What is Mithril?
An Ethereum token designed to reward social media posters, Mithril (MITH) describes itself as “a decentralized social media platform that rewards all content creators.” Under this premise, they believe that not only the largest and most powerful content creators should be rewarded for their social media contributions and that everybody should have a chance at content monetization.
Mithril distributes tokens in a process known as Social Mining and plans to integrate itself with major social media platforms like Facebook, YouTube, and Twitter. Users will be able to spend their tokens among merchants registered in the Mithril Merchant Network as well as at a number of online service providers.
History of Mithril
Mithril was developed in 2017 by Jeffrey Huang in Taiwan, along with a blockchain media company called 17 Media. The project has advisors from Sora Ventures, Pantera Capital, QTUM Foundation, AMIS, Mr.Block, and Blockstate.
A total of one billion tokens were created, with 300 million being sold in “private placement.” Mithril opted to forgo the usual ICO process, instead directly distributing tokens to content creators and members of the Lit social network. Upon launch in March 2018, retail acceptance began in Hong Kong and Taiwan as test markets. By the end of the month, Mithril had already surpassed the $100 million market cap level, making it one of the fastest growing tokens to ever hit cryptocurrency exchanges. As of July 2018, this number had tripled in size to over $300 million.
How Mithril Works
Mithril is an Ethereum token with smart contract features that allow for its integration with various social media platforms. Presently, Mithril is integrated with the social network Lit, where tokens are distributed based on the number of responses a post or a picture receives. Thus, Mithril employs a unique method of distribution which they call “social mining,” using an algorithm designed to ensure that no individual can “game” the system in order to obtain an undue reward. Mithril tokens can also be bought and sold in their in-platform exchange.
One of the most successful social media cryptocurrencies to ever hit the markets, Mithril offers some unique features not enjoyed by other coins/tokens:
Social Media Monetization – tokens can be obtained from posting successful content on social media platforms (currently limited to Lit), removing the need for traditional mining or staking, which can be quite costly.
In-House Exchange – tokens can be purchased using the Mithril Vault exchange for bitcoin or Ethereum, which is a central feature of the token’s platform.
Developing Merchant Network – MITH tokens do not need to be exchanged for other cryptocurrencies to be used for online service purchases, as the Mithril Merchant Network is already in operation and always in a process of expansion.
No Minimum Requirements – As Mithril is based in the Ethereum network, it is completely decentralized, meaning anybody can register to be a Lit platform member and receive MITH tokens; there is no minimum amount of activity required, other than user posts must be liked, shared, or commented upon in order to eligible to receive MITH.