Minds Launching On Ethereum Blockchain NetworkAugust 14, 2018
Minds, the social network based on the Blockchain, has announced its plans to move its platform from its current network test net Rinkeby to Ethereum’s Blockchain network. The social network start-up made this announcement on Monday.
Gearing Up For Increased Transactions
With the start-up having been on its Rinkeby test network for the last four and a half months, it has announced that it will be launching its full live platform on the Ethereum network. The firm has claimed, in a recent press release, it is able to provide a censorship-free social platform especially suited for and designed with the users in authoritarian countries in mind.
The company’s Chief Executive, Bill Ottman, has revealed that the platform receives over 500,000 views on a daily basis. The start-up also boasts registered users numbering a rumored 1.25 million, with seventy-five percent of these already owning test tokens. The company has stated that the users who have already earned the test tokens will be receiving the live token upon launch. The live token will be distributed through a free airdrop.
Ottman said that the company is expecting to experience a boost in the number of on-chain and off-chain transactions on the platform as a result of the company enabling the withdrawal, purchase, and reward of tokens on the platform.
The New Hybrid Model
He also added that the start-up has created a hybrid model that can operate both on-chain and off-chain so as to ensure that the platform could support the increased volumes it has been receiving, as well as make the platform easier to use for crypto beginners. The company has reported that the on-chain, off-chain model is expected to enable the system to handle an increased number of user volumes without affecting the Ethereum network.
While posting on the platform, users have been given the option of using their tokens to pay for more views and they can also be awarded tokens for interacting with content on the platform. The platform also allows for direct payment from users to content creators and users are also able to access premium content via subscription.
The CEO said that with the system having been a hit on the test net, the company is expecting that the decentralized platform will become even more popular on the Ethereum network and is even predicting that after the launch, the platform will even grow to be among the most popular applications based on the Ethereum network.
He, however, added that he expects the system to experience a number of issues among them a 24-hour disruption in user-to-user token transfer on the Wire and Boost feature. He said that this delay was helpful in ensuring that the token airdrop to beta users tallies with and reflects the previous earning balance.
The start-up’s adviser and Blockchain business developer, Elizabeth McCauley, said that the platform will act as a tool for global interaction and exchange of ideas for people residing in nations where governments conspire with companies carrying out surveillance of social media to stifle free speech.