Minds describes itself as a "Crypto Social Network" that upholds "internet freedom" and was founded by Bill Ottman and Mark Harding in 2011 along with additional cofounders were John Ottman, Ian Crossland, and Jack Ottman. It is an open source social media and distributed social networking service company that rewards users for their contributions with tokens on the Ethereum blockchain. It was developed as an alternative to social networks such as Facebook, who they believe abuse digital rights.
Minds launched to the public in June 2015 and in June 2017, the company raised over $1 million in an equity-crowdfunded sale. In October 2018, Minds raised $6 million in Series A funding from Medici Ventures, an Overstock.com subsidiary. Patrick M. Byrne, founder and CEO of Overstock.com, will join Minds’ board of directors.
Users are able to use tokens to advertise their content across the social network otherwise known as Boosting. Minds states that the boost system is designed to be "anti-surveillance" and has "organic reach". The price of one-thousand views is the price of one token on the network.
Minds offers a premium subscription for 5 tokens per month that gives users access to exclusive content, the ability to become verified, and to "banish all the boosted posts" from their feed.
Users are able to create Groups within the site upload images and Videos but without the ability to put them into albums.