Social Platform Minds will Transfer to Ethereum
According to an announcement on the 13th of August, based on blockchain-tech, Minds, the social network will be relocating its platform to Ethereum for its launch. Following almost five months of testing on the Rinkeby network, the project will transfer its network to Ethereum in preparation of its full launch.
According to Mind, it’s platform offers a censor-less and fully accessible network to all its users with a prioritized focus on users operating in countries with severe restrictions and authoritarian methods. Bill Ottman, the chief executive officer of Minds has stated that the network has achieved around 500K views per day of its page.
Additionally, Minds has stated around 1.25M users have already registered their accounts with around 75% of those users possessing trial coins. Users possessing these coins will be able to acquire Minds’ live coin through the company’s free airdrop. According to Ottman, he states that the company is looking to see a climb in transaction rates, on and off the blockchain as a result of financial features like withdrawals, buys and more.
He goes on to add that the development team has designed a hybrid model acting as an on and off-chain service as a means of providing a platform able to deal with the expected transaction volumes and offer a simple, inviting and interactive interface for new coming traders. The multi-feature model will aid the platform in managing increased user traffic without resulting in any jams or congestion on Ethereum’s network.
Tokens will act as a payment method for users, guaranteeing that a significant number of individuals will be able to view posts and acquire coins through content involvement and interaction. Additionally, tokens can be used to pay content creators instantly and register for subscription services. The company’s head executive believes that Minds will become one of the most eagerly received decentralized platforms on Ethereum following its release.
However, Ottman has mentioned a few possible complications, stating that only a single-day halt of P2P transactions on the platform through its special features will occur as a result of guaranteeing that the previously mentioned airdrop for the platforms early users delivers the rightful number of tokens earned. Adviser at Minds, Elizabeth McCauley, stated that Minds would act as a sanctuary for investors and traders looking to operate internationally after governments and authority figures tackle “free speech” and centralization spreads among social media companies.