|Creation Date||March 2018|
What is Mithril?
Mithrail describe their platform as ‘ A decentralized social media platform that rewards all content creators’. They are aiming to be the best, most advanced blockchain for social network applications. Mithril have developed a platform called Lit Stories- currently downloadable in Beta. Lit Stories allows users to monetize their content by posting written posts, photos, or videos, all of which are shown for 24 hours before disappearing – like a 24 hour, more cultural version of Snapchat. These posts or ‘stories’ can be posted either publicly or privately- allowing people to post annoynously whilst still being able to ‘social mine’ MITH, which is a means of providing an income for content producers. Users will also be able to either tip or buy a subscription from content creators, using MITH tokens.
Mithril is a very interesting project: It is only a couple months old but already offers real world applications – INST stores, selling dresses and accessories in Taiwan accept MITH, as does Minni, an online dating app which supports MITH for in-app purchases. The ability for a cryptocurrency to actually get used outside of its own platform and in the real world is a pretty big success, even much larger and older social media coin projects than Mithril aren’t there yet, or don’t aspire to be.
The Lit platform is downloadable in Beta, and the other parts of their platform are not live yet.
Mithril Social Mining
Social Mining gives Mithril its own means of rewarding content creators and users with a crypto token that can be converted into Fiat as a potential real world income.
By creating content on the Mithril platform, users are rewarded by the Mithril version of mining MITH- which they call Social Mining. Mithril have a Social Mining algorithm, which rewards content creators based on how much content they create, how much their content is viewed, and how many ‘hearts’- similar to Facebook’s ‘likes’ it receives. There is a minimum reward allocation set, ensuring that each user’s content is rewarded by ‘mining’ MITH – so anyone who creates any content will earn some MITH, based on an algorithm which can be seen in the whitepaper. Their hope is to get enough visitors to the site, which will generate enough funds to pay for lots of content creation.
To social mine MITH tokens, all one needs to do is download the Lit app, post content, and one will be rewarded with MITH.
How does the Mithril platform work?
The team behind Mithril are aiming for other platforms to accept MITH, and it can integrate fully with other existing (centralised) social media platforms
In addition to their Lit platform, Mithril will also offer the following services:
- Mithril Merchant Network: Any online, or physical merchant can list their products on the Mithril platform, and merchants will soon be able to accept MITH tokens for their products or services.
- Online Applications: The Mithril platform will allow anyone to create dApps (decentralized applications) on Qtum. Qtum is a mix of the best of Bitcoin and Ethereum – the Bitcoin core blockchain and Ethereum’s smart contracts – giving scalability and security – so lends a strong technical support to anyone wanting to build dApps on Mithril. One could for example create a mobile dating app, and offer its services to users of Mithril, and charge in MITH. Thanks to the ability to create and add custom built dApps to the platform, it will be possible to offer almost any type of service over Mithril, such as, for example, premium live stream channels, dating services, or online courses. MITH token will be used to purchase these
- Mithril Vault: Users will be able to convert their MITH tokens into Bitcoin or Ethereum. There will be no need to use an external exchange to be able to cash out into Bitcoin, which will make it easier for people who are aiming to use the Mithril platform as a source of income.
The MITH token
The Mithril platform offers an open API, which means any social media platform can start to support the MITH token, if they choose to do so. However, some services such as the Mithril Vault will be exclusive to its own platform. The MITH token can be used for two things:
- Tipping or rewarding content creators
- Buying a product or a service from the platform
They aim for other platforms to accept MITH.
Mithril is a very new project led by Jeffrey Huang, founder of 17 Media, a video streaming and real- time content sharing mobile application that is popular in Asia. Mithril count Qtum’s head of marketing and PR, Stella Kung, as an advisor. The team of the project has accounts on Facebook, Twitter, Medium, and Telegram, and one can reach their developers directly via their active Telegram channel
|ICO Date / ICO Price||February 5, 2018 / 1 MITH = 0.00100000 ETH|
|Is The Coin/Token Live?||Yes|
|Current Value (Total)||$ 306,062,818|
|Available In||Can be used on any social media platform / can be traded into other crypto-currencies and Fiat currencies via exchanges / can be used in the real world|
|Can Be Traded In||Bithumb, OKEx, Lbank, HitBTC, Coin Exchange|
|Can You Buy It With Fiat Money?||Yes|
The roadmap of the project is:
- Q3 2018: Mithril wallet alpha & beta
- Q4 2018: Mithril wallet release, Mithril Vault development
- Q1 2019: Mithril Vault alpha & beta, Mithril blockchain development
- Q2 2019: Mithril Vault and Mithril blockchain release