Crypto-focused social media platform Minds has experienced a significant surge in user growth, according to its founder and CEO Bill Ottman. The open-source network, often positioned as an alternative to Facebook and Twitter, now boasts over 2.5 million registered users across 240 countries, with approximately 300,000 monthly active users and around 2 million active visitors per month.
Privacy Concerns Fuel Migration
Ottman attributes much of the growth to growing unease about privacy practices on mainstream platforms. “People are looking for alternatives and want to diversify,” he told IANS. The recent Twitter hack that compromised high-profile accounts—including Joe Biden, Barack Obama, and many crypto influencers—further accelerated the exodus. In Thailand alone, over 250,000 new users joined Minds last month due to concerns over Twitter's privacy policy. Additionally, more than 150,000 Vietnamese users joined last year for similar reasons.
Minds differentiates itself by creating a “spying free” environment. “Facebook and the others are closed platforms that are extracting value from the users,” Ottman said, emphasizing that unlike those platforms, Minds is transparent about data usage and offers users control over their information. He pointed to the trend toward open source, citing Linux, Wikipedia, and Bitcoin as examples of where decentralized, user-controlled systems have already succeeded.
Earning Through Engagement
A major draw for users is the ability to earn cryptocurrency. Minds rewards user engagement with its native ERC20 token (previously called Minds Token, now often referred to as MINDS on some exchanges). Users receive tokens for publishing content that generates interactions—the more likes, comments, or shares, the greater their share of the daily token reward pool. They can also receive direct tips in both Minds tokens and Ether from other users. Cashing out can be done via bank deposits, BTC, or ETH. Ottman emphasized, “You can earn dollars, euros, or bitcoin.” This model has proven especially attractive during the COVID-19 pandemic as people seek additional income streams.
However, the incentive system also has downsides. Monetizing engagement can lead to clickbait or controversial content. Ottman acknowledged the issue, noting that Minds has started developing a decentralized identity system to build “webs of trust” and is researching a decentralized reputation system to mitigate abuse.
Challenges and Future Plans
Minds faced its own controversy in 2018 when hate groups began using the platform. The company since then has taken steps to remove such content, but continues to grapple with balancing free speech and hate speech. Ottman insists that the platform is committed to upholding internet freedom while preventing harm. Looking ahead, Minds plans to launch several new features this year and is actively targeting users in India after the government banned 59 Chinese apps—including TikTok—at the end of June, citing security concerns.
Ottman remains bullish on the future of decentralized social media. “The trend is towards open source. We believe like Linux, Wikipedia, Bitcoin, this is going to happen in social media as well.”