Medici Ventures (a subsidiary of Overstock) has invested in a decentralized competitor of Facebook named Minds.
The total amount invested in series A is over $6 million. Minds is an extremely innovative social network that pays its users to participate.
This is extremely innovative and why I believe eventually companies like Minds will overtake Facebook and other industries.
Not only does Minds refuse to share your data, they pay you for the time you spend on their social network. Click here for information on how Mind’s reward system works.
Minds also guarantees free speech for all members on their platform. This is in stark contrast to the heavily censored ilk of Facebook and Twitter.
Unfortunately, Minds hasn’t seen tons of growth since its inception in 2015. It still has less than 10 million users.
My experience using Minds was underwhelming. The process of setting up a wallet to receive rewards was too complicated.
Additionally, it was pretty hard to figure out what exactly a channel was about without visiting it. It’d be good if when you hovered over a channel it displayed a brief customizable blurb featuring a channel description. As it is you have to guess what a channel’s about from its picture and name. This doesn’t always work. If a channel is named “Jack” for example, you pretty much have to visit it to have any idea what “Jack” posts about.
There are tags, but their help is limited. People often have 10-20 tags they use, many of which often don’t have any correlation to what they actually post.
I’m also not clear how you become an influencer or even grow your network without resorting to using other social networks. There wasn’t much of a sense of a “community” on Minds in my limited experience with it.
On Twitter, you could grow your userbase and followers simply by posting frequently. Steemit was also extremely accepting and helpful, with an entire subsection of the community devoted to helping newcomers. I didn’t see any such thing on Minds.
Minds needs to have a “new user welcome section” prominently displayed as soon as people join. Otherwise, the only reason you’d stay is if someone already on Minds asked you to. That’s not an ideal way to grow a business.
I ended up joining Facebook because for a time it was almost a stigma not to have it. “You don’t have Facebook!?” I remember one girl saying to me once, haha. I don’t see something like that ever happening with Minds. So it needs to rope people in and show them how to grow their network as fast as possible. I wasn’t inclined to devote hours of time to figure out how to get people interested in my channel. I doubt the average user would be either.
There is an option to “boost” one of your posts, but this flies in the face of Minds – to boost a post it costs $1. Who is going to be willing to spend money on a network that is supposed to reward you for your activity? Especially if they have zero subscribers and friends.
I didn’t appreciate how daunting it was to start a social media profile from nothing. That is a hurdle that at present Minds isn’t addressing adequately.
I believe that traditional social media will eventually be overtaken by a decentralized version. However I question if Minds is the version that will replace it.
To lure people from Facebook you need a “wow” factor, something tangible that everyone can immediately and easily grasp. Part of that is making it clear how you can start growing your network.
Minds is lacking in both categories, in spite of some of its wonderful ideas. Here’s hoping Minds improves and becomes the go-to decentralized network!
Will Salisbury is the co-founder of Blockchain Decrypted and full-time cryptocurrency trader. He also hosts the Blockchain Decrypted podcast, and when he's not talking or writing about blockchain technology and cryptos, he likes to play games and relax in his home state of Michigan.
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