Minds Inc (also known as Minds.com, a) decentralized open-source social network and cryptocurrency company, has announced that it has raised $6 million in Series A funding. Overstock.com’s blockchain subsidiary Medici Ventures provided this round of funding. And in conjunction with this funding round, Overstock.com founder and CEO Patrick M. Byrne is joining Minds’ board of directors.
“There has been increasing excitement in recent years over the power of blockchain technology to liberate individuals and organizations,” said Byrne. “Minds’ work employing blockchain technology as a social media application is the next great innovation toward mainstream use of this world-changing technology.”
With this funding round, Minds plans to advance its blockchain technologies to “democratize capital, eliminate middlemen, and re-humanize commerce.” Minds also recently launched the $MINDS crypto token on the Ethereum Mainnet blockchain. Within hours of releasing the $MINDS crypto token became the #1 new DApp on the platform.
“It makes perfect sense for Patrick Byrne to join Minds’ board of directors,” added Minds founder and CEO Bill Ottman. “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.”
As Minds’ Digital Bill of Rights, the company has adopted the Electronic Frontier Foundation (EFF) Manila Principles. This ensures freedom of speech and expression for more than one million Minds users.
Medici Ventures strongly believes that advancing blockchain technology brings the world closer together to connect and transact freely. And this would eliminate the need for transactional middlemen. Aside from running Medici Ventures, Overstock.com also runs a cryptocurrency division called tZero.
As Minds users contribute to the network, they are rewarded daily with crypto tokens. And these tokens can be exchanged for premium features, ad views on content, or custom rewards for individual channels.
