Overstock.com Inc.’s blockchain subsidiary, Medici Ventures, designed a $6 million Sequence A financial investment in Minds, an open up-source, blockchain-based mostly crypto social community. Less than the partnership, Overstock founder and CEO Patrick M. Byrne joined Minds Inc.’s board of administrators.
“There has been rising pleasure in the latest a long time around the ability of blockchain technological know-how to liberate individuals and companies,” Byrne explained in assertion. “Minds’ function utilizing blockchain technological know-how as a social media application is the upcoming fantastic innovation.”
Minds launched in 2015 and offers additional than 1 million customers. It is a blockchain-based mostly alternative to Fb, Twitter, and the Google-owned YouTube that guarantees stringent user privateness and unfettered free speech.
Minds a short while ago unveiled its possess crypto token on the Ethereum Mainnet as a way for end users to strengthen their written content. End users can also get paid Minds tokens by energetic engagement on the platform.
Minds Will take On Fb and Google
Invoice Ottman, the founder and CEO of Minds, explained he thinks partnering with Overstock.com can progress their vision of a decentralized social community that will not censor free speech and presents increased user privacy — capabilities that social-media monopoly Fb has been accused of trampling.
Fb a short while ago arrived beneath fireplace from the two liberal and conservative commentators immediately after mass-purging accounts whose written content it considered “offensive.”
In early-October 2018, Fb mass-deleted 800 political internet pages and accounts, boasting they violated one particular of its mystery guidelines.
House owners of the affected accounts named the purge thinly-veiled censorship and explained Facebook’s guidelines have been arbitrary and opaque.
All around the exact same time, Facebook also began blocking hyperlinks to Minds. Invoice Ottman explained his end users will under no circumstances experience that problem, simply because Minds is entirely transparent.
“Minds’ foundational principles — privateness, transparency, free speech — are important,” Ottman told the Everyday Caller in August 2018. “All of our code is open up-source, meaning anybody can search at it.”
In contrast, Ottman explained Fb lacks transparency simply because it selectively censors written content and “shadow-bans” specific teams.
“The truth is that they (Fb, Twitter, Google) are punishing specific internet pages, and we don’t know why simply because they will not share their code,” he stated.
Ottman: Fb and Google Censor Speech
Ottman explained Minds is centered about a stringent principle of free speech. “Censorship impacts the two the still left and correct, and Internet independence gains all,” he explained.
In an job interview with Fox News host Tucker Carlson, Ottman said Google arbitrarily banned Minds Inc. from its AdSense advertising platform. “It’s actually a symptom of a even bigger problem of censorship,” he explained.
Ottman explained Minds is constructing its possess advertisement community to compete with Google to acquire on what he considers the lookup-engine monopoly’s draconian guidelines.
Meanwhile, Overstock continues to be a trailblazer in its help of cryptocurrencies and blockchain technological know-how.
As CCN reported, Overstock was one particular of the initially mainstream companies to accept bitcoin payments. The Internet retail juggernaut also has a venture funds arm devoted exclusively to blockchain investments.
1 of Overstock’s blockchain subsidiaries — tZero — is now really worth additional than the complete firm, immediately after Chinese private equity business GSR Funds invested $270 million to buy a 15 p.c stake in the security token trade operator at a $1.5 billion valuation.
Overstock’s blockchain investments now comprise a whopping 60 p.c of the firm’s overall worth, according to D.A. Davidson analyst Tom Forte.
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