Minds, a decentralized social network, has recently raised $6 million in funding. The new investor is Medici Ventures, the venture capital associated with Overstock.com.
Minds: A More Secure Social Network
Minds is a decentralized social network that exists on a blockchain. Specifically, it runs on Ethereum and uses blockchain technology to provide users with more security. The team behind the project aims to create a better alternative to popular social media platforms like Facebook and Twitter.
In this way, Minds represents a social media platform that doesn’t allow data mining by third parties. Moreover, it has no censorship, among other benefits.
Other social networking and messaging companies are also venturing into blockchain. For example, Telegraph’s blockchain platform is almost ready.
Users Can Earn Tokens
One of the key features of Minds is allowing users to earn tokens. For this purpose, the company has recently released its own crypto asset, $MINDS.
The social network has made the token available for purchase. Also, the tokens are airdropped based on contributions to the network.
Users can earn tokens by contributing to the platform with content, or by being active participants. At the same time, users can spend tokens to make their content more visible, for crowdfunding and other purposes.
Patrick Byrne to Join Minds’ Board of Directors
The investment from Medici Ventures represents Series A funding for Minds. Series A is the first major round of funding from venture capital.
Overstock, the company that owns Medici Ventures, is one of the first large retailers to accept cryptocurrency. Its CEO, Patrick Byrne has been interested in cryptocurrency and blockchain technology for several years. In addition, Byrne is one of the blockchain’s most vocal advocates.
In addition to investing, Byrne will also join Minds’ board of directors. Given his experience in the tech space, Byrne’s addition represents an important step for the social network.
In a statement emailed to Blocklr, Byrne explained:
“There has been increasing excitement in recent years over the power of blockchain technology to liberate individuals and organizations. Minds’
work employing blockchain technology as a social media application is the next great innovation toward mainstream use of this world-changing technology.”