Blockchain Based Social Network Guide
Minds Social Media
Founder: Bill Ottman
Minds Forum is an open social network platform hosted on Amazon Web Services (AWS). As reported in its official whitepaper, social network media from around the world are increasingly being infected by surveillance, censorship and manipulation. Minds forum, founded by its CEO Bill Ottman, aims to solve the above concerns by providing the world with a censorship resistant, transparent, rewarding and autonomous social networking platform.
Minds Social Networking platform rewards users and participants for their contributions to the network by providing them with its own native cryptocurrency coin, “Minds tokens”. Users can get rewards for providing quality and useful contents, referring new users and maintaining channel etc. The amount of rewards earned by created contents is dependent on engagement from other forum participants and users. The Minds team believes that with creation rewards dependent on the actions of unique users in the entire network, it reduces the vulnerability of manipulation. Minds token is created from the Ethereum blockchain using the ERC-20 technical standard.
Developers are rewarded as well for locating application bugs, identifying security vulnerabilities and contributing to the source code documentation which as mentioned earlier, is open source. The size of rewards is evaluated and approved by Minds via reviews of the bugs and vulnerabilities on impact and likelihood of happening with severity reportedly calculated by the OWASP risk rating model. Development contributions of new software features will have to go through Minds for approval as well.
All users are required to provide a unique mobile number to be approved as an eligible user for rewards. Minds stated the system does not keep any phone numbers and SHA-256 combined with a salt key will be used to hash the numbers. As an added security, the phone numbers will not be matched unless provided with the correct salt key.
P2P Advertising Features
Content creators using Minds have the ability to directly manage relationship with their advertisers using the peer-to-peer (P2P) Boost feature, a paid application tool that can promote and advertise contents. Users can use P2P Boost to establish a direct P2P connection and send offers of Minds tokens to other users to put a guaranteed placement of their contents to be visible to the audiences of the receiving user, the content can never be removed or deleted. The protocol is reported to eliminate any risk of third party interference.
P2P Payment System
Minds platform offers as well a peer-to-peer (P2P) payment system called the Wire protocol. Users can use it to send donation or tip to any content creator for posting contents that they enjoy. Content creators can also offer monthly subscription option for their audiences, fans and supporters to be able to access exclusive contents that are not available to non-paying customers. With the above P2P protocol, no middleman is required and content creators have full control of their businesses with their audiences.