Under the partnership, Overstock founder and CEO Patrick M. Byrne joined Minds Inc.'s board of directors.

"There has been increasing excitement in recent years over the power of blockchain technology to liberate individuals and organizations," Byrne said in statement. "Minds' work employing blockchain technology as a social media application is the next great innovation."

Minds launched in 2015 and boasts more than 1 million members. It's a blockchain-based alternative to Facebook, Twitter, and the Google-owned YouTube that promises strict user privacy and unfettered free speech.

Minds recently unveiled its own crypto token on the Ethereum Mainnet as a way for users to boost their content. Users can also earn Minds tokens through active engagement on the platform.

Minds Takes On Facebook and Google

Bill Ottman, the founder and CEO of Minds, said he believes partnering with Overstock.com can advance their vision of a decentralized social network that will not censor free speech and provides enhanced user privacy — features that social-media monopoly Facebook has been accused of trampling.