Prior to Steemit and other blockchain based social networking and blogging alternatives that have popped up over the past few years we had something called Minds.com. The platform was being publicized as a fully encrypted and anonymous alternative to Facebook, although in reality it was far more a blogging platform than a social media platform. Minds gained quite a bit of traction in the first few months, with mentions in most mainstream media platforms – then the hype died away along with any traction it was gaining.
Since then the site has grown, however with the introduction of decentralized solutions such as Steemit, Minds.com was quickly put to the back of the room.
So, it comes as no surprise to see that Minds are now having one last stab at success to regain some of their lost ground by introducing their own Cryptocurrency.
Details on the token are currently vague however it seems as it’s functionality will be primarily to generate funds for the platform itself, but also be used to incentivise posts and fund advertising promotions on posts. The full announcement from Minds can be found here:
Coming very soon in the first quarter of 2018, we will extend our monetization system with crypto. The Minds Token will run on the distributed blockchain and will be immediately usable throughout the platform with Wire, Boost and our user reward system.
Our commitment is to deliver the best crypto-powered social network in the world, and we are on track to launch in 1Q 2018. Standby in the coming weeks for the release of our white paper which will disclose the full details on how it will all work, when it will launch, and how you can participate.
That is about all they are currently giving us on details surrounding the new token.
To Little to Late?
Minds has lost so much ground in the fight for it’s place in the evolving alternative to mainstream social networks, is this latest proposal a little to late to save it’s existence? Most likely it is, however they may surprise us all, however if this is no more than just a token with no real underlying value other than payment and reward on their own platform it’s unlikely to generate much new interest.
As soon as we know more we’ll let you know, in the meantime if you haven’t already checkout Minds.com for yourselves.