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commented
3 years ago Issue Status: 1. Open 2. Started 3. Submitted 4. Done
This issue now has a funding of 4824.1061 MINDS (4920.59 USD @ $1.02/MINDS) attached to it.
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yashpatel5400
Please see https://gitlab.com/minds/minds/-/issues/2486
Background
Minds is an open source social network dedicated to Internet freedom. Our goal is to put users back in control of their data and reward them for their various contributions to the growth of the network.
In 2018, Minds converted its legacy digital currency reward system called Points to the Ethereum blockchain and launched the MINDS token to give users more control of their earnings. Users earn MINDS tokens every day for three major buckets of contributions:
1) Liquidity Mining - users earn daily tokens based on their percent share of the MINDS/ETH liquidity pool on Uniswap 2) Engagement Mining - users earn daily tokens based on the amount of unique engagement they receive on their content 3) Holding - users earn daily tokens based on their on-chain MINDS balance relative to the community
All daily rewards are currently issued off-chain. Off-chain tokens have a 1:1 representation to on-chain tokens, and users can transfer their rewards on-chain at any time. MINDS tokens are used on the platform every day by users who want to boost their content for more views, subscribe to premium memberships from other users, or tip creators for their content.
The off-chain system has proven to be effective for issuing daily rewards at little to no cost (no gas fees) and they allow users to easily transact without having to overcome the barriers of web3 infrastructure (MetaMask, etc). However, the off-chain token system is lacking in transparency and decentralization.
The on-chain system has proven to be effective for transparency and giving users total ownership of their tokens, but it lacks in seamless usability and rising gas fees have made it very expensive/impractical for users to do simple, low volume transactions like tipping or boosting a post for a few dollars.
Our goal with this project is to integrate a layer 2 solution to sit in between our off-chain and on-chain systems, so that we may allow our users to enjoy the benefits of low fees and seamless UX while also providing them with a decentralized solution to provide full ownership of their token balance.
Tasks
What we expect
We are aspiring to introduce an agnostic layer 2 solution to improve the speed and reduce the cost of transactions. The solution should be architected in a way that allows other Layer 2 solutions to be introduced at a later and allow users to select which layer 2 solution they wish to receive tokens with.
Bounty
https://gitcoin.co/issue/Minds/minds/172/100025923
Tips
Users can transfer tokens from off-chain to on-chain and view both balances in their wallet, which can be found at https://www.minds.com/wallet/tokens/rewards once you have created an account.
To view the Minds Pay modal, you can visit any Minds channel from a logged-in state (such as https://minds.com/jack) and simply press "Tip" on any newsfeed post
All user settings can be accessed from a logged-in state in the left hand navigation menu (https://www.minds.com/settings)
You can access our web3 modal and wallet connect by logging into Minds and selecting Connect Wallet in the top bar
Resources