A decentralized social networking app, Minds announced on Friday the official launch of its Crypto Social Network. With user rights at the core of its every business decision, Minds claims its blockchain-based network provides transparency and autonomy and allows control of user data as well as HD video and image hosting, live group conversations, and a blogging network. The company claims to have gained 1,500+ investors in a record-breaking SEC Regulation CF equity-crowdfunding to become community-owned.
Bill Ottman of Minds.com said, in a statement, “This is the next logical and exciting evolution in creating more open, cooperative business models in mainstream social media. We’re especially thrilled about the progress we’ve made in creating a more transparent and democratic ad network that runs completely differently from existing models by directly connecting advertisers and publishers.”
The Minds Crypto Social Network will allow users to monetize content through engagement rewards that can be exchanged for more views on their content or peer-to-peer with other users for rewards such as access to exclusive content. The platform emphasizes organic reach and promises a chronological newsfeed without any obtrusive algorithms.
“Now more than ever, there is a critical need for a platform like Minds, said company advisor, Elizabeth McCauley in a statement. “With existing players trampling on rights and enforcing biases of often a minority viewpoint, Minds provides the perfect avenue for free speech, expression, idea sharing and individual liberties all with clear accountability. I am excited for Minds to empower and enable discussion on a global level.”
The Minds Crypto Social Network promises also to protect user privacy by employing fully encrypted messaging and the right to participate anonymously in discussion and other activities on the platform while maintaining a fully open source code base.
“Minds' stated goal is to provide complete confidentiality for their users,” stated Josh Shaul, a cybersecurity expert. “By engineering HTTPS throughout their application, and leveraging end-to-end RSA 2048-bit encryption for messaging, they are well on their way to achieving that goal.”
To learn more about Minds Crypto Social Network, visit www.minds.com/.