Minds, an open-source Facebook alternative, has just launched its own token to reward users for participating on the website. The network migrated to Ethereum for the launch, after spending four-and-a-half months on the Rinkeby test network, CoinDesk reported. So far, things are going smoothly, which just a few minor issues such as OnChain token balances currently reading as 0. But this is temporary and is described in more detail in Fact #5 of this story.
Minds is a “Facebook clone” of sorts, but it’s encrypted, open-source, and focuses extensively on free speech. It even has a handy “migrate from Facebook” button that you can use. It looks very similar to Facebook in some ways. Each user has a profile page with a header and a profile photo. You can add stories or status updates just like on Facebook, and users can leave comments, share your posts, or vote them up or down. There’s also a newsfeed, where you can see what other people you’re following have posted. You can also create your own blog or group.
On Minds, you can subscribe to people whose posts you want to see. I’m on there as StephDwilson. If you try it out, give me a follow. You can register for Minds through my affiliate link if you want, which is here. And once you sign up, you can create your own affiliate link for referrals too.
Read on to learn more about the Minds Token launch and how to participate.
1. Users Needed to Opt Into the Rewards Program to Keep Their Beta Tokens Before the Minds Token Launched
Before the Minds token went live at 12 p.m. UTC, the network sent out an email encouraging users to the following in preparation.
- Visit the Minds Token page and read “Token Specs” for details about the token.
- Opt-in to the rewards program to claim Beta rewards when the token goes live. It appears this step had to be completed before Minds moved over to the Ethereum Mainnet in order to keep your token balance.
- Set up your OnChain wallet so your Minds channel can transact on the blockchain and receive 25 percent rewards.
- Purchase Ether so you can buy Minds tokens when the token is launched. This process can actually take several days, so the sooner you do this, the better.
2. The Minds Token Will Reward Participation on the Social Network & Help with Advertising & Subscriptions
The Minds Token page details how this new cryptoasset will work. Users on Minds.com will earn tokens for contributing on the site. You can also buy tokens on Minds. At the time of publication, 0.2 Ethereum will buy you 400 tokens, and you can purchase them here.
You can also promote your own posts by spending tokens. One token is worth 1,000 views on Minds. Of course, your posts may still be seen even without being promoted. But just like you can get more views if you “boost” a post on Facebook, you can get more views for promoting content on Minds too. The difference is that with Minds, you use tokens to boost your content. You can buy tokens or earn them.
You can also use tokens to tip other channels (aka accounts) on Minds or purchase content subscriptions or custom rewards. For example, supporters who wire $5/month to Minds Plus get to see exclusive content, hide advertisements, verify their channel, and earn badges.
If you refer people to Minds, you’ll earn tokens that way too. I have an account on Minds, and if you sign up for a new Minds account using this link, I’ll get a small reward. You can do the same thing once you set up your own Minds account. Just go to your Wallet page on Minds and scroll all the way to the bottom of the page, where you’ll see a referral link.
3. Here’s How the Minds Token Reward System Works
You will be rewarded Minds tokens for contributing to the Minds network. In contrast, you don’t get any rewards from Facebook for what you do there. (Steemit also rewards cryptocurrency, called Steem, for participation and upvotes. Steemit is kind of like a combination of Reddit and Medium. I’m on there as KittenLaw.)
Note: You will only receive rewards if you give Minds your mobile number so your account can be verified.
Crypto reward points aren’t earned in real-time. Instead, crypto rewards are distributed as part of a Daily Reward Pool, based on user participation. You’ll receive a daily Contribution Score, which you can find in the Contributions section of your Minds wallet online. If you configure an OnChain address, you’ll also get a 25 percent daily bonus reward for a limited time.
Your contributions are calculated through a weighted scoring system that only gives credit for unique engagements (i.e. users who provided a mobile number.)
4. How to Create an OnChain Address So You Can Get the Daily Bonus on Minds
OffChain tokens are stored on the Minds servers and can be used just as Points are used. You can withdraw these into an OnChain address. OnChain tokens, in contrast, are stored on the Ethereum public blockchain and are accessible outside of Minds. While OffChain transactions are free, OnChain transactions require a small Ethereum “gas” fee which helps pay miners to complete the transactions.
So how do you create an OnChain address so you can participate? An OnChain address is simply an Ethereum address where you can store your Mind tokens. And creating one is pretty simple.
You can use the MetaMask client to create your own private key if you don’t have one already. First, create your MetaMask account. This Minds article provides step-by-step instructions for creating a MetaMask account and an OnChain address. First, you’ll have to verify your account with your mobile number. Then you’ll set up your wallet via MetaMask (this is the easiest option.) MetaMask is a browser plugin that lets you run Ethereum applications in your browser. It provides a secure identity vault and user interface to manage your blockchain transactions on different sites like Minds, CryptoKitties, and more.
Then you’ll add MetaMask plugin for the browser you’re using, via the MetaMask website, and follow the rest of the steps. It’s actually all very simple. Just follow Minds’ step-by-step article to set up your OnChain address via MetaMask here. (This has a referral link from my Minds account. If you don’t want to use the referral link, just click here for the same article.)
Want to see what your rewards currently are? Go to your Minds account and click on your wallet at the top of the screen, next to the BOOST button. Or just click on Contributions here if you already have an account.
5. If You’re Seeing 0 Tokens Under Your OnChain & Receiver Address, Don’t Panic
Minds is a “Facebook clone” of sorts, but it’s encrypted, open source, and focuses extensively on free speech. It even has a handy “migrate from Facebook” button that you can use. It looks very similar to Facebook in some ways. Each user has a profile page with a header and a profile photo. You can add stories or status updates just like on Facebook, and users can leave comments, share your posts, or vote them up or down. There’s also a newsfeed, where you can see what other people you’re following have posted. You can also create your own blog or group.