Overstock's Medici Invests $6 Million In Blockchain Based Social Network
This Monday, the blockchain based social media network Minds.com announced a massive partnership with Medici Ventures, a subsidiary of Overstock.com.
According to a press release, the social media startup has recieved a $6 million Series A investment from Medici. In addition to the large investment, Overstock.com founder and CEO Patrick M. Byrne will also be joining the Minds board of directors. In a statement, Byrne said:
“There has been increasing excitement in recent years over the power of blockchain technology to liberate individuals and organizations. Minds’ work employing blockchain technology as a social media application is the next great innovation toward mainstream use of this world-changing technology.”
Bill Ottman, Founder and CEO of Minds, says that Byrne will be a great fit to the team because of his support of blockchain technology and internet freedom. Ottman said:
“It makes perfect sense for Patrick Byrne to join Minds’ board of directors. He understands the critical nature of using blockchain technology to help real people as it pertains to the increasingly urgent issues of user rights, privacy and Internet freedom. He shares our strategic vision, and we welcome his voice on the board.”
Minds has been growing in popularity this year, as the dominant social media platforms have begun banning the accounts of social activists and independent journalists. Ottman told TechCrunch that the site has also seen an increase in users due to government censorship in many different corners of the world. Ottman explains:
“In June 2018, Minds saw an enormous uptick in new Vietnamese of hundreds of thousands users as a direct response to new laws in the country implementing an invasive ‘cybersecurity’ law which included uninhibited access to user data on social networks like Facebook and Google (who are complying so far) and the ability to censor user content...The rise of an open source, encrypted and decentralized social network is crucial to combat the big-tech monopolies that have abused and ignored users for years. With systemic data breaches, shadow-banning and censorship, people over the world are demanding a digital revolution. User-safety, fair economies, and global freedom of expression depend on it – we are all in this battle together.”
Last week, dozens of high profile independent media organizations in the US had their Facebook and Twitter pages unpublished simultaneously, despite the fact that they had good reviews and many had well over a million followers.
Over 1000 pages were taken down in the purge, and many of those organizations have found new homes on Minds. Medici has been making big moves since Byrne sold 774,303 shares of Overstock.com for over $20 million dollars last month.
Earlier this month, CryptoGlobe reported that Medici was making a significant investment in a company called VinX. VinX is a blockchain startup that is hoping to integrate this new technology with the wine industry. Just last week, tZero, Patrick Byrne’s securities token exchange, officially launched their token on the Ethereum blockchain.
I am interested to see how the social media space will transform. Will there be dozens of popular networks that are decentralized, or will private companies continue to make new platforms, being swallowed up by giants like Facebook and twitter.
Check out the video I posted. In it, I talk about my macro outlook on the markets. https://steemit.com/stockmarket/@cryptomeeks/l7hdncjv
In order for smaller platforms to really make a dent in the social media space they will have to gain serious momentum. Facebook has such a huge gravitational well in the social media space that content creators are at best doubling up with Minds, Steemit, etc. An0maly said in one of his streams that he has so many followers on Facebook that leaving the platform would hurt him too much, and he'd rather "fight from within" to change their policies of censorship and creating echo chambers for people than to leave for a more open and free platform.
If any small platform gets big enough to start to draw users completely away from Facebook, Twitter, whoever, they have such huge war chests that they can swallow up their competition before feeling any loss of revenue. It wouldn't make any sense for them not to. The question I don't think is if the monster networks will buy out the small ones, but if they will impose their branding, community guidelines and other policies on them or embrace the differences and let the other platforms exist pretty much as-is.
The only alternative that might happen is the small platforms band together as some kind of collective or cyber republic, share traffic and content, govern collectively and commit to not selling out to the digital superpowers. However, the chances of something like that becoming reality are less than slim.
Well put. Maybe companies like Facebook might adopt an architecture similar to steemit where you can buy attention by buying their token similar to how you buy ads.
Overstock is actually one of the smarter publicly listed companies that have identified the opportunity in blockchain and invested accordingly. Instead of wasting time debating and trying to to protect the status quo they are embracing change which no doubt will pay dividends for them in the future (no pun intended lol).
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Minds is doing the same thing, BANNING!
My account was banned for publishing youtube videos from my wordpress blog (using autopublish plugin). WTF MINDS?
Certainly an interesting development! Thanks for bringing this to our attention!
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Thanks for this update because I just got on "Minds" yesterday.. Right now it seems to be ok.. I mean, I feel like it and Steem are one in the same.. just saying!