Facebook competitor promises blockchain currency for social content creators

In this competitive market, influencers are looking for new ways to monetize their content. And a blockchain-based social media platform could deliver just that.
Written by Eileen Brown, Contributor

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Amidst concerns surrounding secret algorithms and the ever-decreasing organic reach of content on networks like Facebook, Instagram, and YouTube, content creators and growing brands are moving to alternative platforms for social engagement.

As Facebook and Instagram become more difficult for content creators to monetize, a new blockchain-based social media platform promises freedom of content with direct-from-platform monetization.

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The community-owned open source social networking platform Minds has amassed one million users and has recently launched a cryptocurrency reward program based on the ethereum blockchain for all users on the platform.

Users earn ad impressions through social participation and engagement.

Minds is also introducing a direct peer-to-peer advertising tool that allows users to offer tokens to one another in exchange for shares of specific content.

Facebook competitor promises blockchain currency for social content creators ZDNet
(Image: Minds)

Founded in 2011, its aim was to be an alternative to global networks such as Facebook.

Its users receive tokens for activity and content popularity on the platform.

Read also: Blockchain and cryptocurrency: Everything you need to know (CNET)

Their contribution is measured on unique engagement, attention, growth, and referrals.

Like its competitor Steemit, Minds seems to be gathering a good following of users.

During 2017, it gave over 500 million free ad impressions to help users increase follower growth, content exposure, and audience influence.

Users are able to grow their fanbase more easily than on any other platform.

Minds rewards its users with crypto-tokens for like liking, commenting, and sharing. These tokens can then be exchanged for increased views on the network using the "Boost" feature.

Facebook competitor promises blockchain currency for social content creators ZDNet
(Image: Minds)

The site does not determine what should be censored. Users are free to post whatever they want.

In less than a year, some influencers have received more than one million views as the platform grows.

Brands and advertisers have an opportunity to deliver their content to more users, beyond the typical pay-to-play model of traditional social networks.

Bill Ottman, CEO of Minds, said: "We have successfully proven the demand for an open-ad network that allows our users to gain exposure for their content and grow their followings in a better, more rewarding way.

Read also: Blockchain: A cheat sheet (TechRepublic)

Minds Boost has already rewarded users with over 500 million free ad impressions -- or approximately two million per day -- with the top categories for promotion being news, artists, and music.

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