Lots of friends on social media are looking to alternatives and while I suggest Hive whenever I get the chance, I do not rebuke any alternative as we should accept that many projects can succeed. Ideally, all cryptos will moon in the end, and if they don't it is not the end.
Let us take a closer look at Minds, a site i joined in 2016. I don't use it much but several friends have reccomended it recently, so I logged in and shared my Minds account on Facebook.
I like to take a closer look, directly into the heart of what makes it work. Checking out the wallet 'Monetization' setup I had to create a new token address, which turns out to be an ETH address.
:warning:
Important! Connect your bank A/C to receive USD payments
:warning:
Add receiver address to receive tokens payments
OK fair enough, it is at least built on crypto now.
.
MINDS
https://etherscan.io/token/0xb26631c6dda06ad89b93c71400d25692de89c068
Total Supply: 248,002,000 MINDS
Holders: 3,684 addresses
Transfers: 24,327
Ok fair enough. I don't use Eth but I will accept their tokens on Minds.
It appears that processing takes place once per day now, likely due to fee costs.
Learn About Tokens https://www.minds.com/wallet/canary/tokens/settings
"Minds rewards you with crypto for contributing to the network. The first step in joining our rewards program is to provide your mobile number. We convert your number into a hash ID using SHA-256 encryption and a salt key to create a unique identifier for your account. We do not store your number on our servers."
"Rather than rewarding you with Points in real-time, we are now distributing our crypto rewards as a “Daily Reward Pool”. During the test network, we will be experimenting with how the Daily Reward Pool is calculated, but it will ideally be automated based on user participation once we move into the Main Ethereum network."
"Every day, we measure your contributions to the network and you receive a “Contribution Score” which can be found in the Contributions section of your wallet. We then calculate how much you contributed to the network relative to the entire community, which determines the percentage of the Daily Reward Pool that you earn."
"It is important to note that with the new system, you will only receive credit for unique interaction, and you can only earn credit from another unique user once per metric per day. (If a friend votes on my content 100 times in a day, I will only get credit for 1 vote). This is critical in preventing gaming and abuse of the system as we move into more valuable token rewards. We are essentially measuring how many unique users you reached in a given day."
"Daily rewards will be distributed at 02:00 am GMT everyday into your off-chain address."
Like paetreon and other membership formats, I have to setup banking or token payments before I can create a new Membership Tier.
So I can't complete this step. After creating my token address it still wont let me create the monetized tier until I connect a bank account.
The fuel of the Minds network
Buy tokens to support Minds and your favorite channels. Unlock premium features and launch advertising campaigns to expand your reach.
Purchase Tokens: 41.5 Tokens = 0.25 Eth
https://www.minds.com/token
"The purpose of this paper is to provide an overview of Minds, a leader in this mass Internet migration and free software movement, and to introduce the Minds token, an ERC-20 utility token that will be issued on the Ethereum blockchain."
https://cdn-assets.minds.com/front/dist/en/assets/documents/Whitepaper-v0.5.pdf
1 token = 1,000 views
"Expand your reach and access new audiences. You can exchange one Minds Token for 1,000 boosted views across the network."
https://www.minds.com/boost
And then there is Minds PRO for $40/month
https://www.minds.com/pro
