Mithril is a social media platform of a decentralized nature that rewards everyone who creates content. Users earn tokens through a process Mithril refers to as “social mining,” letting them interact with others while also receiving rewards, whether they are a social media celebrity or major brand influencer.
With help from blockchain technology, Mithril will be able to ensure transactions are safe and secure for all parties involved. Additionally, the decentralized data storage technology of the blockchain allows for trustless, immutable, and efficient recording of transactions.
What Is the Goal of Mithril?
The ultimate goal behind Mithril is becoming the most optimized and best blockchain for using social network applications. This is why Mithril’s ability to integrate with existing major social media platforms is a priority. The features on Mithril were created so they can be used on major social media platforms.
The team is also working on partner services and apps accepting MITH. It has also developed a Mithril Integration Protocol to allow for this seamless integration between the Mithril Ecosystem and social networks. As various blockchain platforms evolve, the team will continue reassessing Mithril to ensure it provides leading community support, transaction costs, and scalability.
How Does Social Mining Work?
Since social mining is a concept unique to Mithril, it is common to have some questions about how it works. All content a user creates, plus their social interactions within the Mithril ecosystem, automatically mine MITH, the Mithril token, based off the platform’s algorithm.
The team at Mithril feels that due to the predicted influx of viewers and users, the Mithril ecosystem will be able to generate large quantities of revenue for those engaged in social mining and begin to do so very quickly. As the network becomes more popular, the profit opportunities will increase, encouraging more growth and leading to continuous growth.
The amount of MITH earned via social mining will depend on the platform’s social mining algorithm. It accounts for such things as the number of stories posted as well as how many are viewed and how many hearts are received. Preset calculations allocate a specific amount of MITH for each period of time, which is then divided among social miners based on the algorithm. You can view the actual algorithm in the whitepaper, along with an example.
What Is Lit?
Lit is currently in the beta version and one of the key parts of Mithril. The team at Mithril created Lit to meet the needs of the current generation who are interested in cryptocurrency as well as social media. It will include such features as discovering new friends, story feeds, and instant messaging. To help users monetize personal content, Lit will integrate seamlessly into the most popular major social networks.
Users who share their stories using Lit Stories will receive rewards in the form of MITH according to the influence and impact of their stories across the network. Lit Stories are similar to stories on other platforms, appearing for 24 hours before disappearing. Stories can include posts, videos, slideshows, or individual photos and can be public or private. That option allows users to maintain privacy while still social mining.
Lit will also integrate with the camera on mobile devices and use advanced modern algorithms for cameras to deliver features so Lit users can take excellent videos and photos, including with filters, retouching, and effects. The Lit Chatroom will include various features, including the ability to share stories between communities, groups, and friends. Lit Discover lets users find new people to connect with, while the Lit Profile lets you manage your personal data and stories and includes a separate Lit Public Profile.
The MITH Token
The Mithril token, MITH, is based on Ethereum’s ERC-20 standard which means you can store your MITH tokens in any Ethereum wallet which supports ERC-20 Tokens. Out of the total pool of MITH, 35 percent will be allocated for social mining. Over the next few years, 350 million MITH will be distributed in this way. The available MITH for discovery will be halved each year over a predetermined period of time. As such, rewards for social mining will be reduced exponentially over time. Following the mining period, all of the 350 million MITH will have been distributed and mined.
All of the transactions related to social mining will be secured as well as verified with Ethereum smart contracts for a reliable, safe infrastructure. For transparency, it is possible to track and verify every transaction on the Ethereum blockchain.
In addition to the 35 percent of MITH for social mining, 30 percent will be for the token exchange, which is in two phases and has already completed the first round. Twenty percent goes to community development, such as security testing and bounty programs, and 5 percent each goes to future reserves, the early backers and advisors, and the development team.
What Can You Do with MITH?
The Mithril Merchant Network will be one of several ways to use MITH tokens. This network will include livestream applications, retailers, online applications (like dating services), and premium content channels. Users can spend their MITH tokens in the marketplace on the products and services of their choice. The list of included merchants will grow quickly. INST.RECYCLE, a vintage clothing company with links to many celebrities, will be the first. At launch, retailers will be limited to Hong Kong and Taiwan, but other services will be worldwide.
If users prefer, they can also use the Mithril Vault to seamlessly exchange their MITH for either ETH or BTC. Since those cryptocurrencies are supported by most wallets and widely accepted by various platforms, the options for using Mithril become limitless. Users could even utilize an exchange to convert their ETH or BTC into fiat currency. The Mithril Vault also lets you store and use your MITH tokens for as long as you want.
What Else Can the Mithril Vault Do?
Mithril wants to make it possible for other platforms to integrate with the Mithril Vault since this will improve the adoption of the ecosystem. The vault will also include reward estimation tools that let a user estimate their MITH rewards based on recent contributions. Essentially, this estimate gives users a rough idea of how much they are likely to receive via Social Mining Rewards.
Mithril aims to combine the popularity of social media with cryptocurrency and blockchain technology, introducing Social Mining. Because of the unique reward system, there will be incentives for users to join Mithril. If they appreciate how the platform lets them interact, it will continue to grow even as Social Mining Rewards decrease.