can be swapped for views on content or can be shared to other channels as a paid subscription. Users have to take utmost responsibility for the content they publish. The employees at Minds create free open source software to run on their network called Minds.com. Peer-review and public comments are always encouraged through Help and support group. Mind has become famous for its dedication to decentralization, Privacy, optional anonymity, user rewards, radical transparency, and free speech.

What is a decentralized social network?

A distributed social network is an internet networking service which is distributed between different providers. It consists of different social networking websites, where users can communicate with each other.

Minds, Series A fund

Minds, as a social networking company raised $6M in series A fund through Overstock.com’s venture arm and Medici Ventures. Through this investment, the CEO of Overstock, Patrick Byrne will join as a Board of Director in Minds. There has been a growing enthusiasm in the past few years about the blockchain technology to analyze organizations and individuals. Alluringly, Mind is designed for hybrid investing, which is a process of raising cash via token and some cash through VC. The hybrid investing model helps in assuring a level of freedom and allows experience from the investors probably to flow the cash into the firm.

In the words of Minds founder Bill Ottman

In June 2018, Minds noticed a considerable rise in new Vietnamese. Millions of users joined as a direct response to the new regulations in the country, executing the “cybersecurity” law. This includes unrestrained access to the data on social networking sites like Google or Facebook. Ottman also said that Minds want a revolutionary change with the rise of the social network. He pointed out that it is vital to oppose the big-tech companies that have been ignored for the past few years. With the digital revolution, people in the world are demanding systematic shadow-banning, data breaches, and censorship. Having said that, User safety,  global freedom, and fair economies depend on this revolution. He said that Mind has revised the UX for web development, and thoroughly revised all the mobile applications, so to perform even better with React Native. Of course, there is a full list of changes to be done.

Core Principles

 

The ideas for the Mind is global consciousness, unbiased, and revolutionized  

It Provides solutions with a freedom of speech, open discourse, and co-ownership

It secures data  by utmost privacy and transparency by using open and encrypted software

Earning Tokens

 

Users can contribute the original content and can swap them which receives more upvotes, reminds, and comments. They can get new subscribers by referring friends. For all the work and energy, users can earn the tokens. Users can swap their tokens to promote the content for a targeted channel’s audience or to a whole network. For 1000 views there will be a 1 token.

 

Conclusion

With Series A fund Mind is making progress towards the implementation of Ethereum blockchain as its main features. According to Ottman, this is the most significant upgrade which they have done. It is a happy news for the company that the VCs started investing in dApp firms which will ultimately bring out new revenue projects in contrast to advertising and click-bait.

Categories: Blockchain News

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