MINDS (NEW TOKENIZED SOCIAL SITE) (PART 1) - WHAT IS MINDS, UNDERSTANDING TOKENS AND SETTING UP MIND TOKENS IN METAMASK

First of all let me introduce MINDS :

MINDS is a new social media site recently launched its own cryptocurrency on the Ethereum test net. Members of the website can earn tokens in exchange for interacting with the site and creating content. While other social media sites like Facebook jealously hoard your data and give you nothing in return, Minds.com doesn’t track you and even pays you in return for participating and making the website more lively.

MINDSis an exciting new social media platform that aims to provide a real alternative to sites like Twitter and Facebook. The site was created in many ways as a response to the recent bouts of censorship and data mining that other social media websites have been engaged in for years now. Sites like Facebook and Twitter track everything we do, and then sell all of our information to advertisers.

Not only that, but Facebook and especially Twitter have been caught actively engaging in censorship of ideas that are against their strongly left-leaning and politically correct standings

1. HOW TO EARN MIND TOKENS

To earn tokens on the platform, all you need to do is perform almost any normal action that one would do on a social media site. For instance, you can make a post, like or dislike something, share a photo, upload a video, or write a blog post. You can also “remind” something, which is like re-posting or re-tweeting, that you found on the site to your own feed. Earning tokens on the site is so simple that even just logging into your profile page on a browser or on the mobile app counts as a check in and can earn you cryptocurrency.

Now let’s talk about how the rewards are determined.

Each action that you make on the site is worth a different number of points. These points are then added up to your daily contribution total. Simple actions like checking your feed or uploading something are only worth a small amount of points. Conversely, contributing content like sharing a link or writing a blog post are worth more.

At the end of each day, everyone’s point totals are added up and you are given a percentage based on the total number of points that you earned in comparison to everyone else on the site. Then, you will be given a daily token payout that is equal to the total amount given out to the network each day divided by the percentage of points that you contributed. In other words, if you were to contribute a lot of actions on a slow day, you would get more tokens than you would by contributing the same amount on a busy day.

1. MINDS TOKENS EXPLAINED

MINDS tokens are ECR-20 Tokens . These are utility tokens.

ECR-20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing token, once they are listed on a marketplace you can sell or trade them for other crytpocurrencys or cash. The Minds Token is not listed on any market at the moment.

A ECR-20 smart contract pretty much works like this you send X times Ether and the system returns ERC20 tokens based on the code of worth assigned by the creator of the token.

Your sent ether gets transferred to the developers account and now belongs to them in exchange for there personalized token, in the simplest terms you are buying Minds tokens using your ether, you can use the Minds Token to boost your content & wire to other accounts. Or in the hopes price on market places where you can trade it back at a higher rate than you purchased it for.

MINDS tokens are obtained offchain (in the site) by performing actions as mentioned earlier. In order to obtain those tokens in the Ethereum blockchain or onchain, we need to have an ethereum address or wallet adress. Minds recommend Metamask for Chrome or Firefox.

You can set your Metamask wallet following these instructions : https://www.minds.com/blog/view/825462048806694912

Once we have installed and linked Metamask to MINDS we need to add MINDS token to the list of custom ECR-20 tokens.

2.1 Adding Minds Tokens to MetaMask
To see your Minds onchain balance and use the Minds token you need to add it to your wallet. Open MetaMask go to the menu, click add token, select custom token and add the address:
0xb26631c6dda06ad89b93c71400d25692de89c068