MINDS tokens are used across the network for advertising, liquidity mining, ad mining, rewards, tipping, unlocking memberships and establishing decentralized reputation. The underlying principle is to fairly3 compensate community participants contributing the most to different aspects of the ecosystem through daily rewards. The hybrid on-chain/off-chain system enables scalability and easy UX while simultaneously empowering users with the option to transact with tokens via sovereign web3 wallets.
MINDS tokens can be used to purchase advertising impressions on the network through Boost. One token grants guaranteed views of your content or channel from the greater Minds network. Boosting is an effective way to grow an audience or gain more exposure on a channel or any given piece of content.
Boosting your content produces full multi-media, in-newsfeed advertisements unreliant on invasive surveillance. The system was built in reaction to restricted organic reach and algorithms on establishment social networks to give users full control over the reach of their content and access to their audience.
Tokens are required in order to access advertising views from the wider Minds network. This requirement ties advertising impressions directly to the MINDS token and grounds the token’s value in a tangible service. On-chain boosting provides a transparent and auditable record of those purchases of advertisements on the network.
The smart contracts for the Boost system contain specific data disclosures for on-chain advertising on
the platform. This data includes the Boost GUID (global unique identifier), the wallet address of both the
sender and receiver, the amount that was transacted and a MD5 checksum to verify the integrity of the
Minds also provides content creators with the ability to manage relationships with advertisers directlythrough Boost Offers. Boost Offers is a paid promotion tool, where users can send offers of MINDS tokens to other users in exchange for a guaranteed ‘remind’ (share) of that content to their audience. In other words, User A can offer User B any amount of tokens to share their post.
Every on-chain MINDS token transaction establishes a direct, peer-to-peer relationship between advertisers and content creators with a smart contract. This enables creators to autonomously own the relationship with their advertisers and minimizes risk of third party interference or demonetization.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- EthereumEthereum is an open-source, public, distributed blockchain computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.