Blockchain-based social network Minds is migrating its platform to the ethereal network. The startup was announced on Monday. After four and a half months on its Rinkeby test network, the startup is going there for its full live launch.
The firm claims to provide a censorship-resistant, accessible social network for users, especially those in potentially authoritarian nations. CEO Bill Ottman told that the platform seems around 5,00,000 daily page views. The platform also claims roughly 1.25 million registered users. About 75 percent were already earned test tokens. These users will be eligible to receive the platform’s live token via a free “airdrop” distribution as a result.
Blockchain Social Network Minds Migrates Ethereum
“We expect an overall increase in transactions, both on-chain and off-chain, due to the activation of token withdrawals, purchases, and rewards,” Ottman said. He also said that the team had engineered a “hybrid on-chain/off-chain model”. This ensures that the system can handle the volume Minds and provides a simple user experience for crypto newcomers.
The on-chain and off-chain model helps the platform to handle large user volumes without congesting the ethereal network. Users can pay tokens to ensure a greater number of people seeing their posts, or earn tokens by interacting with content. Users can also use it to pay creators directly and subscribe to premium content.
Ottman said that the use case has been popular on the test network. It predicts that the decentralized platform will become one of the more popular apps on ethereum as a result of the launch. The CEO anticipated few issues ahead, saying “the only disruption will be a 24-hour pause in [peer-to-peer] transfers between users via our Wire and Boost features. This is necessary only to ensure the airdrop to our beta users accurately reflects their prior token balance of earnings thus far.”
Elizabeth McCauley, Blockchain Business Developer and Minds adviser, said in the press release: “When governments crack down on free speech and team with centralized social media surveillance companies, Minds provides a refuge for individuals seeking an avenue for global interaction and idea exchange.”
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