The blockchain network promises a lot of benefits especially for internet users. Specifically, the decentralised nature is revolutionising the way people interact on the internet. In this view, Minds receives $6 M funding from Overstock.com?s venture arm to further explore blockchain technology?s potential.
Minds Inc, a decentralized social network, ensures that users control their online presence. Interestingly, it applies the fundamental principles of blockchain technology like peer-to-peer interaction. This means the site does not require a middle-party like Facebook to connect two or more users.
Minds receives $6 M funding to further decentralisation of the internet
Particularly, the team behind Minds sees it as ?an anti-surveillance, anti-censorship, and anti-?big tech? platform?, Techcrunch reports. Such qualities made the social network an instant hit. Techcrunch further observes that Minds is already gaining traction among users.
According to a press release, the investment will help Minds to fully exploit the potential of blockchain technology. The release details that the investment comes from Medici Ventures. Overstock.com, Medici Ventures? holding company, has strong interest in companies that advance blockchain technology.
At the heart of strategic investments that Overstock.com makes is the desire to democratize capital.? As per the company, the ultimate aim is to do away with middlemen from the global commerce environment. This is what blockchain does. Eventually, Overstock.com hopes that they will be able to re-humanize the heavily inhuman global sector of commerce.
Interestingly, the company is under the stewardship of a free speech believer. Patrick M. Byrne, CEO and founder of Overstock.com actively campaigns for user rights within the internet community. As part of the deal with Minds Inc, Byrne will join the social network?s Board of Directors.
Commenting on the developments, Byrne said that Minds is a great champion of blockchain. Particularly, he believes that with such efforts, blockchain will be able to live up to the hype.
?Minds’ work employing blockchain technology as a social media application is the next great innovation toward mainstream use of this world-changing technology,? he adds.
Recently, Minds launched a proprietary cryptocurrency developed on the Ethereum Mainnet. Dubbed $MINDS, the token will enable users to earn from the content they contribute on the platform.