Minds Token

Last updated on Apr 18, 2024

What is Minds Token?

Minds Token is a cryptocurrency designed to support the Minds social network. It is a utility token that can be used to boost posts, access premium content, and purchase goods and services on the platform.

How can I acquire Minds Token?

You can acquire Minds Token by purchasing it on various cryptocurrency exchanges or by earning it through engagement on the Minds platform. The tokens can be earned by earning upvotes on your non-group original posts (not quote posts).

What can I use Minds Token for?

Minds Token can be used for a variety of purposes on the Minds platform, including boosting posts to increase their visibility, accessing premium content created by other users, and purchasing goods and services on the platform.

How do I use Minds Token to boost my posts?

To boost your posts using Minds Token, simply navigate to the post you want to boost and click the "Boost" button. From there, you can choose the amount of Minds Token you want to spend on boosting your post and select the duration of the boost. Boosted posts are displayed prominently in users' feeds for the duration of the boost.

How is the value of Minds Token determined?

The value of Minds Token is determined by market forces, similar to other cryptocurrencies. The price of Minds Token is influenced by supply and demand, as well as a variety of other factors such as market sentiment, industry trends, and regulatory developments.

How do I withdraw Minds Tokens?

You can withdraw Minds Tokens to your ERC-20 compatible wallet by going to the “Wallet” tab on your Minds account, clicking on the “Send” button, entering the wallet address, and specifying the amount you want to withdraw. A transaction fee may apply.

What are on-chain and off-chain Minds Tokens?

On-chain Minds Tokens are stored on the Ethereum blockchain, while off-chain Minds Tokens are stored in your Minds account. On-chain tokens can be transferred to any Ethereum address, while off-chain tokens can only be transferred within the Minds platform. A deeper description follows:

  • On-Chain transactions are stored on the distributed blockchain, which provides transparency, auditability, and more autonomy because it is a distributed database and not controlled by a a centralized authority. Because On-Chain tokens are stored in your wallet on the Ethereum network, you will incur fees when transacting with them. For example, paying for a boost On-Chain will result in being charged for the normal price of the boost in tokens, plus a small amount of ETH determined by the network.

  • Off-Chain transactions are stored centrally on Minds servers. An Off-Chain token represents a one to one reservation for an On-Chain. While these transactions do not carry fees, they do not provide the benefits of a distributed database.

Can I convert off-chain Minds Tokens to on-chain tokens?

Yes, you can convert off-chain Minds Tokens to on-chain tokens by withdrawing them to an ERC-20 compatible wallet.

Can I convert on-chain Minds Tokens to off-chain tokens?

No, you cannot move tokens from on-chain to off-chain.

What is my Token Balance?

You can see your token balance in your wallet. Hovering the total amount shows a breakdown of on-chain and off-chain tokens.