New features, including Uniswap integration that facilitates “ad mining,” allows participating users to promote their content on digital billboards within the app for staking liquidity
Los Angeles, CA. – March 12, 2021 – Minds, the crypto social network which harnesses the power of Ethereum, intends to revolutionize the way marketers advertise on social media. As part of its official entry into the DeFi ecosystem, the crypto app rolled out a series of enhancements to the MINDS token last Tuesday, including the integration of leading decentralized crypto exchange (DEX) Uniswap. The recent move frees users from the expensive pay-to-play model that funds big social media and allows participants to put a stake in advertising space through “ad mining” and digital billboard ownership.
With this new advancement, Minds continues its dedication to free speech and expression for all creators, including even cannabis and crypto businesses, to advertise on its platform. Such companies are unfairly blocked from promoting their products on Facebook and Twitter and must often resort to ineffective direct-to-consumer marketing or expensive Google ads.
“People are rightfully anxious about the scope and nature of personal information collected and exploited by Big Tech. As the Cambridge Analytica scandal and dozens of other surveillance episodes revealed, they possess too much access over what should be privileged data and, on top of that, make money off of content they had no hand in creating. They also tend to be the ultimate arbiters of what gets seen and not. Our new venture into DeFi offers an opportunity for user marketers to leverage the power of decentralization to work to their benefit, get paid for content they created, and self-determine how that content is seen.”
With Uniswap, Minds users can freely and seamlessly swap ETH tokens for MINDS without the burden of unnecessary middlemen. Furthermore, those who become liquidity providers to various MINDS liquidity pools earn extra rewards such as trading fees, token rewards, and ad space on minds.com proportional to their share of the liquidity pool.
Of import to social media marketers, the Uniswap integration introduces a new feature called “ad mining.” As a reward for their contributions, liquidity providers earn a spot on digital billboards that advertise their channels, providing greater opportunities for their content to be seen. Unlike traditional social media advertising – which is ephemeral and disappears the moment a poster stops payment – the advertisement on Minds’ decentralized platform will remain in perpetuity. The user always maintains custody of their crypto, can pull it out anytime, and never actually hands it over to Minds. It is essentially free advertising minus what’s called “Impermanent loss” which is fluctuating amounts of tokens on each side of the trading pair.
On top of the free digital billboard opportunity, liquidity providers earn daily MINDS token rewards which can be used to gain additional impressions on the network through Boost Advertising and acquire guaranteed promotions on an influencer’s Minds page in exchange for MINDS tokens through Boost Offers.
For additional information about Uniswap, ad mining, digital billboard opportunities, Boost Advertising, Boost Offers, or Minds’ dedication to open-source and blockchain tech, please review the white paper on Minds.com.
Minds is an open-source social network that gives control back to the community. Users are rewarded with cryptocurrency for contributions to the network and empowered with monetization features, privacy protection, and a real voice in the evolution of the platform. For more information, visit https://minds.com.