Minds.com was launched in 2015, but their token was implemented just recently in 2018. Every user is getting paid in tokens based on the daily contribution to the network. That’s right. You upload, share and interact with the community and you get paid.
Steemit was launched in 2016 and became the favorite place for the crypto folks as the first big platform, that was backed by a token economy. Now we have two of them. Let’s see the different aspects…
1)Functionalities and user experience
Steemit
Steemit, currently is basically just a blogging platform. The same one as Medium. With one distinction — it is not user friendly at all.
All you can do, is posting articles, write comments and that’s it. On top of that, you need to use some weird markdown to style your text. Even uploading a profile picture is a pain in the ass.
Minds
The platform provides a whole more features than Steemit. You can write blog posts (Medium-alike), create a paid content section (Patreon-alike), send encrypted messages to another users, participate in groups. Basically, it has all the features that Medium, Facebook, Patreon, Youtube and Messengers provide at one place. The scope is much bigger.
Winner — Minds
2)Vision and ideology
Steemit
With a very shady past and questionable history, Steemit is looking as a cash cow for a handful of whales. Its founder, Dan Larimer, has proven numerous times, that he leaves the projects soon after the money are collected, and is heading for a new ICO. Or for a new cash grab. Depends how we frame it.
Minds
The Minds platform is founded by free speech activist Bill Otman. There was no ICO. The platform has demonstrated stable values and lack of commercially shady activities for years since its launch. The team behind Minds seems to be doing it for the cause. Their actions are in line with the crypto values and ideology so far.
Winner — Minds
3) The token
Steemit
The tokenomics facilitated by 3 different tokens (Steem, Steem Dollars and Steem Power) is really hard to understand. You probably need a whole day of reading and heavy thinking in order to understand it. This is not user-friendly at all. It is actually as perverted as a token economy can be. I am suspicious that it was even a desired result, so that the scam is so sophisticated that pointing fingers is hard. After all, only the dumbest people do an ICO, steal the money outright and head for an island.
Minds
The minds token economy is as straightforward and transparent as possible. You buy tokens and you use it for promotion or tipping. Some of the steps to buy tokens still need some clarification, guides and tutorials and some bugs should be fixed. There is a rewards pool that puts more tokens in circulation. Some inflation will occur.
Winner — Tied
4) Fairness
Steemit
Steemit is said to be one of the most sophisticated scams in the industry. It is “whaling” squared. The early holders (devs, founders and their friends) have enormous power and influence in the perverted token system. If you are not close to them, you can forget making some real money on the Steemit platform and be willing to settle for single-digit payouts per article in the best case scenario instead.
Income is highly unpredictable, because you need some influential profiles to vote you up soon after posting for your article to gain traction and rewards.
Minds
Minds has minted 1,000,000,000 tokens. 100,000,000 of them are for sale at the price of 0,0005 ETH and 900,000,000 are in the rewards pool, which will be distributed to all the users that are active on the platform. Basically, if all the 100,000,000 tokens get sold, this is equivalent to a 50 000 ETH ICO (100,000,000 tokens x 0,0005 ETH). But devs, founders and early adopters doesn’t have any more power in the platform than a newcomer.
The daily contribution of every user can be monitored in the profile. It is transparent and predictable.
Winner — Minds
5) Content promotion
Steemit
Promotion on Steemit is done in a really dumb way and it just doesn’t work. You choose the amount of $ you want to use to promote your article and it will go to the “Promoted” section for a week. The order of appearance there is sorted by the amount of money you pay for your promotion. If someone paid 5$ for his blog post and you paid 2$, his article will be above yours. In most categories, a 2$ promotion will rank you somewhere around 25–30th spot. And if you have to be in the top 10, you must be willing to prepare something like 20–25$. And we all know that people are looking mostly at the top results. That’s if they read the promoted section at all.
Minds
In minds, you are paying for guaranteed views. 1 token is getting you 1000 views. Guaranteed! I find this approach much more efficient and convenient. Minds also have different types of boosts. You can choose from newsfeed boost, where every 12th post is a boosted one, or a sidebar boost, where your content gets displayed in the sidebar of the platform. There is also a view counter, that displays the number of views in real time.
Winner — Minds
6)Community
Steemit
Steemit has a big community and currently is the more popular platform of the two, based on Alexa ranking. With Bitshares and EOS being run by the same team of people, it brings some scaling and network effects.
Minds
The Minds’ community is smaller for now, but the devs and the founders are keeping really close contact with all the users. They diligently and frequently answer even the dumbest questions. A lot of content creators that are being censored in Youtube and Facebook and fleeing in Minds.
Winner — Steemit
7)Spam and bot activity
Steemit
Steemit is full of automated bots. A minute after I posted my first article there, I got followed by 113 profiles. I find this disturbing. There are also bots that do lame comments and upvotes.
Minds
I didn’t encounter any automated activity on minds. However, registering an account doesn’t require email confirmation. This means a single user can create thousands of profiles and try to game the system. I think minds have to fix that.
Winner — Tied
8) Road ahead
Steemit
They just cut 70% of their staff off. Survival during the ongoing bear market is put on the line.
Minds
While Steemit are suffering, Minds just received 6M$ funding from Patrick M. Byrne, the Overstock.com founder and Medici Ventures. The money will go for hiring new staff and developing the platform.
Winner — Minds
Conclusion
Steemit is created by shady figures and it is not surprising that it attracted whole legions of speculators, abusers, bots, and, generally speaking, people that are going after the money. A lot of them are not creating any meaningful and valuable content. Thus, the fame and success of Steemit can very well be short lived.
In the same time, the small, but diligent Minds team has been working hard towards creating a robust platform and ecosystem with dedicated and loyal followers.
Steemit has been ahead of the race so far, but Minds clearly have better features, user experience and potential to overtake its competitor in the future. I am betting heavily on Minds to become the leading social media platform in the crypto ecosystem.
Either way, one thing is for sure! Facebook and their pals from Cambridge Analytica are in serious danger of being disrupted soon!
If you found at least 0.000001 BTC worth of value in this post, smash the clap button as it is your girlfriend’s ass!
Thank you for your time!
AUTHOR: Mex89
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