Ethereum on the mind of blockchain based social network, Minds 20949
Madhurima Roy
Aug 14, 2018 at 10:28 AM

Minds has officially announced that it is shifting its platform to the Ethereum blockchain, dropping its existing one. Minds, a blockchain based social network, made the announcement on 13th August stating that it is leaving its Rinkeby test network to move to the new one.

SEE ALSO: Fintech firm Bitt inks deal with Curaçao’s central bank to launch local digital currency

Switching to Ethereum blockchain

The company has been running on the test network for almost four months before it decided to go live on the Ethereum network. Previously, users were earning test tokens for the test network. Transforming to new one, the users will now be earning the live token via an airdrop.

Minds’ platform provides a social network without any restriction, especially those in potentially authoritarian nations. Elizabeth McCauley, blockchain business developer, and Minds adviser said: “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.”

What is the CEO looking forward to?

In the statement, the CEO of Minds, Bill Ottman noted that the platform currently gets 500,000 page views daily, and is reportedly a blockchain-based substitute to Facebook

SEE ALSO: Ethereum [ETH] slumps below $300; loses around $2.5 billion in market value

The CEO of Minds is expecting an eventual comprehensive boost in its on-chain and off-chain transactions as it goes to the Ethereum blockchain. The company has also got its team that developed a “hybrid on-chain/off-chain model”, designed to advance user experience.

The on-chain/off-chain hybrid model will further assist the platform to handle large user volumes without clogging the Ethereum network.


Image via Shutterstock

Join our Telegram group